Vietnam
Our current primary focus is expanding the Elevate portfolio in Vietnam given the strong macro and domestic tailwinds for its tourism sector as well as our prior experience. At the same time, Elevate is open to exploring opportunities with investors and property owners in other geographies.
Why Vietnam and Ho Chi Minh first?
Vietnam: the new Thailand
Rising incomes, greater connectivity, social media, etc. narrowing tourism growth timelines relative to Thailand.
Ruling party: politically stable and neutral, laser-focused on economic growth, and prioritizing the tourism sector.
Growth drivers with high ceilings
China and India main long-term growth drivers, first 9 months 2025 arrivals up 44% and 47% YoY respectively. 2 other key markets, ASEAN-ex Vietnam and Europe, up 29% and 35% YoY respectively.
Size of Korea market (~8.8% of population) highlights growth potential created by proximity, cheap connectivity and pragmatic politics.
HCM: Vietnam’s tourism and commercial hub
Many repeat visitors to HCM in target segment for business, entertainment, friends and family, etc. – customers with higher lifetime value. Also major transfer hub for secondary Vietnamese destinations like Phu Quoc, Nha Trang and Da Lat, as well as even Da Nang.
Inbound arrivals up 22% YoY growth first 8 months of 2025. Air capacity to be more than double Hanoi after Long Thanh Airport finished in 2026.
