Vietnam’s Travel & Tourism sector is poised for a record-breaking year, according to the World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR). The sector’s contribution to the national economy is expected to reach a staggering đ770.8TN, representing a 13% increase compared to 2019 levels and accounting for over 7% of Vietnam’s overall economy. This impressive performance is fueled by a combination of robust domestic travel and a recovering international market.
The EIR highlights the sector’s remarkable resilience and its potential to drive economic growth and create jobs across Vietnam. Domestic travelers are projected to spend a record đ434.7TN this year, a 20% increase compared to 2019. While international visitor spending is expected to remain 4.2% below 2019 levels, reaching đ264.8TN, it signifies a positive trend towards recovery.
The WTTC forecasts that the sector’s growth trajectory will continue, potentially reaching a staggering đ1.44 quadrillion in annual GDP contribution by 2034. This would represent almost 8% of Vietnam’s economy and could lead to over 7.7MN people employed in the sector nationwide. This optimistic outlook reflects the government’s commitment to the 2030 Tourism Development Strategy and its unwavering support for the Travel & Tourism industry.
Looking back at 2023, the tourism sector demonstrated remarkable recovery. Domestic visitor spending surpassed 2019 levels by over 15%, reaching đ420.8TN, while international visitor spending surged by 97.5% year-on-year to đ203.7TN, despite remaining below 2019 figures. These positive indicators reflect the sector’s ability to rebound from the pandemic-induced downturn, showcasing its strong potential for future growth.
With continued government support and strategic investments, Vietnam’s Travel & Tourism sector is poised to play a pivotal role in driving the nation’s economic prosperity and solidifying its position as a leading tourist destination in Southeast Asia.
