HCMC hotel occupancy hits record low

Over 3,600 hotel rooms were closed last year as the number of foreign tourist arrivals plunged 85 percent to 1.3 million, according to real estate consultancy Savills.

Average room rates fell 29 percent to $61 per night, the report said. Total supply fell 5 percent year-on-year to 15,200 rooms in 111 hotels.

The development of Covid-19 vaccines will help the industry improve over the next two years and it is expected to make a full recovery by 2024, the report said.

Vietnam halted all international flights from March 25 in an unprecedented move to stem the spread of the novel coronavirus.