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THE ASCOTT Limited (Ascott), a Singapore-headquartered global hospitality company wholly owned by CapitaLand Investment (CLI), has signed management agreements for nine properties totalling more than 3,200 units in Vietnam in the first half of 2026, its fastest pace of growth in the country to date.
Four of the projects are with Sun Group, a longstanding partner, and five with owners new to Ascott. The signings expand Ascott’s Vietnam portfolio by more than 30% to about 12,000 units across 42 operational and pipeline properties in 14 cities. Vietnam is now Ascott’s third largest country by pipeline in Asia, and the newly signed properties will open progressively from 2028.
Set on the Quang An Peninsula with direct frontage to West Lake in Hanoi, Diamond Crown Westlake by The Crest Collection will offer one-to four-bedroom residences, suites and duplex units in one of Hanoi’s most sought-after lakeside addresses. The property marks the brand debut of The Crest Collection in the northern part of Vietnam.
The signings come as Vietnam cements its position as one of Asia’s most dynamic travel markets. International arrivals reached a record 21.2 million in 2025 and grew a further 15% to 12.3 million in the first half of 2026. Domestic tourism adds further depth to the market, with 135.5 million domestic trips in 2025 and 81 million in the first half of 2026 alone.
New expressways, airport upgrades and expanded flight connectivity are opening up destinations along the coastline, while companies adopting China-plus-one supply chain strategies are driving extended-stay demand in industrial and administrative hubs. In addition, the APEC Economic Leaders’ Meeting in Phu Quoc in November 2027 is accelerating infrastructure investment across the island.
Designed for extended stays in one of North Vietnam’s most dynamic growth corridors – Hai Phong, Citadines Riverside Hai Phong will sit along a landscaped riverside promenade within the Hoang Huy Green River urban development. The property will offer 140 units, ranging from studios to one-, two-, and three-bedroom apartments.
The new signings position Ascott across this growth. Four signings deepen its presence in Hanoi, Ho Chi Minh City and Hai Phong, where corporate and bleisure travel underpin extended-stay demand. Three signings in Phu Quoc expand its offerings on the island ahead of the summit, while a new property strengthens its position in Da Nang, one of the country’s leading beach destinations.
Ascott also enters Quy Nhon, an emerging central coast city named by Tripadvisor among the world’s top 25 trending destinations for 2026. In brand terms, the signings mark the Vietnam debut of The Crest Collection, Ascott’s heritage-focused luxury brand, with one property each in Hanoi and Ho Chi Minh City. The remaining signings span Ascott, Citadines, lyf, Oakwood, Somerset and Harris.
Prominently positioned along the pristine Non Nuoc Beach, Somerset Non Nuoc Da Nang Resort will offer 549 serviced apartments and villas, set alongside a beach club as well as specialty dining options.
According to Kevin Goh, Chief Executive Officer, Ascott, said 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,” he said.
Meanwhile Ms Serena Lim, Chief Growth Officer, Ascott, said Vietnam’s hotel development pipeline is moving quickly into construction, particularly in Hanoi and Ho Chi Minh City, and owners are selecting their operating partners now.
She also explained that in these conversations, Ascott’s operating track record in extended stay is a clear differentiator, offering owners resilient returns through market cycles, while our multi-typology brand strategy allows us to deploy the right brand and format for each opportunity.
“The depth of owner confidence underscores the opportunity in Vietnam, and with active discussions underway across several markets, we expect the signing momentum to continue into the second half of the year,” she concluded. [sources/photo special]
