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

Industry : Consumer Goods and Retail
Pages : NA
Published Date : NA

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Summary

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Report Description

Forecast Period	2025-2029
Market Size (2023)	USD 17.46 Billion
CAGR (2024-2029)	15.32%
Fastest Growing Segment	Outbound
Largest Market	Northern Region
Market Size (2029)	USD 41.07 Billion

Market Overview

Vietnam Travel & Tourism market was valued at USD 17.46 billion in 2023 and is expected to reach USD 41.07 billion by 2029 with a CAGR of 15.32% during the forecast period. 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. The Vietnam travel and tourism market is poised for significant growth, driven by various factors such as the country's rich cultural heritage, stunning natural landscapes, and increasing investments in tourism infrastructure. After the severe impact of the COVID-19 pandemic, the industry is showing signs of robust recovery, supported by strategic government initiatives and an upsurge in domestic and international travel.

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.

Domestic Tourism

In recent times, there has been a noticeable shift in the travel preferences of Vietnamese tourists, with a growing number opting to discover the charms of their own country. This inclination towards domestic travel has injected vitality into the local tourism sector, providing a much-needed lifeline during fluctuating global travel conditions. The concept of 'staycations', where travelers seek holiday experiences within their home country, has gained traction, reflecting a broader global trend towards localized travel. This movement not only supports the national economy but also fosters a deeper appreciation for local culture and natural beauty. As this trend shows no signs of waning, it is anticipated to further invigorate the Vietnamese tourism market, creating a robust and sustainable model that relies less on international visitors and more on the patronage of locals. This paradigm shift is a testament to the adaptability and resilience of the tourism industry, and it underscores the potential of domestic tourism as a cornerstone for future growth and development.

Digital Transformation

The integration of digital technologies in the travel and tourism sector is transforming how services are offered and consumed. Online travel bookings, virtual tours, and digital marketing strategies are enhancing the convenience and experience for travelers. Companies like iVIVU, Klook, and Booking.com are playing a crucial role in this transformation by offering regular discounts and innovative travel solutions.

Expansion of Tourism Infrastructure

Significant investments in tourism infrastructure, including new hotels, resorts, and transportation facilities, are enhancing Vietnam's capacity to accommodate a growing number of tourists. Coastal cities like Nha Trang and Da Nang are witnessing a surge in infrastructure development, making them more attractive to both domestic and international travelers.

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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.

Economic Uncertainty

Vietnam's tourism industry is currently navigating through a turbulent period, as global economic volatility and the dynamic nature of fuel prices exert pressure on travel expenses and discretionary consumer expenditures. These factors collectively introduce a degree of risk to the sector's stability and growth. Economic unpredictability on a worldwide scale can lead to cautious spending habits among potential tourists, who may opt to delay or cancel travel plans. Concurrently, the oscillation in fuel costs directly influences the price of transportation, which is a critical component of travel budgets. As such, the tourism industry must adapt to these challenges by implementing strategic measures aimed at enhancing operational efficiency and offering value to travelers. This could involve diversifying tourism offerings, investing in sustainable practices that may lead to cost savings, and exploring new markets to maintain a steady influx of visitors. By doing so, Vietnam can aim to fortify its tourism sector against the current economic headwinds and secure its position as a desirable destination on the global travel map.

Key Market Trends

Ecotourism and Adventure Tourism

Vietnam's diverse landscapes offer immense potential for ecotourism and adventure tourism. Promoting sustainable travel practices and developing eco-friendly tourism products can attract environmentally conscious travelers. According to the Vietnam National Authority of Tourism (VNAT), Vietnam tourism saw nearly 1.6 million international visitor arrivals in March, with a total of more than 4.6 million in the first quarter of 2024, up 72% from the same period last year and 3.2% from the same period in 2019. The country's lush rainforests, expansive deltas, and towering mountains are not only natural treasures but also settings for immersive travel experiences that can be enjoyed responsibly. Developing infrastructure and services that minimize environmental impact, such as eco-lodges and guided nature tours, can enhance the appeal of these destinations. Additionally, by engaging local communities in tourism initiatives, Vietnam can ensure that the benefits of tourism are widely distributed and that cultural integrity is maintained. This approach not only safeguards the environment but also enriches the travel experience, offering visitors a deeper connection with the places they visit and the people who call them home. In doing so, Vietnam positions itself as a leader in sustainable tourism, attracting those who seek adventure without compromising the well-being of our planet.

