Vietnam has the potential to turn itself into an international resort destination that can compete with tourism powerhouses like Thailand and Indonesia, an expert from Savills has said.

January started on a positive note, with city hotels seeing increased MICE and event bookings, while in some resorts corporate bookings started to return, according to Savills Vietnam.

Hanoi’s office market will grow stably in 2021, Director of Savills Hanoi Matthew Powell has projected.

Hanoi is unlikely to see any major changes in its apartment market this year or experience the short supply as seen in HCM City, Director of Savills Hanoi Matthew Powell has said.

Many businesses have struggled due to the COVID-19 pandemic, but co-working spaces have bucked the trend and is expected to expand in the coming time, fuelled by companies seeking flexible leasing contracts, according to Savills experts.

The COVID-19 pandemic caused retail revenue to drop sharply in 2020, impacting the domestic retail property market, according to Savills Vietnam.

Many hotel owners in Ho Chi Minh City have had to close down their hotels as a result of the COVID-19 pandemic although rents at the premises have been cut by up to 70%.

Vietnam has started to see recovery in the hospitality segment, according to Savills Vietnam.

Foreign investors have shown increasing interest in grade A offices in Hanoi, according to Savills Vietnam.

The benefits of recent trade agreements, low labour costs, and highly appealing incentives are amplifying the nation's appeal and encouraging manufacturers hit by US tariffs to relocate out of China.