Vietnam goal of 18 mln foreign visitors in 2024 feasible: RMIT expert
Vietnam’s goal of welcoming 17-18 million foreign tourist arrivals in 2024 seems highly feasible with sustained efforts, diversification, and accessible visa policies, according to RMIT senior program manager for tourism and hospitality management Jackie Ong.
Tourism in Vietnam has experienced remarkable growth since 2022. Last year, international tourist arrivals reached an impressive 12.6 million, a 3.5-fold year-on-year increase, surpassing the original target of 8 million.
More recently, Vietnam welcomed more than 4.6 million foreign tourist arrivals in the first quarter of 2024, up 72% year-on-year and 3.2% higher than the pre-pandemic 2019 figure.
RMIT's Ong stressed that to ensure growth beyond 2024, it is crucial to recognise tourism as an integrated economic sector. Collaborative efforts among relevant authorities, communities, and tourism-related businesses are pivotal to portraying an enticing image of Vietnam.
Ong observed that recent marketing strategies, product orientation, and open visa policies have effectively complemented the rich natural and cultural resources that Vietnam has to offer, with tourism products now extending to river tourism, gastronomy tourism, rural tourism, wellness tourism, and festival tourism.
Meetings, incentives, conferences, and exhibitions (MICE) tourism is also gaining traction thanks to Vietnam's increasing popularity as a business and leisure destination, RMIT associate program manager for tourism and hospitality management Justin Matthew Pang pointed out.
Vietnam's MICE industry is estimated to see a compound annual growth rate of 5% for the next five years. This is positive news as MICE tourism can provide significant economic stimulation by attracting business travellers who spend on local accommodation, dining, and leisure activities. It also promotes destination visibility, often resulting in repeat visits.
“While Vietnam's MICE market has been dominated by travellers from China, South Korea, and Japan, looking further afield, Vietnam should aim to become a MICE venue of choice for South Asian countries like India, Pakistan, and Sri Lanka. These countries currently have strong market growth, coupled with high aspirations to do well economically,” Pang said.
Vietnam also stands to benefit from targeting niche markets with high spending powers, such as the super-wealthy from India who choose Vietnam for their destination weddings. This past year, Vietnam has hosted extravagant Indian weddings in Ha Long city, Danang city, and Phu Quoc island.
RMIT lecturer Daisy Kanagasapapathy said that with its stunning natural beauty, warm hospitality, and world-class hotels, Vietnam is slowly gaining attention as a go-to destination for ultra-high-net-worth couples looking to tie the knot uniquely and memorably. Weddings inject significant revenue into local economies through expenditures on venues, accommodation, catering, and entertainment, all while fostering cross-cultural understanding by showcasing traditional customs and ceremonies.
Perhaps the most discussed boost to inbound tourism in the past year has been Vietnam’s new visa policy. Previously, the country only issued 30-day single-entry electronic visas to citizens from 80 countries. Since 15 August 2023, e-visas can be granted to citizens of all countries for multiple entries for 90 days.
RMIT senior lecturer Nuno F. Ribeiro advocates for expanding visa exemptions as the next essential step. With neighbouring countries like Thailand and Malaysia relaxing their visa requirements, Vietnam can benefit by following suit and attracting tourists who visit multiple Southeast Asian countries. Vietnam should consider waiving visas for countries with a higher level of development, large tourism spending, and potential for long-term stays. These include Australia, Canada, the U.S., and the remaining countries of the European Union.
The clock is ticking, and if Vietnam delays in expanding its visa exemption policies, it risks losing out on attracting tourists from major tourism markets, Ribeiro suggested.
Strategies for Vietnam's tourism
Jackie Ong proposed several other strategies that Vietnam's tourism industry could consider.
First, the industry can develop and promote a diverse range of tourist attractions beyond mainstream destinations, showcasing the country's cultural, natural, and historical richness.
Second, improvements in airport and public transport infrastructure are needed, and Vietnam should consider transportation hubs as a strategy for tourism growth. For instance, the efficiency and integration of train stations in Japan, the UK, France and Singapore are drivers to attract tourists.
Third, emphasising sustainable and responsible tourism practices has become paramount to preserving the environment and local culture. Improving waste management systems and providing training support for rural community-based tourism initiatives are critical.
Fourth, although numbers are a measurement of economic success, over-emphasis on numbers could result in negative impacts on the natural environment, society, and culture. Ensuring high-quality services and hospitality are important to creating positive experiences, especially in the high-end tourism sector. Moreover, developing human resources in the hospitality sector and promoting tourism and hospitality education is crucial.
Fifth, utilising digital platforms for effective marketing is essential to reaching a broader audience and adapting to changing travel trends.
Besides, maintaining a safe and secure environment for tourists is vital for encouraging first-time as well as repeat visits. A focus on managing crowds would enhance the overall tourist experience.
- Read More
Saudi Aramco seeks to invest in Vietnam, partner with Petrovietnam
State-owned Saudi Arabian Oil Group (Aramco), the world’s largest oil producer, is eyeing to invest in petrochemical-oil refining and petroleum distribution in Vietnam, said president and CEO Amin Hassan Nasser.
Energy - Wed, October 30, 2024 | 11:01 am GMT+7
Emirates seeks to expand presence in Vietnam
Emirates, the flagship carrier of the UAE, has signed two separate memorandums of understanding (MoUs) with Vietnam Airlines and Vietjet as part of the airline's efforts to expand its footprint in Vietnam.