Cultural and Heritage Tourism

Vietnam's tourism industry has the potential to flourish by capitalizing on its abundant cultural heritage. The country's traditional festivals, which are a vibrant tapestry of customs and colors, offer a glimpse into the soul of Vietnam. Historical sites, standing as silent narrators of the past, invite visitors to step back in time and experience the stories etched in their walls. Local crafts, a testament to the ingenuity and artistry of the Vietnamese people, provide tangible connections to the nation's rich cultural fabric. By integrating these elements into its tourism strategy, Vietnam can position itself as a premier destination for cultural tourism. This approach not only attracts visitors seeking authentic cultural experiences but also preserves and promotes the nation's heritage. As travelers increasingly seek meaningful and immersive experiences, Vietnam's commitment to showcasing its cultural wealth could significantly enhance its competitiveness in the global tourism market. The fusion of history, tradition, and artistry can create a unique and compelling narrative that resonates with tourists worldwide, ensuring that Vietnam's cultural legacy continues to enchant and educate future generations.

Segmental Insights

Service Offering Insights

The hotel booking segment is a pivotal component of the Vietnam travel and tourism market, playing a crucial role in accommodating the influx of both domestic and international tourists. Vietnam's dynamic growth in tourism has been matched by a significant expansion in its hospitality sector, characterized by a diverse range of accommodations that cater to various preferences and budgets. The steady increase in tourist arrivals, both from international and domestic markets, has significantly boosted the demand for hotel bookings. Vietnam's appeal as a travel destination, with its rich cultural heritage, stunning natural landscapes, and vibrant cities, attracts millions of visitors annually. The country recorded over 18 million international tourists in 2019, and although there was a dip due to the pandemic, numbers are rapidly recovering. Vietnam offers a wide array of accommodation options, from luxury resorts and boutique hotels to budget-friendly hostels and homestays. This diversity allows the hotel booking segment to cater to a broad spectrum of travelers, from high-end tourists seeking luxurious experiences to backpackers looking for economical stays. The integration of digital technologies has revolutionized the hotel booking process. Online travel agencies (OTAs) like Agoda, Booking.com, and local platforms provide seamless booking experiences. The convenience of online booking, with features such as real-time availability, instant confirmations, and customer reviews, has significantly enhanced the appeal of booking hotels through digital platforms.

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Regional Insights

The Northern Region of Vietnam stands out as a significant region to the country’s travel and tourism market, owing to its rich cultural heritage, and historical significance. This region encompasses key destinations such as Hanoi, Ha Long Bay, Sapa, and Ninh Binh, each offering unique attractions that draw tourists from around the globe. The Northern Region has seen significant improvements in transportation infrastructure, including the expansion of Noi Bai International Airport and the development of highways and railways connecting major tourist destinations. This has made travel more convenient and accessible for both domestic and international tourists. The Vietnamese government has launched several initiatives to promote tourism, such as visa exemptions for certain nationalities, tourism marketing campaigns, and investment in tourism facilities. These efforts have helped boost the region's visibility on the global tourism map. Looking ahead, the Northern Region of Vietnam is poised for continued growth in the travel and tourism market. With ongoing investments in infrastructure, increasing international flight connections, the region is set to enhance its appeal further. Moreover, the focus on sustainable tourism and community-based initiatives will ensure that the growth is inclusive and beneficial to local populations.

