In 2018, the number of international and domestic tourists was still healthy. The growth looks set to slow down a little bit but does not look set to stop. However, Vietnam is still stuck in cashing in on a high tourist numbers although tourism industry, besides manufacturing industry, is prioritized, according to Viet Dragon Securities Company (VDSC).
Meanwhile, the number of US tourists rose by 11.4% year-on-year, well above that of 2017 at 10.9%. That of visitors coming from EU slipped. In addition, Vietnamese are also willing to pay for tourism as the number of domestic tourists reached an all-time high of 73.2 million in 2017. Better economic conditions and an easing of visa requirement for many Asian and Western countries gave a hand.
Nevertheless, the average spending of tourists in Vietnam is relatively lower than other regional countries. According to Lindquist, a member of ‘Visit Britain’, foreign tourists spent US$96 per day on average in Vietnam in 2017. That is significantly below Singapore (US$ 325), Thailand (US$ 163), Malaysia (US$ 134), Indonesia (US$132) and the Philippines (US$115).
Looking at the spending structure of tourists, there is a lack of ideal destinations for entertainment and high-end services. Both international and domestic tourists spend nearly half of budget on accommodation and transport while expenditures on shopping services and sightseeing are negligible. Out-of-date traffic infrastructure and entertainment spaces are also unsupportive to encourage people to spend more money, stated VDSC.
Based on the developing experience of other highly visited countries, Vietnam is at the beginning of the second generation in which upgraded infrastructure, planned mega-resorts, modern airports and others are projects on the table. Overall, there are opportunities for private corporations.
