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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