Analysis of Vietnam Tourism Industry- Opportunities, Trends and Challenges (2017 - 2022)
Vietnam which for long was globally known as a place of conflict has emerged in the 21st century as one of the brightest emerging markets for tourism around the world. Vietnam receives more tourists than even India, which is a country much bigger than size itself. Close to 8 million tourists visited Vietnam in 2014 and Vietnam ranked 12th in the Asia Pacific region in terms of tourist arrivals. In terms of travel and tourism competitiveness Vietnam ranks 75th globally.
After seeing double digit rates of growth from the years 2010-2013, the growth rate in tourist arrivals have come down in recent years. One of the reasons for the fall in the number of tourists visiting Vietnam is the failure of the local authorities to maintain the pristine attractions, and also due to massive increases in pollution and traffic in the last few years. Another reason which has similarly affected India as well is the security situation. Most of the tourists feel unsafe roaming around Vietnam, which has been afflicted by robberies, thefts, mugging of tourists. Also Vietnamese authorities to compensate for fewer arrivals have been increasing the visa fees, which have again served as a deterrent to tourists.
But the fact remains that Vietnam has one of the most beautiful cultures, sights and sceneries in the region which really attract foreign visitors. More people want to visit Vietnam, and if certain issues like security, visa costs etc are resolved by the Vietnamese authorities, the tourism industry which has stagnated in recent times will boom again.
One of the reasons deterring the influx of tourists is the high cost. In recent times the cost of visiting Vietnam is increased rapidly due to expensive accommodation and general travel. Vietnamese currency has depreciated against the US Dollar, which has made travelling in Vietnam expensive. But another major reason is the lack of affordable, modern accommodation which deters the budget tourist. Also there is massive shortage of luxury hotels in Hanoi, which deters the HNI tourists who can boost the tourism industry visiting Vietnam.
But Vietnam offers many such opportunities in the tourism industry, and now is the perfect time and opportunity to invest in the same and reap the benefits in future.
With a population of 90.7 million, Vietnam is the 37th largest economy of the world. Even though the tourism industry has run into difficulties in recent times, but is expected to grow strongly in the future. The Tourism industry in Vietnam is expected to grow at a CAGR of XX.XX% till 2020.
What the report offers
1. Market analysis for the Vietnam Tourism Market, with region specific assessments and competition analysis on global and regional scales
2. Market definition along with the identification of key drivers and restraints
3. Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale
4. Extensively researched competitive landscape section with profiles of major companies along with their market shares
5. Identification and analysis of the macro and micro factors that affect the Vietnam Tourism Market on both global and regional scales
6. A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
7. A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market
8. Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped