Dublin, Feb. 03, 2023 (GLOBE NEWSWIRE) -- The "Vietnam Travel & Tourism Market By Product/Service Offering, By Destination, By Purpose of Visit, By Tourist Profile, By Average Duration of Stay, By Region, Competition Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
Vietnam travel & tourism market is anticipated to grow at a rate of steady CAGR for the forecast period, 2023-2027
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.
Flourishing Domestic Tourism Supports the Market Growth
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.
International Tourism Industry Generates Significant Revenue Sources
International tourists comprise a smaller number of tourists than local tourists, but they account for more than half of tourism spending for the country. The growing tourism industry generates a large number of job opportunities for the people and supports the food and beverage and the retail sector.
The majority of tourists visiting Vietnam are from Asian countries, with those from Taiwan, Japan, South Korea, and China, as the country has strong economic ties with these countries. The government of Vietnam is adopting a zero-case-first strategy as it covers the countries having relatively lower COVID-19 transmission rates to gain the traveler's confidence and accelerate the number of foreign visitors in the country.
Investments by market players to boost the number of travelers from these countries and offer affordable and quality services to international tourists is expected to bolster the Vietnam travel & tourism market growth in the forecast period.
Adoption Of Online Sales Platform by Market Player Drives Market Growth
Market players are investing in adopting the online sales platform for the consumer base by reaching a wider audience.
The presence of interactive websites and mobile applications offering lucrative traveling packages to consumers and 24*7 customer support to solve customer queries is expected to drive the Vietnam travel & tourism market growth. Travelers and tourists could avail customized travel plans according to their convenience, budget, and requirements.
Market players are also offering the tourists to visit the tourist places virtually, make the right decisions about the places they want to visit, and choose the suitable traveling mode for the destination.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Vietnam Travel & Tourism market.
- Viet Vision Travel
- Lily's Travel Agency
- Hello Laos Travel
- Amazing Tour Vietnam
- Green Era Travel
- Get Up and Go Vietnam Travel Company
- Exodus Travels
- Threeland Travel
- Vietnam Adventure Tours
- 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 Product /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 Tourist Profile:
- Indians
- Foreign Nationals
Vietnam Travel & Tourism Market, By Average Duration of Stay:
- Number of Days
Vietnam Travel & Tourism Market, By Region:
- Northern
- Southern
- Central
For more information about this report visit https://www.researchandmarkets.com/r/zhw4zg-travel?w=12
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