Vietnam Travel & Tourism Market to Grow with a CAGR of 15.32% through 2029
Ongoing infrastructure development and favorable
business set-up opportunities for market players are driving the growth of the
Vietnam Travel & Tourism Market in the forecast period.
According to TechSci Research report, “Vietnam Travel & Tourism Market – By Region, Competition, Forecast and Opportunities, 2019-2029F”, the Vietnam Travel & Tourism Market stood at USD 17.46 billion in 2023 and is anticipated to grow with a CAGR of 15.32% through 2029, the Vietnam travel & tourism market is expected to witness
promising growth in the forecast period, Five-star hotels in major cities of Vietnam, such as Hanoi and Ho Chi
Minh City, are planning to provide staycation for families, including free
breakfast discounts on food and beverages. Changing consumers' preference to
spend on destination experience instead of spending on luxury accommodations is
making the market players develop travel & tourism activities accordingly.
The majority of the tourists book the tickets early, that is, before visiting
the destination, making it crucial for the market players to provide packages
based on the traveler's choice. Development of the night economy in Ho Chi Minh
City and making the festival major tourist attractions bolstering the number of
tourists visiting the country.
However, expensive hotel accommodation and general travel in Vietnam may
hinder the market growth in the forecast period. The Vietnam travel & tourism market is divided into product/service offering, destination, purpose of visit, competitive landscape, and regional distribution.
Browse over xx market data Figures spread through xx Pages and an in-depth TOC on "Vietnam Travel & Tourism Market"
Digitalization of the travel & tourism industry to improve the customer experience and provide customer reviews and suggestions to potential customers is expected to attract many tourists to visit Vietnam. Vietnam National Administration of Tourism (VNAT) offers virtual tours for the most popular tourist destinations. Some market players also offer real-time tours to international tourists to boost their sales. Increased government focus on the implementation of strict health and safety protocols to support the travel & tourism industry and rise in investments to develop the sector is expected to propel the Vietnam Travel & Tourism market . Vietnam's travel and tourism market is a vibrant landscape of diverse segments, catering to various needs and purposes of visitors. Among these, the leisure and recreation segment stands out as the most significant contributor to the market's growth. This segment's dominance is projected to continue, driven by the increasing need for stress relief among the working population. The modern workforce, grappling with high levels of stress and anxiety, is increasingly recognizing the value of leisure travel as a means to rejuvenate and enhance productivity.
Leisure travel in Vietnam is not just about escapism; it's an immersive experience that offers a blend of cultural enrichment and relaxation. Tourists are drawn to the country's rich heritage, evident in its historical sites, traditional festivals, and culinary delights. The allure of Vietnam's natural beauty is undeniable, with its picturesque landscapes, serene beaches, and lush countryside providing a perfect backdrop for relaxation and adventure. Accommodations play a crucial role in the leisure experience, with a range of hotels and resorts offering amenities that cater to every preference, from the luxury seeker to the budget-conscious traveler. These establishments are strategically located to provide easy access to local attractions, ensuring that visitors can effortlessly explore the region's offerings. The forecasted growth of the leisure and recreation segment is a testament to Vietnam's potential as a premier destination for travelers seeking a balance of exploration and relaxation. With a focus on sustainable tourism practices, Vietnam is poised to offer an even more compelling proposition to tourists, ensuring that the beauty and integrity of its destinations are preserved for future generations. As the market evolves, stakeholders in Vietnam's tourism industry are encouraged to innovate and enhance the visitor experience. By doing so, they will not only contribute to the nation's economic growth but also to the well-being of travelers who choose Vietnam as their sanctuary away from the demands of daily life. In conclusion, the leisure and recreation segment's growth reflects a global trend towards wellness tourism, where the journey is not just about the destination but also about finding peace, pleasure, and a renewed sense of self.
Key market players in the Vietnam Travel &
Tourism market include:
- 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
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“Vietnam's Travel & Tourism sector is a dynamic and progressive
market, continually transforming to align with the shifting patterns of
consumer behavior. This evolution is propelled by robust government backing
and substantial investments in enhancing tourism infrastructure, fostering
rapid growth. As the market expands and adjusts to the fluctuating trends and
demands of consumers, businesses that place a premium on innovation are
well-positioned to prosper. These forward-thinking companies, with their
commitment to staying at the forefront, are quick to embrace new consumer
trends, which is a decisive factor in their success in Vietnam's competitive Travel
& Tourism landscape. This adaptability not only fuels their growth but also
sets a benchmark for excellence in the industry, encouraging a culture of
continuous improvement and customer-centricity. The proactive approach of these
enterprises in adopting the latest trends ensures they remain relevant and
preferred by travelers, thereby driving the overall momentum of Vietnam's
tourism economy.” said Mr. Karan Chechi, Research Director of TechSci Research,
a research-based Global management consulting firm.
“Vietnam Travel & Tourism Market By Service Offering (Ticket Reservation, Hotel Booking, Holiday/Tour
Packages, Travel Insurance, Foreign Exchange, Conference/Trade Fair
Services/MICE and Others), By Type (Domestic, Inbound, Outbound), By Purpose of Visit (Business, Leisure &
Recreation, Education, Medical, Social Activity and Others), By Region, Competition Forecast & Opportunities,2019-2029F”, has evaluated the future growth potential of Travel & Tourism and
provides statistics and information on market structure, size, share, and
future growth. the report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Vietnam Travel & Tourism market.
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