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Multidimensional Perspectives on Business Information in Vietnam

Generation Y's generosity toward travelling - Bright future for Vietnam's tourism industry

Sunday, July 15, 2018 4:14:51 PM

Vietnam is among fastest-growing tourist destinations in 2017 with 12.9 million international visitors and more than 73 million domestic visitors, corresponding to the increase 29% and 18.06% respectively compared to 2016. The attraction of Vietnam tourism thanks to the policy of issuing electronic visa and visa exemption for tourists from 5 Western European countries.

< The Vietnam Tourism Industry Report 2018 - VietnamCredit>


Generation Y's generosity toward travelling
Vietnam's population is relatively young with 68% of the population aged 15 to 64 years. Millennial generation (born between the 1980s and 1999s) accounts for 35% of Vietnam's population. This is potential customers in the tourism industry because they not only travel quite often, but also afford to pay for those trips. These generations are also specialists interested in experiencing and exploring, promoting "green living" thinking, and are willing to pay a higher price for green tourism. However, instead of going to traditional restaurants and hotels, this generation usually tends to seek new places intimating with local culture to experience the lives of people there.

Urbanization motivates resort estate growth
According to statistics, over 40% of Vietnam's population lives in urban areas in the next 10 years leading to the increase in demand for resort estate with reasonable price. In Vietnam, the number of domestic visitors has increased sharply in recent years, from 20.5 million in 2008 to 73.2 million in 2017.

Technology has changed the tourism industry
Technology is supporting the tourism industry at all stages, from the preparation for the trip to the selection of hotels, selection of destination, ... This requires businesses in the industry change business strategy to adopt.

Technology makes it easier for travelers to select an destination and evaluate it on the internet. Rather than depending on tour operators, travelers can make their own arrangements, choose the type of transportation, choose the right hotel / hostel, or book a show, ... all over the internet. Virtual reality technology is a big step forward in the travel industry, which gives travelers a more accurate and realistic view of where they are coming from.

 

Visa exemption policy is still inadequate
The e-visas and visa granting policies at Vietnam's border gates have helped to simplify the visa process for foreigners entering Vietnam, but there are still many limitation in the few number of visa-exempt countries, short stay permit time. This makes it difficult to attract tourists especially participating in multi - countries tours.




< The Vietnam Tourism Industry Report 2018 - VietnamCredit>

 

The Vietnam Tourism Industry Report 2018 focuses on analyzing and evaluating Vietnam's tourism and hospitality sector with the expectation of support in the decision-making process of businesses and investors. It provides a comprehensive view on the current status of Vietnam's tourism industry and trends in the coming time.

The report consists of five main parts: The impact of external environment (economic, social, technological, legal) on the tourism sector; the global tourism industry; Vietnam's tourism industry; SWOT and Appendix.

The report uses data from the General Statistics Office (GSO), the General Department of Tourism, Department of Tourism of provinces, cities, Ministry of Planning and Investment, ... and international data sources such as the World Economic Forum , World Tourism Organization (UNWTO), ...

Please visit our website or drop us an email at sales@vietnamcredit.com.vn for the comprehensive report.

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