Vietnam Travel & Tourism Market, By Region, Competition, Forecast & Opportunities, 2020-2030F

The Vietnam Travel & Tourism Market was valued at USD 17.90 Billion in 2024, and is expected to reach USD 42.01 Billion by 2030, rising at a CAGR of 15.34%. Strong economic growth, supportive government policies, increase in competition among market players, and adoption of attractive marketing and promotional strategies by market players are the key factors driving the growth of the Vietnam travel & tourism market in the forecast period.

Tourism is considered as one of the most prominent revenues producing industries in Vietnam, and the economy is majorly dependent on domestic traveling to generate significant income sources. The rise in disposable income of consumers enables them to afford domestic traveling as many international countries have closed their international borders for people belonging to other nationalities. Domestic traveling is expected to grow at a rapid rate and is expected to recover the amount in a short time due to increasing domestic spending by consumers and the launch of attractive and affordable tourist packages by market players.

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, were among the top choices for Vietnamese travelers after the lockdown restrictions were relaxed. The travel & tourism industry is rapidly evolving with time, and with relaxations in international traveling and vaccination facilities, the industry is expected to witness growth opportunities in the forecast period.

Key Market Drivers

Government Initiatives and Policy Support

Vietnam's government has taken decisive steps to rejuvenate its tourism industry. By implementing measures such as lengthening the duration of visa exemptions and bringing back the option for three-month tourist visas, they anticipate a substantial increase in foreign visitors. These initiatives are part of a broader strategy to make Vietnam a more attractive destination for international travelers. Furthermore, the government is placing a strong emphasis on leveraging digital technology to modernize its tourism marketing efforts.

This digital push is expected to make the country's tourism offerings more accessible and appealing to a global audience, thereby stimulating the sector's growth. The combination of eased travel restrictions and advanced marketing techniques positions Vietnam as a forward-thinking nation ready to welcome the world's travelers once again. In 2023, the government released Resolution No. 82/NQ-CP on tourist promotion and the National Assembly's (NA) visa policy as a stimulus for the tourism industry to revive and develop.

Key Market Challenges

Sustainability Issues

Vietnam's tourism industry is grappling with significant sustainability issues that threaten its future. The rapid growth in tourism has led to environmental concerns, such as habitat destruction, water pollution, and strain on local resources. These challenges are not only ecological but also social, impacting the quality of life for residents and the overall visitor experience. To ensure the sector's resilience, a multifaceted approach is needed.

This includes implementing eco-friendly practices, promoting responsible tourism, and engaging local communities in conservation efforts. Investments in sustainable infrastructure and stricter regulations can also mitigate negative impacts. By prioritizing sustainability, Vietnam can protect its natural and cultural heritage while fostering a thriving tourism economy. The success of these measures will be critical in maintaining the allure of Vietnam as a premier travel destination.

Key Market Players

• Viet Vision Travel & Trading JSC
• Lily’s Travel Agency
• Hello Vietnam Travel
• Vietnam Amazing Tours
• Deluxe Vietnam Tours Co.,Ltd.
• Get Up and Go Vietnam
• Vietnam Escape Tours
• Threeland Travel
• Vietnam Adventure Tour
• Phu Quoc Island Explorer

Report Scope:

In this report, Vietnam Travel & Tourism market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

Vietnam Travel & Tourism Market, By Service Offering:

• Ticket Reservation
• Hotel Booking
• Holiday/Tour Packages
• Travel Insurance
• Foreign Exchange
• Conference/Trade Fair/MICE
• Others

Vietnam Travel & Tourism Market, By Type:

• Domestic
• Inbound
• Outbound

Vietnam Travel & Tourism Market, By Purpose of Visit:

• Business
• Leisure & Recreation
• Education
• Medical
• Social Activity
• Others

Vietnam Travel & Tourism Market, By Region:

• Northern
• Southern
• Central

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Vietnam Travel & Tourism market.

Available Customizations:

With the given market data, the publisher offers customizations according to a company’s specific needs. The following customization options are available for the report.

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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