HÀ NỘI — The Ascott Limited, the Singapore-based hospitality operator wholly owned by CapitaLand Investment, has signed management agreements for nine properties with more than 3,200 units in Việt Nam in the first half of 2026, marking its fastest expansion in the country to date.

With the new agreements, Ascott's Việt Nam portfolio has increased by more than 30 per cent to around 12,000 units across 42 operational and pipeline properties in 14 cities. Four projects are with long-time partner Sun Group, while the remaining five are with new owners. The properties are scheduled to open from 2028.

The expansion comes as Việt Nam's tourism sector continues to grow rapidly. The country welcomed a record 21.2 million international visitors in 2025, while arrivals rose 15 per cent year-on-year to 12.3 million in the first half of 2026. Domestic travel has also remained robust, supported by improved transport infrastructure and growing demand for both leisure and extended stay accommodation.

These new signings strengthen Ascott's presence in Hà Nội, HCM City, Hải Phòng, Đà Nẵng and Phú Quốc, while also marking its entry into Quy Nhơn.

The company said the expansion reflects rising demand from business travellers, holidaymakers and long-term guests, as well as increasing investment ahead of the 2027 APEC Economic Leaders' Meeting in Phú Quốc.

Two of the agreements also introduce The Crest Collection, Ascott's heritage-inspired luxury brand, to Việt Nam with properties in Hà Nội and HCM City. Other developments will operate under the Ascott, Citadines, lyf, Oakwood, Somerset and Harris brands.

Ascott CEO Kevin Goh said Việt Nam remains one of Asia's most attractive hospitality markets, with demand growing across both business and leisure travel. He said the company's flexible operating model allows it to serve a wide range of accommodation formats, while supporting owners with an asset-light approach.

Ascott currently operates 16 properties across seven cities in Việt Nam. — BIZHUB