After a record-high growth rate in January, Vietnam’s tourism industry has fallen into a crisis caused by Covid-19. The Vietnam National Administraiton of Tourism (VNAT) estimates that the number of foreign travelers to Vietnam has been 3.7 million this year, a sharp fall of 80 percent compared with 2019. The number of domestic travelers is predicted to decrease by 50 percent despite a lot of sale promotion programs. However, Covid-19 offers an opportunity to reconsider the tourism market structure. Vietnam relies heavily on the northeastern market (China, Japan, South Korea and Taiwan) which brought 67 percent of total foreign travelers in 2019. In 2015-2019, Chinese and South Korean travelers to Vietnam increased by 34-40 percent. The two markets alone brought 10 million last year out of total 18 million foreign travelers. Meanwhile, travelers with high spending levels accounted for a small proportion. Travelers from European countries accounted for 12 percent, from the US 5.4 percent, and Oceania 2.4 percent. The heavy reliance on certain markets leads to huge losses when troubles like Covid-19 occur. In some localities, the increase in number of Chinese travelers is inversely proportional to the growth of European and Japanese travelers. The sharp increase caused overloading… Read full this story
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