Recovery halfway from a sharp decline in Vietnamese tourists

25 Dec

By: B&Company Vietnam

Industry Reviews

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Vietnam’s tourism sector has been a dynamic and growing industry, making a significant contribution to the GDP. 2021 is the lowest year since 1995, the tourism industry’s GDP contribution rate to tourism in 2021 will only reach 1.97% (it reached 9.2% in 2019 and 3.58% in 2020). The past few years have seen numerous fluctuations and transformative events that affected the industry. The main influencing factors include COVID-19 pandemic, Russia-Ukraine tensions, and Government policies.

The decrease in the number of international visitors leads to a sharp decline in revenue. Revenue from Vietnam’s tourism industry will be at its lowest point in 2021, which has now been improved but not significantly. The Covid-19 pandemic is most significant disruption to Vietnam’s tourism market. In 2019, Vietnam’s tourism industry was still growing, but it declined sharply in 2020 and 2021. After the impact of the pandemic, the tourism industry has been recovering, with the number of international visitors to Vietnam in 2022 being 23.3 times higher than in 2021. However, despite this significant increase, the number of arrivals remains 79.7% lower compared to 2019, the year before the COVID-19 outbreak occurred. Vietnam is one of the first countries in Southeast Asia to reopen after the Covid-19 pandemic, but the rate of tourism recovery is lagging behind countries in the region such as Thailand, Singapore, and Malaysia…

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