As per the latest findings of Future Market Insights, Vietnam tourism revenue is expected to be USD 27,500 Million by the end of 2023. In the long-term, the tourism is estimated to reach at around USD 135,000 Million in 2033.
| Attribute | Details |
|---|---|
| Travel Gross Revenue (2023 E) | USD 27,500 Million |
| Projected Market Size (2033 F) | USD 135,000 Million |
| Value CAGR (2023 to 2033) | 17.2% |
| Vietnam Tourism Market Top Players Share in 2023 | 10% to15% |
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Over the years Vietnam’s economy has evolved from an agriculture-based economy to service sector dependent wherein tourism services are leading the market in modern times. There has been a significant increase in the number of international arrivals since a few years. This led the stakeholders to take grave actions such as bring in more foreign exchange in the country.
Vietnam not only features stunning landscape, but it also has ideal weather for outdoor pursuits, like kayaking and trekking as well as water sports. Vietnam never disappoints tourists and possesses several promising features such as the winding roads and lovely landscape.
In Vietnam, there are lots of bright days and beautiful beaches. Due to its lengthy coastline, Vietnam has several beautiful beaches, including Ha Long Bay in the north, a UNESCO World Natural Heritage site with turquoise waters and limestone mountains. Visitors should also tour a number of unspoiled islands, such as Phu Quoc, which is half national park and boasts lovely white sand beaches.
Travel restrictions enforced on both domestic and international tourists had a significant negative impact on Vietnam's tourism, as they did for many other nations.
Low-cost Destinations are a Major Attraction for the Tourists
Vietnam, a country full of exotic locations including places such as mountains, beaches and natural landscapes. Due to the increase in consumer’s disposable income, tourist locations such as Vietnam have witnessed an increase in the visitor count. Vietnam is extremely inexpensive which makes it affordable for the domestic as well as international travelers thereby promoting tourism. For instance, one US dollar is approximately 22,000 Vietnamese Dong. This makes all the luxury hotels, food and internal travel relatively cheaper for the residents of foreign country.
Furthermore, yet another factor boosting the Vietnam tourism market is the visa application process. Tourists from many countries such as South Korea, Japan etc., enjoy an exemption in visa for a period of 15 days. In US and Australia, the visa application process is comparatively simple. Thus, tourists all across the globe prefer Vietnam over rest of the places.
Lack of Proper Infrastructure Facilities Has a Negative Impact on the Growth of the Sector
Even though the market for tourism is booming and recovering post pandemic, there are still many loopholes that obstruct the development of this sector. Tourism is extremely crucial for the economic growth of the country, contributing to the associated infrastructural developments. Poor infrastructure, inappropriate laws, lack of investment hampers the growth of the Vietnamese Tourism Market. However, the government’s strategy for development in 2020, with a view of 2030 focuses on removing this barrier and create an increasing share of the nation’s GDP. Thereby, accelerating the social as well as economic developments. Efficient utilization of resources and facilities will definitely improve the current position of the country.
Government Policies and Rapidly Expanding Market Will Encourage Tourism During the Forecast Period
The travel and tourism industry in Vietnam is anticipated to expand at a significant rate between 2023 and 2033. The market's expansion can be linked to the government's encouraging policies for promoting tourism in the nation and the rising use of alluring marketing and promotional tactics by market participants. The Vietnam travel & tourism business is also being aided by increased market competitiveness and robust economic growth.
Local authorities, online travel providers, hotels, and airlines can collaborate to promote emerging destinations in order to boost local tourism. Outdoor tourism including mountains, beaches was one of Vietnamese tourists' top choices when the lockdown restrictions were lifted. With changes to international travel and immunization regulations, the travel and tourism sector is projected to see growth possibilities during the projection period. Spending on the business travel is expected to reach VND 353,007.0 billion by the end of 2026 whereas during the same duration the leisure travel will be valued at VND 669,906.0 billion in 2026.
Domestic Travelers Constitute a Major Part of this Segment
The Domestic travelers dominated the market for various tourism activities. Vietnam's economy significantly depends on domestic travel to bring in considerable amounts of money, and tourism is one of the country's major revenue-generating industries. Because of increased consumption expenditure by consumers and the introduction of alluring and reasonably priced vacation packages by market players, domestic travel is anticipated to expand significantly and recover quickly after the pandemic.
Middle-aged Like to Travel the Most Followed Closely by the Young Generation
Vietnam which is well known for its national parks, exotic culture, heritage sites and beaches attracts most of the adult population from various parts of the world. The age group between 26-35 years old is most likely to possess a major share of the travelers. Majority of these visitors plan their own trips to new, budget-friendly locations. While the crucial factor affecting tourism for the designated age group is the natural beauty and the soothing beaches, recent findings also conclude that they are attracted to the unique, exotic culture and customs as well.
Online Booking Channels Lead the Booking Channel Segmentation
Travelers enjoy their vacations, but for many, it becomes a tedious task due to the planning strategies. Before buying travel tickets, lodging, tours, or any other additional services, it typically takes a lot of time and effort to research and make the accurate selection. But there's no denying that the existence of internet travel agents has surely given customers access to more options while simultaneously reducing the time consumed. Thus, bookings directly through the website of the service provider, travel agencies, telephone etc, are in-scope and facilitate tour and travel services in this region.
Market participants are engaging in utilizing the internet sales platform to expand their client base. The availability of compelling mobile devices and websites that provide consumers with attractive vacation packages and round-the-clock customer service to address customer issues is also contributing to the expansion of Vietnam travel and tourism market.
Some of the key players in the Vietnam tourism market are 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, Three land Travel, Vietnam Adventure Tours etc.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Million for Value |
| Key Countries Covered | Vietnam |
| Key Segments Covered | By Direct Suppliers, By Indirect Suppliers, By Number of Bookings(Age, Visit Purpose, Demographic, Nationality, Tour Type, Tourism Type, Booking Channel) |
| Report Coverage | Market Forecast, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives, Spending, |
| Customization & Pricing | Available upon Request |
The market is valued at USD 27,500 million in 2023.
Green Era Travel, Exodus Travels, and Viet Vision Travel are key market players.
The lack of proper infrastructure facilities restrains the market.
Government policies and a rapidly expanding market will encourage tourism.
The market is estimated to reach USD 135,000 million by 2033.
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