Vietnam Travel & Tourism Market to be Dominated by International Tourist till 2027
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, 2023-2027.
According to TechSci Research report, “Vietnam
Travel & Tourism Market By Product/Service Offering (Ticket
Reservation, Hotel Booking, Holiday/Tour Packages, Travel Insurance, Foreign
Exchange, Visa Services, Conference/Trade Fair Services and Others), By
Destination (Domestic Tourist Vs International Tourist), By Purpose of Visit
(Business, Leisure & Recreation, Education, Medical, Social Activity and
Others), By Region, Competition Forecast & Opportunities, 2027”, the Vietnam travel & tourism market is expected to witness
promising growth in the forecast period, 2023-2027. Due to COVID-19 travel
& tourism industry faced a major setback. To recover the staggering
economy, major market players are providing cutting prices and seeking
opportunities to bundle products that can offer to cross-sell and upselling
avenues to diversify the income sources and improve premium product and
pricing.
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.
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The Vietnam travel & tourism market is divided into product/service
offering, destination, purpose of visit, competitive landscape, and regional
distribution.
On the basis of the product/service offering, the Vietnam travel &
tourism market is divided into ticket reservation, hotel booking, holiday/tour
packages, travel insurance, foreign exchange, visa services, conference/trade
fair services, and others. Holiday/Tour packages are expected to witness
significant growth in the forecast period, 2023-2027. Travel & tourism
market players are providing attractive, affordable tour packages, and they can
book the tickets ahead of taking the tour. High-end investments by leading
authorities for the transformation of the tourist industry and continuous
infrastructure and transportation development in the country are accelerating
the booking of holiday/tour packages.
On the basis of the destination, the Vietnam travel & tourism market
is divided into domestic tourist and international tourist. The international
tourist is expected to witness the fastest incremental growth in the forecast
period. The government offers relaxation to international travelers and
attractive and affordable packages to lure tourists to visit Vietnam as their
next traveling destination. Also, the government is improving safety to make
international tourists feel safe and secure while visiting the country.
On the basis of purpose of visit, the Vietnam travel & tourism
market is divided into business, leisure & recreation, education, medical,
social activity, and others. The leisure & recreation segment is expected
to hold the largest market share in the forecast period. Due to the growing
occurrence of stress and anxiety among working individuals, they prefer to
travel for leisure recreation and entertainment in domestic traveling and to
other countries to lower the pressure and boost their productivity. Leisure
traveling includes visiting local tourist attractions, staying in hotels and
resorts, and visiting the country's beautiful beaches.
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“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 growth till 2027” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Vietnam Travel &
Tourism Market By Product/Service Offering (Ticket Reservation, Hotel Booking,
Holiday/Tour Packages, Travel Insurance, Foreign Exchange, Visa Services,
Conference/Trade Fair Services and Others), By Destination (Domestic Tourist Vs
International Tourist), By Purpose of Visit (Business, Leisure &
Recreation, Education, Medical, Social Activity and Others), By Region,
Competition Forecast & Opportunities, 2027”, has evaluated the
future growth potential of Vietnam Travel & Tourism market and provides
statistics & information on market size, structure and future market
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 Vietnam Travel & Tourism market.
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