International tourist recovery drives strong occupancy gains across quarterly and yearly metrics

• Vietnam’s tourism soared in 2025 with 21.2M international visitors (+20.4% y-o-y), making it Asia-Pacific’s fastest-growing destination, bolstered by favorable visa policies. Domestic tourism also thrived with 137M arrivals (+24.5% y-o-y).
• Building on this national momentum, HCMC attracted 2.7M international visitors in Q4, brought the city’s annual figure to 8.6M, an outstanding 40.2% y-o-y surge that outpaced the national average. In addition, HCMC captured 45.0M domestic visitors (+18.4% y-o-y).

The quarter witnessed the launch of Rêve – Vignette Collection by IHG, a luxury boutique hotel in city center

• In Q4 2025, HCMC market welcomed the official launch of Rêve – Vignette Collection by IHG, a 52-room luxury room boutique-style hotel at the heart of the city. Otherwise, there were no new international hotel brands opened in 2025.
• Among approximately 25,500 hotel keys across 265 operational properties in Midscale and higher segments in the city, unbranded hotels comprise roughly 60%, indicating substantial opportunity for owners to pursue upgrade and rebranding initiatives.

HCMC hotel sector sustained robust momentum with double-digit RevPAR annual growth

• HCMC’s hotel sector sustained robust momentum with RevPAR achieving impressive double-digit expansion of 33.5% q-o-q and 16.1% y-o-y, reflecting the combined impact of elevated occupancy rates and strengthened ADR during the peak tourist season concluding 2025.
• Specifically, ADR demonstrated particularly strong performance, registering substantial gains of 23.2% q-o-q and 13.8% y-o-y. This underscores the genuine pricing power and market strength amid heightened tourism demand.

Outlook: Limited hotel supply and enhanced flight connectivity position HCMC for sustained tourism growth through 2026

• HCMC market is poised for continued supply constraints throughout 2026, with the majority of pipeline projects experiencing delays that push anticipated opening dates beyond Q4 2026.
• Revenue optimization prospects for 2026 appear exceptionally promising, with anticipated improvements driven by concurrent growth in both occupancy levels and ADR. Market confidence remains remarkably high, as evidenced by 92% of surveyed hotels in Vietnam projecting ADR.