According to the latest studies by Future Market Insights, the Vietnamese tourism market is expected to generate $27. 5 billion in sales by the end of 2023. Long-term estimates put the value of tourism at around $135 billion in 2033.
National parks, heritage sites, and beaches are the main attractions for hikers visiting Vietnam. Local Vietnamese tour operators also organize motorcycle tours, photo tours, kayak tours, and even excursions to neighboring countries such as Laos, Cambodia, and Thailand.
Recently, the Vietnamese economy has evolved from an agrarian economy to a service economy, and tourism has become one of the vital elements of the modern Vietnamese economy. Annual tourist arrivals have increased in recent years. Considering this, the Vietnam Tourism Board, known as the National Tourism Administration, to diversify the tourism industry and attract more foreign exchange to the country.
Tourism in Vietnam: Sector Forecasts and Expenditure Analysis: Drivers and Constraints
Vietnam is cheap. It is one of the cheapest countries not only in Southeast Asia but also in the entire world. The price of the Vietnamese currency, the “dong”, is incredibly low. For example, one U. S. dollar is equivalent to about 22,000 Vietnamese dong. Naturally, even luxury hotels or guesthouses, food, and domestic ones are very affordable for foreign tourists. This is the most vital thing in the expansion of tourism in Vietnam.
Another vital thing is that tourists from some countries enjoy a visa waiver in Vietnam. South Korean and Japanese tourists can take advantage of a 15-day visa waiver in Vietnam. The visa application procedure is also incredibly straightforward for US and Australian citizens; and as a result, a huge number of tourists prefer to stop in Vietnam than in other countries.
The Vietnamese government has understood that tourism is the key to its long-term prosperity and is now implementing appropriate methods and policies to make Vietnam a leading tourist destination in Asia. However, poor public infrastructure, insufficient trade legislation, and lack of investment budget from foreign investors hinder the expansion of Vietnam’s tourism sector.
Vietnamese Tourism: Sector Forecasts and Expenditure Analysis – Future Projections
The long-term Vietnamese tourism is undergoing a physically powerful development. In addition to the government-led tourism campaign, the organization of various industrial fairs and road shows will play an important role in encouraging the expansion of tourism in Vietnam. Vietnam grants visa-free visas to citizens of seven countries: Japan, South Korea, Norway, Finland, Denmark, Sweden, and Russia. These policies will most likely boost the expansion of Vietnam’s tourism industry.
According to the World Travel & Tourism Council (WTTC), Vietnam’s share of GDP in the tourism sector in 2015 was VND 279,287. 0 billion (6. 6% of GDP). This amount is expected to increase by 5. 2% to VND 293,772. 0 billion in 2016.
Vietnam Tourism Market by Category
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Nandini Singh Sawlani
The Associate Vice President of Future Market Insights is deeply committed to uncovering actionable insights for customers and food and beverage stakeholders. He brings a combination of analytics, industry trends, and customer habits to put insights into perspective.
What you do with knowledge becomes a pleasure to read. She is a reviewer and contributor to publications such as Process Industry Informer and Spinal Surgery News as she understands the pulse of the market and the conversion of customer preferences.
He likes to invite experts to a roundtable to assess the effect of a trend on an industry. Read their discussion on the effect of AI on packaging.