Sun Group and Accor Partner on 6,000 Hotel Rooms in Vietnam, Boosting VIC-linked Tourism

Overview

Sun Group and Accor have signed a cooperation agreement to manage nearly 6,000 hotel rooms and serviced apartments across projects in Phu Quoc and Da Nang. The deal introduces several Accor brands to Vietnam for the first time, including Sofitel, Swissôtel, TRIBE, and SO/. The partnership underscores Vietnam’s growing appeal as a tourism destination and supports Sun Group’s broader real estate developments, which are closely tied to Vingroup (VIC) through shared market dynamics.

Key Facts

• Accor will manage nearly 6,000 hotel rooms and serviced apartments across Sun Group projects in Phu Quoc and Da Nang.
• Brands introduced to Vietnam for the first time include Sofitel, Swissôtel, TRIBE, and SO/.
• In Phu Quoc, properties will be located at Bai Dat Do mixed-use urban development and Hon Thom Island.
• In Da Nang, Accor will manage properties at the DIFF Fireworks Festival & Commercial Complex and Ba Na Hills.
• Accor operates more than 5,800 hotels in over 110 countries; Vietnam is its third-largest market in Asia with 45 properties.
• Accor has over 110 million loyalty program members worldwide.
• Rixos Phu Quoc Resort, Southeast Asia’s first all-inclusive luxury resort under Accor and Ennismore, is scheduled to open in Q4 2025.
• Phu Quoc is preparing to host APEC 2027, boosting accommodation demand.

What Happened

Sun Group and Accor signed a cooperation agreement to manage nearly 6,000 hotel rooms and serviced apartments across multiple projects in Phu Quoc and Da Nang. The signing was attended by Sébastien Bazin, Chairman and CEO of Accor, who emphasized the long-term cooperation between the two companies. The agreement covers properties spanning midscale to luxury segments, including hotels, lifestyle brands, and serviced apartments under the SO/, MGallery, Grand Mercure, TRIBE, and ibis Styles brands in Phu Quoc, and Sofitel, Swissôtel, and MGallery in Da Nang.

Accor’s expansion in Vietnam includes the introduction of Sofitel, Swissôtel, TRIBE, and SO/ brands to the country for the first time. The partnership is part of Sun Group’s broader tourism, entertainment, and infrastructure developments on Phu Quoc island, which also includes the upcoming Rixos Phu Quoc Resort, described as Southeast Asia’s first all-inclusive luxury resort under the Accor and Ennismore portfolio, scheduled to open in Q4 2025.

Market Context

Vingroup (VIC), listed on HOSE, closed at VND 221,000 on July 9, 2025, up 0.14% with volume of 2,366,400 shares. While VIC is not directly involved in the Sun Group-Accor partnership, both companies operate in Vietnam’s real estate and hospitality sectors. The deal signals strong investor confidence in Vietnam’s tourism infrastructure, particularly in Phu Quoc and Da Nang, which are key markets for Vingroup’s own hospitality and real estate projects. The partnership may also set a precedent for similar collaborations, potentially benefiting VIC’s resort and hotel assets.

Strategic Significance

The Sun Group-Accor partnership strengthens Vietnam’s position as a premium tourism destination, particularly ahead of APEC 2027 in Phu Quoc. For Vingroup, which has significant real estate and hospitality holdings, the deal highlights the growing demand for international-branded accommodations and integrated resort developments. The introduction of new Accor brands and the expansion of loyalty program reach could drive higher tourist arrivals, benefiting the broader hospitality ecosystem. Vingroup may leverage similar partnerships to enhance its own portfolio, especially in high-growth areas like Phu Quoc and Da Nang.

What to Watch

• Opening timeline and performance of Rixos Phu Quoc Resort in Q4 2025.
• Progress of Sun Group’s Phu Quoc airport expansion and its impact on tourist arrivals.
• Vingroup’s potential partnerships with international hotel operators for its own projects.
• Impact of APEC 2027 preparations on Phu Quoc’s real estate and hospitality demand.
• Accor’s further expansion in Vietnam, particularly in other key destinations.