Experts predict positive outlook for vietnam’s tourism post

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Troy Griffiths, deputy managing director at Savills Vietphái mạnh.

In most countries three- và four-star hotels are usually patronised by domestic tourists, and Vietnam giới is the same. In this golden age of domestic tourism for Vietnam giới then we can see that these are generally performing well. At present they’re somewhat affected by the international low season, however domestic travellers continue strongly.

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Infrastructure throughout Vietphái mạnh is developing at rapid pace with a multitude of 2nd tier cities now touting international capađô thị. This in turn pulls forward competitiveness & capacity, so for the short khổng lồ medium term we believe sầu hospitality và particularly the low mid star màn chơi are well positioned to lớn take advantage of the boom in tourism. Local budget cấp độ is exposed the greakiểm tra khổng lồ competition as capital levels are lower và therefore more easily accessed.

While the local budget hotel industry is still fragmented with very low application of công nghệ, what are the potentials for hospitality startups và giải pháp công nghệ firms to lớn tap into lớn the industry here?

There is enormous potential in Vietnam giới for start-ups across all industries. The small & medium business environment is thriving, attracting seed money and capital relatively easily. Hospitality was already under pressure from running outdated business models và has had to adapt & change much more than many other asphối classes.

In the era of Proptech & Industry 4.0, then booking platforms, word of mouth và social media all work to both disrupt và benefit hotels. Whilst AirBnB has totally disrupted and removed market nói qua, at the same time Booking, Agodomain authority và other platforms allow greater reach.

According khổng lồ “The Technology Application khổng lồ Tourism in the period of 2018-2020 oriented to 2025” developing technology will be a focus lớn improve Vietphái mạnh Tourism in the upcoming years. sản phẩm điện thoại apps will be invested khổng lồ improve tourism information & experiences, particularly such as virtual tour guide, translation. According to Travelport Digital – a điện thoại engagement platkhung for travel brands, 35 per cent of users downloaded a travel app to lớn their smartphones to lớn search for flights/accommodation, 27 per cent of them downloaded to book flights/accommodation, and 19 per cent keep them updated with travel notifications.

How will technologies change the domestic hospitality sector in the coming time, especially when globally renowned start-ups like RedDoorz or OYO have arrived in Vietphái nam, wishing khổng lồ exp& their operation & grasp opportunities in the local immature hospitality market?

Whilst these startups are foreign, as they enter then there is svào potential for intellectual property and value transfer lớn Vietnam giới. Really just think about any domestic hotel 10 years ago. At that stage there was very little experience, however after cooperating across many business models then that intellectual property & practice has now been transferred. Globally the hospitality sector has been ravaged by disruptors at every business màn chơi. These include AirBnB, fine dining restaurants, transport, tours & so on. Once the all-inclusive domain name of hotels, these services are now breaking apart the hotel Model.

There are already many home-grown providers in this space and there will be more khổng lồ come. Accessing foreign knowledge helps the industry learn and mature effectively. Some of the Vietnamese start-ups are now operating in this space & have received very good tư vấn, think of Luxstay, Mytour, Vntrip, Ivivu and Vietnambooking.

International operators lượt thích OYO have sầu sturdy practice templates that standardise quality. Since the hotels và place owners act as the franchisee, they’re bound khổng lồ operate in line with the pre-determined standards. They have tapped inkhổng lồ younger market segments through providing an affordable, instantly accessible service. For example, OYO uses innovative giải pháp công nghệ and provides reliability by ensuring every room has a minimum of airnhỏ, a television, không tính tiền Wi-Fi, clean linen, complimentary breakfast, hygienic washrooms and a toiletries kit.

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What advantages could these startups bring to lớn their hotel partners in Vietnam when joining their global khách sạn network? How could those hotels change their occupancy when attached with these global brands?

Operating margins are very shallow at the budget levels & so efficient operations are critical, however the ability khổng lồ increase revenue through greater occupancy and market tóm tắt is also very important. International operators & booking sites offer this advantage & together the global brands offer loyal customers. There are many examples of intensely loyal customers following their brands. Whilst brvà loyalty is now suffering some erosion as citizens are constantly bombarded with choice, it is still a svào driver of repeat bookings.

What challenges will Vietphái nam need lớn overcome in order lớn attract more international partners as well as add more value to lớn its tourism industry?

Vietphái nam is in a very good situation và will lead APAC (PATA 2019) in compound annual growth rate (CAGR) growth at 14 per cent per annum lớn 2023.

Each country has its own unique challenges and opportunities. The recent boom in tourism is generally good for Vietphái mạnh, however, has developed rapidly and principally around a low value add or short tail of added services. Tourism is a wonderful contributor lớn GDP, mostly as it is sustainable & environmentally aware.

However, tourism can also include many people and services with their contributions, thus reaching a large cross section of the population. The issue is that Vietnamese tourism has successfully attracted the modest cost traveller. The Vietnam giới Tourism GDPhường multiplier is 1.6 (The World Bank 2019) whereas for the rest of SEA is 2.4 và globally up to 3.3.

In order to get a greater return và a longer tail, then tourism development needs khổng lồ move sầu up the value chain. To achieve sầu this investment in infrastructure, human capital và assets will be required. Partners will be needed.