Ho Chi Minh City’s hotel room rates in the third quarter of the year increased by 50% compared to last year as business activities have resumed, according to Savills Vietnam.
The third quarter’s average rate in the four- and five-star segment was VND1.7 million ($69) per night, up 22% on the second quarter, the property services firm said in a new report.
The city’s entire hotel market delivered its Q3 occupancy rate at 58%, up 19% on Q2 and showing a strong post-pandemic recovery.
HCMC, Vietnam’s southern economic hub, welcomed 1.6 million foreign arrivals in Q3, rocketing by 240% over Q2, Savills said. It was still the country’s most popular destination between July and September, welcoming 10 million Vietnamese visitors, up 69% on Q2 and accounting for 45% of the total number of domestic visitors nationwide.
The city expects to welcome another 20 million visitors in Q4, including two million foreign arrivals.
The later months of each year are generally festive seasons, with more shopping and tourism activities.