Ascott has signed nine new properties in Vietnam during the first half of 2026, adding more than 3,200 units and expanding its portfolio across key cities and coastal destinations.
The Ascott Limited has accelerated its Vietnam growth strategy, signing nine new management agreements in the first half of 2026, adding more than 3,200 units to its portfolio.
The expansion represents Ascott’s fastest pace of growth in Vietnam to date. The new agreements include four projects with longstanding partner Sun Group and five projects with owners partnering with Ascott for the first time.
Following these signings, Ascott Vietnam expansion increases the company’s portfolio by more than 30% to approximately 12,000 units across 42 operational and pipeline properties in 14 cities. Vietnam has become Ascott’s third-largest pipeline market in Asia, with the new properties scheduled to open progressively from 2028.
New properties strengthen presence across Vietnam
The new agreements expand Ascott’s presence in major business and leisure destinations, including Hanoi, Ho Chi Minh City, Hai Phong, Da Nang, Phu Quoc and Quy Nhon.
Four properties will strengthen Ascott’s position in Hanoi, Ho Chi Minh City and Hai Phong, where corporate travel and extended stays continue to support demand. In addition, three new projects in Phu Quoc will expand the company’s offering on the island ahead of the APEC Economic Leaders’ Meeting in 2027.
The portfolio will also grow in Da Nang, one of Vietnam’s leading coastal destinations, while Citadines Quy Nhon Resort will mark Ascott’s entry into Quy Nhon, an emerging destination on Vietnam’s central coast.
The signings also introduce The Crest Collection brand to Vietnam, with properties planned in Hanoi and Ho Chi Minh City. The remaining agreements cover Ascott, Citadines, lyf, Oakwood, Somerset and Harris.
Vietnam’s growing travel and extended-stay market
The expansion comes as Vietnam continues to strengthen its position as one of Asia’s fastest-growing travel markets. International arrivals reached 21.2 million in 2025 and increased by 15% to 12.3 million in the first half of 2026.
Domestic tourism also continues to support market growth, with 135.5 million domestic trips recorded in 2025 and 81 million trips during the first half of 2026.
Meanwhile, infrastructure improvements, including new expressways, airport upgrades and expanded air connectivity, are opening opportunities across Vietnam’s coastal destinations. In addition, increased investment from companies adopting China-plus-one supply chain strategies is supporting demand for extended-stay accommodation in industrial and administrative hubs.
“Vietnam is one of the most exciting hospitality growth stories in Asia. Demand is rising in the cities, along the coast and across traveller segments, and our flex-hybrid model gives us the versatility to capture it through asset-light growth. Property owners value that our platform can serve both long and short stays, and operate formats as diverse as serviced residences, hotels, resorts and social living properties. With these new signings, we are reinforcing our leadership in serviced residences and extended stay while extending into the leisure destinations and luxury segments where new demand is taking shape,” said Kevin Goh, Chief Executive Officer, Ascott.
Partnership growth with Sun Group
The four agreements with Sun Group strengthen a partnership that began with Ascott Tay Ho Hanoi and later expanded to Oakwood Ha Long.
In Phu Quoc, Ascott will manage three properties within a single integrated development in Sunset Town. The projects include premium serviced residences under Ascott, social living spaces with co-working facilities under lyf, and family-focused resort accommodation under Harris.
The properties will offer access to Bai Kem Beach, Sun World Hon Thom and the Harbour District, while connecting guests with Sun Group’s growing entertainment, retail and tourism ecosystem on the island.
A further Sun Group agreement will introduce The Crest Collection in Ho Chi Minh City’s luxury and commercial district, near Nguyen Hue Walking Street and the Saigon Opera House. The property will target business travellers, luxury leisure guests, diplomatic visitors and long-stay residents.
Nine new properties add more than 3,200 units
The new signings include an Ascott property in Phu Quoc with 385 units, a lyf property in Phu Quoc with 441 units and a Harris property in Phu Quoc with 574 units.
The portfolio additions also include The Crest Collection in Ho Chi Minh City with 154 units, Diamond Crown Westlake by The Crest Collection in Hanoi with 181 units, Citadines Riverside Hai Phong with 250 units, Oakwood Thao Dien Ho Chi Minh City with 356 units, Somerset Non Nuoc Da Nang Resort with 549 units and Citadines Quy Nhon Resort with 357 units.
Upcoming openings support continued growth
Ascott currently operates 16 properties across seven Vietnamese cities. Recent openings include Lasong Hotel & Villas Sam Son by The Unlimited Collection, which launched a wellness-focused resort tower in April 2026.
From 2027, Ascott Tay Ho Hanoi will begin opening in phases, introducing 1,165 guestrooms and 10 food and beverage concepts. The property will also feature an International Convention & Wedding Centre with 13 event venues, including Hanoi’s largest pillarless ballroom.
Additional openings include Harris Resort Cam Ranh, scheduled for the first quarter of 2027, and Citadines Selavia Phu Quoc, expected to open in the third quarter of 2027 ahead of the APEC summit.
“In more than 30 years in Vietnam, we have moved from investor to asset-light hospitality operator with a strong team on the ground. We share this local expertise with property owners, reading demand early and moving quickly on it. As Vietnam pursues an ambitious growth agenda, Ascott is growing alongside it, from the people and systems that run our properties to the global experiences we bring into the country. With a strong pipeline ahead, our focus now is delivery, opening on schedule and running properties that perform,” said David Cumming, Regional General Manager, Indochina, Ascott.
Ascott’s Vietnam growth follows a strong performance across Southeast Asia, where the company signed more than 7,300 units in 2025, representing a 55% increase compared with 2024.