Vietnam Tourism & Travel
Endowed with diverse and beautiful landscape, now with storng deternination by the Government and industry players, Vietnam tourism is poised for strong bounceback and impressive growth.
Strong economic growth, supportive government policies, increase in competition among market players, and adoption of attractive marketing and promotional strategies by industry players are the key factors driving the growth of the Vietnam travel & tourism market in the coming years. In addition, the solid base of the hospitality sector (hotels and resports, restaurants, bars, pubs, eateries) strongly backs the recovery and growth of the tourism industry, notably the inbound tourism (sub)sector, whose spending per pax is much higher than that of the domestic tourism. This has made inbound tourism the industry’s focus for years/
As international arrivals take more time to recover in the post-Covid context, the industry is mainly dependent on domestic travel to generate significant income sources. As many foreign countries still closed their international borders for non-residents, Vietnamese people resort to domestic travel to make up for the two-year period in lockdowns and restrictions. Domestic sightseeings and tourist packages (products and prices) have more to offer to meet locals’ needs. There were believed to be 38 mil of domestic tourists in the first 4 months of 2023.
Local tourism can be boosted by focusing on developing emerging destinations with cooperation from local authorities, online travel agencies, hotels, and airlines. Outdoor tourism, which involves mountains, beaches, sunshine, nature, (cages) were among the top choices for Vietnamese travelers after the lockdowns or restrictions were relaxed.
Despite numerous efforts of recovery to pre-Covid levels, international arrivals reached only 3.26 mil in 2022, equivalent to 20% of the pre-Covid 2019 number, and 65% of the 2022 target. The outlook was brighter for the beginning months of 2023. In the first 4 months, Vietnam recorded 3.67 mil, 45% of the 2023 goal.
International tourists comprise only a fraction of number (eg 1/10 in the first 4 months of 2023) to the local tourists, but they account for more than half of tourism spending for the country. The growing tourism industry generates a large number of job opportunities for the people and supports the food and beverage and the retail sector.
The majority of tourists visiting Vietnam are from Asian countries, with those from Japan, South Korea, Taiwan, and China, as the country has strong economic and cultural ties with these countries. The government of Vietnam is adopting a zero-case-first strategy as it covers the countries having relatively lower COVID-19 transmission rates to gain the traveler’s confidence and accelerate the number of foreign visitors in the country.
Investments by market players to boost the number of travelers from these countries and offer affordable and quality services to international tourists is expected to bolster the Vietnam travel & tourism market growth in the forecast period.
Sales and Distribution
Market players are investing in adopting the online sales platform for the consumer base by reaching a wider audience.
The presence of interactive websites and mobile applications offering lucrative traveling packages to consumers and 24*7 customer support to solve customer queries is expected to drive the Vietnam travel & tourism market growth. Travelers and tourists could avail customized travel plans according to their convenience, budget, and requirements.
Market players are also offering the tourists to visit the tourist places virtually, make the right decisions about the places they want to visit, and choose the suitable traveling mode for the destination.
The market is highly competitive with a large number of players, the major of which can be named as follows:
- Saigon Tourist
- Viet Vision Travel
- Lily’s Travel Agency
- Hello Laos Travel
- Amazing Tour Vietnam
- Green Era Travel
- Get Up and Go Vietnam Travel Company
- Exodus Travels
- Threeland Travel
- Vietnam Adventure Tours
- Phu Quoc Island Explorer
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