According to Future Market Insights’ most recent research, the Vietnam tourism market is predicted to generate US$ 27,500 million in sales by the end of 2023. Long-term estimates place tourism’s value at around US$ 135,000 million in 2033.
National parks, heritage sites and beaches are the major attractions for tourists who visit Vietnam. The local Vietnamese tour operators also arrange bicycle tours, photography tours, kayak trips and even tours of neighbouring countries such as Laos, Cambodia and Thailand.
Vietnam’s economy has recently transformed from an agrarian to a service economy and tourism has become one of the important elements of the modern Vietnamese economy. The annual arrivals of tourists have been rising since last few years. Considering this, Vietnam’s tourism board which is known as National Administration of Tourism has decided to diversify the tourism industry to bring in more foreign exchange in the country.
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Vietnam Tourism: Sector Forecast and Spend Analysis – Drivers and restraints
Vietnam is inexpensive. It is one of the cheapest countries not only in Southeast Asia but in the entire world. The value of Vietnam’s currency ‘dong’ is extremely low. For instance, one US dollar is around 22,000 Vietnamese dong. Naturally, even luxurious hotels or guest houses, food and internal travelling is very much affordable for foreign tourists. This is the most important factor driving the growth of Vietnam tourism.
Another major factor is that tourists from few countries have visa exemption in Vietnam. South Korean and Japanese tourists can enjoy 15 days visa exemption in Vietnam. The visa application process is extremely simple for US and Australian citizens too; and consequently, a large number of tourists prefer to visit Vietnam over other countries.
The Vietnam government has realised tourism to be a key to its future prosperity and is now accordingly implementing appropriate strategies and policies to transform Vietnam into a leading tourism destination in Asia. However, poor public infrastructure, inadequate business laws and lack of investment funds from foreign investors are hampering the growth of the tourism sector in Vietnam.
Vietnam Tourism: Sector Forecast and Spend Analysis – Future Projections
There is robust development in the future of Vietnam’s tourism. Apart from tourism campaigning by the government, an arrangement of various trade fairs and roadshows will play a vital part to encourage tourism growth in Vietnam. Vietnam offers visa-free travel to the citizens of seven countries – Japan, South Korea, Norway, Finland, Denmark, Sweden and Russia. Such policies are likely to boost the growth of the Vietnam tourism industry.
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According to the World Travel and Tourism Council (WTTC), the share of the travel and tourism sector to the GDP of Vietnam in 2015 was VND 279,287.0 billion (6.6% of GDP). This is projected to increase by 5.2% to VND 293,772.0 billion in 2016.
Vietnam Tourism Market by Category
By Direct Suppliers:
- Airlines
- Hotel Companies
- Car Rental
- Train
- Tour Operators
- Government Bodies
By Indirect Suppliers:
- OTA (Online Travel Agency)
- Traditional Travel Agencies
- TMC’s( Travel Management Companies)
- Corporate Buyers
- Aggregators
By Age:
- Under 18
- 18-25
- 26-35
- 36-45
- 46-55
- Over 55
By Visit Purpose:
- Business Travel
- Leisure Travel
- Education-Employment-Pilgrimage
- Visiting Friends & Relatives
By Demographic:
- Male
- Female
- Kids
By Nationality:
- Domestic
- International
By Tour Type:
- Independent Traveler
- Tour Group
- Package Traveler
By Tourism Type:
- Religious Tourism
- Cultural Tourism
- Medical Tourism
- Others
By Booking Channel:
- Phone Booking
- Online Booking
- In person Booking
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