Record-Breaking Tourism Projections for Vietnam in 2024

Vietnam's Travel & Tourism sector is on the path to recovery, with forecasts indicating a significant surge in 2023. According to recent data, the sector's contribution to the country's economy is expected to reach đ770.8 trillion in 2023, a 13% increase compared to 2019 levels.

The sector's growth in 2022 was also impressive, with its contribution to Vietnam's GDP growing almost 30% year-on-year to reach đ682.7 trillion. Despite this growth, it was still 0.2% below 2019 levels.

The sector's growth is not just limited to the economy. Jobs supported by Travel & Tourism are projected to grow 6% to reach 5.96 million in 2023. This growth is significant, as the sector currently represents more than one in 10 jobs across the country. In 2022, jobs supported by the sector grew almost 11% to reach 5.62 million.

Domestic visitor spending in 2022 grew more than 7% year-on-year to reach đ420.8 trillion, more than 15% above 2019 levels. This trend is expected to continue in 2023, with domestic travellers expected to spend a record đ434.7 trillion, a 20% increase compared to 2019 levels.

International visitor spending, however, is not expected to reach pre-pandemic levels in 2023. International visitor spending is expected to reach đ264.8 trillion in 2023, 4.2% below 2019 levels. In 2022, international visitor spending saw a strong 97.5% year-on-year growth, reaching đ203.7 trillion, but still more than 26% below 2019 levels.

Looking ahead, with the right government support, the Travel & Tourism sector could grow its annual GDP contribution to đ1.44 quadrillion by 2034, representing almost 8% of Vietnam's economy. The sector could potentially employ more than 7.7 million people across the country.

These promising figures are backed by the latest WTTC research, which shows that the GDP contribution of the tourism sector in Vietnam in 2021 was approximately 5.8%. This demonstrates the sector's significant role in Vietnam's economy and its potential for further growth.