Anticipated Record-Breaking Year for Vietnam's Travel and Tourism in 2024

In 2022, Vietnam's Travel & Tourism sector made a significant impact on the country's economy, with its contribution to the GDP growing almost 30% year-on-year to reach an impressive đ682.7 trillion.

Domestic travellers played a crucial role in this growth, with their spending reaching a record đ434.7 trillion, a 20% increase above 2019 levels. International visitor spending also saw a strong rebound, growing by 97.5% year-on-year to reach đ203.7 trillion.

The sector's growth is not limited to 2022. In 2023, it is forecasted to further surge, contributing đ770.8 trillion to Vietnam's economy. However, the exact year of the complete restoration of international travel arrivals is not explicitly stated, although it is implied that Vietnam has already attracted millions of additional visitors this year, signalling a recovery phase likely ongoing around 2023 or later.

Jobs supported by the sector also saw growth in 2022, with numbers increasing almost 11% to reach 5.62 million. This trend is expected to continue, with jobs supported by Travel & Tourism projected to grow by 6% to reach 5.96 million in 2023.

Despite the strong recovery, international visitor spending is expected to remain 4.2% below 2019 levels at đ264.8 trillion in 2023. Domestic visitor spending, on the other hand, continued its upward trend, growing more than 7% year-on-year to reach đ420.8 trillion, more than 15% above 2019 levels.

Looking further into the future, with the right government support, the sector could grow its annual GDP contribution to an astonishing đ1.44 quadrillion by 2034. This promising outlook underscores the importance of continued investment and support for the Travel & Tourism sector in Vietnam.