Demand for hotels in Hanoi has skyrocketed prior and during the US – North Korea.
The second summit between US President Donald Trump and North Korean leader Kim Jong-un to be held on February 27 - 28 in Hanoi is expected to lend a helping hand to local hospitality market.
The summit will be held at the peak tourism season in Hanoi which has often seen upmarket hotels fully occupied. Obviously, with the inflow of international delegates and media representatives for the high – level meeting, all high-end hotels in the capital city have reported full occupancy during the summit.
However, industry insiders expect the summit will have significant impact on local tourism and property market in the longer run.
Nguyen Hong Son, advisory director of Savills Hanoi cited the first Trump - Kim summit as an example, claiming that it has brought a record increase of international visitors to Singapore last year. For the second summit, which will take place in Hanoi, demand for hotel rooms the city is expected to sharply increase during a few days around the summit due to the attendance of politicians and delegations, media, security and logistics personnel.
“This political event has been drawing attention from international media channels. The image of a hospitable, safe and peaceful Vietnam will be portrayed and broadcasted all over the world, thus creating a huge opportunity for our tourism industry to attract more international visitors,” said Son.
Neil MacGregor, managing director of Savills Vietnam added: “As if Vietnam was not already at the top of many investor’s minds, the country is given a publicity gift in the form of the Trump – Kim summit!”
He said after the exceptional 7.1 per cent GDP growth in 2018 and average visitor number growth of 15.3 per cent over the last five years, Vietnam is set to see an unforeseen additional boost in 2019.
“This can only be good for the economy and sectors ranging from manufacturing to tourism. Savills are certainly hoping there will be some positive spill over for the real estate market,” said Mac Gregor.
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