Recent Developments

In 2024, Vietnam and Korea have signed a cooperation agreement to promote tourism between the two countries for the 2025 - 2026 period. The agreement focuses on enhancing the exchange of information, improving tourist experiences, supporting digital transformation in the tourism industry, and strengthening overall cooperation in promoting and exchanging visitors between the two countries.
In 2024, Vietnam and South Korea signed a MoU on tourism promotion in the 2025-2026 period between the Vietnam National Authority of Tourism and the Korea Tourism Organization. Several MoUs were signed between Vietnam Airlines and its Korean partners, including Hana Tour, Interpark Triple, Mode Tour, and Yellow Balloon Tour. A three-party MoU was signed between Ho Guom investment tourist and import export company, Vietnam-Korea Business & Investment Association, and Hoju Pacific Tours.

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

By Service Offering	By Type	By Purpose of Visit	By Region
Ticket Reservation Hotel Booking Holiday/Tour Packages Travel Insurance Foreign Exchange Conference/Trade Fair/MICE Others	Domestic Inbound Outbound	Business Leisure & Recreation Education Medical Social Activity Others	Northern Southern Central

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, TechSci Research 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).

Vietnam Travel & Tourism Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Introduction

1.1. Service Offering Overview

1.2. Key Highlights of the Report

1.3. Market Coverage

1.4. Market Segments Covered

1.5. Research Tenure Considered

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Market Overview

3.2. Market Forecast

3.3. Key Regions

3.4. Key Segments

4. Voice of Customer

4.1. Factors Influencing Purchase Decision

4.2. Sources of Information

5. Vietnam Travel & Tourism Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Service Offering Market Share Analysis (Ticket Reservation, Hotel Booking, Holiday/Tour Packages, Travel Insurance, Foreign Exchange, Conference/Trade Fair Services/MICE and Others)

5.2.2. By Type Market Share Analysis (Domestic, Inbound, Outbound)

5.2.3. By Purpose of Visit Market Share Analysis (Business, Leisure & Recreation, Education, Medical, Social Activity and Others)

5.2.4. By Regional Market Share Analysis

5.2.4.1. Northern Region Market Share Analysis

5.2.4.2. Central Region Market Share Analysis

5.2.4.3. Southern Region Market Share Analysis

5.2.5. By Top 5 Companies Market Share Analysis, Others (2023)

5.3. Vietnam Travel & Tourism Market Mapping & Opportunity Assessment

5.3.1. By Service Offering Type Market Mapping & Opportunity Assessment

5.3.2. By Type Market Mapping & Opportunity Assessment

5.3.3. By Purpose of Visit Market Mapping & Opportunity Assessment

5.3.4. By Regional Market Mapping & Opportunity Assessment

6. Vietnam Domestic Travel & Tourism Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Service Offering Type Market Share Analysis

6.2.2. By Purpose of Visit Market Share Analysis

7. Vietnam Inbound Travel & Tourism Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Service Offering Type Market Share Analysis

7.2.3. By Purpose of Visit Market Share Analysis

8. Vietnam Outbound Travel & Tourism Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Service Offering Type Market Share Analysis

