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, 2020-2030F

Market Overview

Vietnam Travel & Tourism market was valued at USD 17.90 billion in 2024 and is expected to reach USD 42.01 billion by 2030 with a CAGR of 15.34% 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. 

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. Preliminary data from the National Authority of Tourism (NAT) and local tourism departments estimate that Vietnam received approximately 12.5 million domestic travelers during Tet, representing a 19% year-on-year growth, highlighting the strong recovery and rising demand in the domestic tourism sector.

Expansion of Tourism Infrastructure

Vietnam is experiencing a significant expansion in tourism infrastructure, driven by increasing international arrivals and rising domestic travel demand. The country is investing heavily in the development of hotels, resorts, transportation networks, and entertainment facilities to accommodate the growing influx of visitors. Coastal cities like Nha Trang, Da Nang, and Phu Quoc are at the forefront of this transformation, with large-scale projects enhancing their appeal as top tourist destinations. According to the study, Vietnam recorded 17.58 million international tourist arrivals in 2024, marking a 39.5% year-on-year growth and achieving 97.6% of pre-pandemic levels, reflecting a strong recovery in the country’s tourism sector, which drivers the market demand. Additionaly, During the holiday season, international tourists accounted for 75% of visitors to Phu Quoc, with the island managing a record-high 40 international flights per day. According to Truong Cong Tam, President of the Phu Quoc Professional Tour Guide Association, this marked the highest volume of international flights since the establishment of Phu Quoc’s international routes.

New luxury resorts and eco-friendly hotels are being developed to cater to diverse traveler preferences, from budget-conscious tourists to high-end vacationers. The expansion of international airports, improved road connectivity, and high-speed rail projects are further strengthening Vietnam’s accessibility. Additionally, integrated tourism complexes, including theme parks, shopping centers, and cultural attractions, are being built to provide a comprehensive travel experience.

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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 was a dominating segment in 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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• 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.

• 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, 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).

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