Companies - Wed, October 30, 2024 | 10:02 am GMT+7
Brightening outlook for Vietnam steelmakers with real estate recovery, infrastructure development: analysts
While Q3 results among Vietnam’s steelmakers are a mixed bag of gradual recovery and continued losses, there are several factors pointing to a brighter outlook for the industry, analysts say.
Industries - Wed, October 30, 2024 | 8:00 am GMT+7
Former National Assembly General Secretary faces disciplinary action
The Party Central Committee’s Inspection Commission has proposed competent authorities take disciplinary action against Bui Van Cuong, who stepped down last week as the National Assembly’s General Secretary.
Politics - Tue, October 29, 2024 | 11:10 pm GMT+7
Indonesia aims to become Southeast Asia's EV production hub
Indonesia is actively seeking to boost investment in a bid to establish itself as a center for electric vehicle (EV) and battery production in Southeast Asia.
Southeast Asia - Tue, October 29, 2024 | 10:38 pm GMT+7
Singapore trials autonomous vehicles on public roads for cargo transportation
Singapore’s FairPrice Group (FPG) recently announced that it has become the first organization in the country to receive approval from the Land Transport Authority (LTA) for the final stages of trials to use autonomous vehicles (AVs) on public roads for cargo transportation.
Southeast Asia - Tue, October 29, 2024 | 10:37 pm GMT+7
Malaysia promotes green energy transition
The Malaysian Government has increased the National Energy Transition Facility Fund allocation to over RM300 million ($60.80 million) in the 2025 budget from only RM100 million this year.
Southeast Asia - Tue, October 29, 2024 | 10:35 pm GMT+7
Singapore spends $270 mln on AI infrastructure, human resources
Singapore’s National Research Foundation (NRF) will allocate $270 million to the National Supercomputing Centre (NSCC) in the next three years to train specialists and develop next-gen supercomputers in order to boost AI through supercomputing talent and infrastructure.
Southeast Asia - Tue, October 29, 2024 | 10:34 pm GMT+7
Vietnam gov’t removes curbs on retail investors in private bond offerings
The Vietnamese government has dropped initially drafted restrictions on retail investors of corporate bonds via private placements in a move to beef up the local stock market after recent financial scandals.
Finance - Tue, October 29, 2024 | 10:16 pm GMT+7
Germany’s PNE seeks Vietnam partners for $4.6 bln offshore wind power project
Germany-based wind energy developer PNE AG is seeking “sustainable partners” in Vietnam to deploy the $4.6 billion Hon Trau offshore wind power project in the central coastal province of Binh Dinh.
Energy - Tue, October 29, 2024 | 6:55 pm GMT+7
E-wallet turned financial assistant MoMo banks on ‘power of small things’: exec
MoMo e-wallet believes in the power of small things, Vietnamese ingenuity, technological advancement, and positive change, says Nguyen Manh Tuong, co-founder, vice chairman of the board, and CEO of MoMo.
Companies - Tue, October 29, 2024 | 6:29 pm GMT+7
Keppel subsidiary M1 buys 70% stake in Vietnamese IT firm ADG for $29 mln
M1 Limited (M1), a telecommunications firm under Singaporean conglomerate Keppel, will acquire a 70% stake in Vietnam-based information technology (IT) solutions provider ADG for SGD37.8 million ($28.5 million).
Companies - Tue, October 29, 2024 | 4:27 pm GMT+7
Vietnam’s Masan MEATLife posts $4.14 million in Q3 after-tax profit
Masan MEATLife (MML), a subsidiary of Vietnamese consumer retail giant Masan Group, recorded net profit after tax and pre-minority interest (NPAT Pre-MI) of VND105 billion ($4.14 million) in the third quarter of 2024.
Companies - Tue, October 29, 2024 | 3:25 pm GMT+7
Vietnam’s PV Gas, Russia’s Zarubezhneft to further core area cooperation
PV Gas, under state-owned Petrovietnam, and Russia’s state-owned Zarubezhneft will further cooperate in oil-gas and energy activities, the former said on Monday.
Energy - Tue, October 29, 2024 | 3:05 pm GMT+7
Vietnam steel major Hoa Phat’s net profit may reach $1 bln with new mill
Hoa Phat Group, which claims to be the biggest steel producer in Vietnam and Southeast Asia, may record a net profit of VND20-25 trillion ($793-991 million) when its new mill in the central region becomes fully operational, according to Vietcombank Securities (VCBS).
Companies - Tue, October 29, 2024 | 2:42 pm GMT+7
IFC plans $200 mln loan to LG Innotek Vietnam
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, plans to make a sustainability-linked loan (SLL) of up to $200 million to LG Innotek Vietnam Haiphong Co., Ltd.
Finance - Tue, October 29, 2024 | 10:11 am GMT+7
- Opinion
-
Vietnam's economy: positive changes but concerns persist
-
Slow administrative procedures hinder Korean investments in Vietnam: KoCham chair
-
Abundant real estate opportunities surround HCMC
-
Vietnam needs to modify FDI incentives to stay competitive amid global minimum tax application: expert
-
Bonds essential capital source for real estate market
-
Hanoi metro projects a thorn in the flesh