8.2.3. By Purpose of Visit Market Share Analysis

9. Market Dynamics

9.1. Drivers

9.2. Challenges

10. Impact of COVID-19 on Vietnam Travel & Tourism Market

10.1. Impact Assessment Model

10.1.1. Key Segments Impacted

10.1.2. Key Regions Impacted

11. Market Trends & Developments

12. Porter’s Five Forces Model

12.1. Competitive Rivalry

12.2. Bargaining Power of Buyers

12.3. Bargaining Power of Suppliers

12.4. Threat of New Entrants

12.5. Threat of Substitutes

13. SWOT Analysis

13.1. Strengths

13.2. Weaknesses

13.3. Opportunities

13.4. Threats

14. Policy and Regulatory Landscape

15. Vietnam Economic Profile

16. Competitive Landscape

16.1. Company Profiles

16.1.1. Viet Vision Travel & Trading JSC

16.1.1.1. Company Details

16.1.1.2. Service Offering & Services

16.1.1.3. Financials (As Per Availability)

16.1.1.4. Key market Focus & Geographical Presence

16.1.1.5. Recent Developments

16.1.1.6. Key Management Personnel

16.1.2. Lily’s Travel Agency

16.1.2.1. Company Details

16.1.2.2. Service Offering & Services

16.1.2.3. Financials (As Per Availability)

16.1.2.4. Key market Focus & Geographical Presence

16.1.2.5. Recent Developments

16.1.2.6. Key Management Personnel

16.1.3. Hello Vietnam Travel

16.1.3.1. Company Details

16.1.3.2. Service Offering & Services

16.1.3.3. Financials (As Per Availability)

16.1.3.4. Key market Focus & Geographical Presence

16.1.3.5. Recent Developments

16.1.3.6. Key Management Personnel

16.1.4. Vietnam Amazing Tours

16.1.4.1. Company Details

16.1.4.2. Service Offering & Services

16.1.4.3. Financials (As Per Availability)

16.1.4.4. Key market Focus & Geographical Presence

16.1.4.5. Recent Developments

16.1.4.6. Key Management Personnel

16.1.5. Deluxe Vietnam Tours Co.,Ltd.

16.1.5.1. Company Details

16.1.5.2. Service Offering & Services

16.1.5.3. Financials (As Per Availability)

16.1.5.4. Key market Focus & Geographical Presence

16.1.5.5. Recent Developments

16.1.5.6. Key Management Personnel

16.1.6. Get Up and Go Vietnam

16.1.6.1. Company Details

16.1.6.2. Service Offering & Services

16.1.6.3. Financials (As Per Availability)

16.1.6.4. Key market Focus & Geographical Presence

16.1.6.5. Recent Developments

16.1.6.6. Key Management Personnel

16.1.7. Vietnam Escape Tours

16.1.7.1. Company Details

16.1.7.2. Service Offering & Services

16.1.7.3. Financials (As Per Availability)

16.1.7.4. Key market Focus & Geographical Presence

16.1.7.5. Recent Developments

16.1.7.6. Key Management Personnel

16.1.8. Threeland Travel

16.1.8.1. Company Details

16.1.8.2. Service Offering & Services

16.1.8.3. Financials (As Per Availability)

16.1.8.4. Key market Focus & Geographical Presence

16.1.8.5. Recent Developments

16.1.8.6. Key Management Personnel

16.1.9. Vietnam Adventure Tour

16.1.9.1. Company Details

16.1.9.2. Service Offering & Services

16.1.9.3. Financials (As Per Availability)

16.1.9.4. Key market Focus & Geographical Presence

16.1.9.5. Recent Developments

16.1.9.6. Key Management Personnel

16.1.10. Phu Quoc Island Explorer

16.1.10.1. Company Details

16.1.10.2. Service Offering & Services

16.1.10.3. Financials (As Per Availability)

16.1.10.4. Key market Focus & Geographical Presence

16.1.10.5. Recent Developments

16.1.10.6. Key Management Personnel

17. Strategic Recommendations

17.1. Key Focus Areas

17.2. Target Type

17.3. Target Purpose of Visit

18. About Us & Disclaimer

Figures and Tables

Frequently asked questions

What was the market size of the Vietnam Travel & Tourism market in 2023?

Vietnam Travel & Tourism Market was valued at USD 17.46 Billion in 2023, owing to Ongoing infrastructure developments and favorable business set-up opportunities for market players.

What is the major driver of the Vietnam Travel & Tourism market?

Government initiatives and policy support, noticeable shift in the travel preferences of Vietnamese tourists, integration of digital technologies in the travel and tourism sector is anticipated to drive the growth of the Vietnam Travel & Tourism market.

What could be the challenges of Vietnam Travel & Tourism market?

Environmental sustainability concerns such as habitat destruction, water pollution, and strain on local resources, global economic volatility and the dynamic nature of fuel prices exert pressure on travel expenses and discretionary consumer expenditures are the major challenges in Vietnam Travel & Tourism Market.

What are the trends in the Vietnam Travel & Tourism Market?

Expansion of ecotourism and adventure tourism, cultural tourism, along with the fusion of history, tradition, and artistry created a unique and compelling narrative that resonates with tourists worldwide are the key trends in the Vietnam Travel & Tourism Market.

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Press Release

Vietnam Travel & Tourism Market to Grow with a CAGR of 15.32% through 2029

Aug, 2024

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.