Vietnam’s travel and tourism market is projected to grow from US$17.90 billion in 2024 to US$42.01 billion by 2030, achieving a compound annual growth rate (CAGR) of 15.34 percent, according to a report from Research and Markets. This expansion is driven by strong economic growth, government policy support, increased competition among market players, and aggressive marketing strategies, according to the report.
Of note, Research and Markets says the Vietnamese government has implemented several initiatives to boost tourism, including extending visa exemptions and reinstating three-month tourist visas. These policies are expected to attract a higher number of international visitors. Additionally, the government is focusing on digital transformation in tourism marketing, making Vietnam’s destinations more accessible and appealing to global travelers. The release of Resolution No. 82/NQ-CP in 2023 and the National Assembly’s visa reforms further demonstrate Vietnam’s commitment to revitalizing its tourism industry.
It also notes that despite its rapid growth, Vietnam’s tourism sector faces sustainability challenges. Environmental concerns such as habitat destruction, water pollution, and strain on local resources pose long-term risks. Additionally, tourism growth has social implications, affecting local communities and the quality of visitor experiences.
See also: Tourism Industry in Vietnam