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Vietnam’s Travel & Tourism Industry: Top 10 Companies

Thursday 12, 12 2019
These are also the top 3 businesses in the Top 10 inbound and outbound travel company rankings.
Vietnam’s Travel & Tourism Industry: Top 10 Companies

Topping the list is Vietnam Travel and Marketing Transport Joint-stock Company (Vietravel). Following are Saigon Tourism Corporation and Ben Thanh Tourist Service Joint Stock Company.

These are also the top 3 businesses in the Top 10 inbound and outbound travel company rankings.

Companies are assessed and ranked based on the criteria including Financial Capacity shown in the latest financial statements; Media reputation; Survey on tourists and industry experts; survey on the size of capital, market, labor, revenue growth rate, profit and operation plan in 2020 of each company conducted in November 2019.

Vietnam’s top 10 travel & tourism companies in 2019

  1. Vietnam Travel and Marketing Transport Joint-stock Company (Vietravel)

  2. Saigontourist Holding Company

  3. Ben Thanh Tourist Service Joint Stock Company.

  4. Exotissimo Travel Vietnam Joint Stock Company

  5. Anex Viet Nam Travel and Trading Company Limited

  6. Hanoitourist Corporation

  7. TransViet Travel

  8. Viet Media Joint Stock Company

  9. Buffalo Tours One Member Vietnam Company Limited

  10. TST Tourist Service & Trading Corporation)

Vietnam’s top 10 travel & tourism companies in 2019

According to data from the General Statistics Office, in November 2019, the number of international visitors to Vietnam reached over 1.8 million, which is the highest ever. In particular, many Vietnamese travel businesses have built up a strong brand of tourism, capable of competing and reaching out to the world market.

The market share of international visitors from the region and the world to Vietnam has improved significantly. Asian market still holds the highest market share with 77.6% of the total number of visitors; visitors from Europe account for 14.1%; American tourists account for 6.1% and Australians account for 2.6% (up 0.5%). The number of tourists from Thailand has the highest growth rate of 45.4%; Taiwan (China) 27%; Indonesia 22%; South Korea 21%; Philippines 20%.

In 2018, total tourism revenue reached VND 620,000 billion (accounting for 8% of GDP). As of the first 11 months of 2019, the total revenue from tourists has reached VND 649,000 billion, up 16.3% over the same period in 2018.

So far, the position of Vietnam Tourism has been significantly improved on the world tourism map. Vietnam is becoming an attractive destination, attracting a strong flow of tourists and is one of the 10 countries with the highest international tourist growth.

According to the evaluation of tourism industry experts, in 2020, this industry will see a growth of over 10%. However, in the period of 2019-2020, tourism growth in Vietnam will gradually slow down due to the number of tourists moving closer to the ceiling level, equivalent to the quality of Vietnam's tourism infrastructure.

Experts have recommended five key solutions for the development of Vietnam's tourism industry in the coming time, focusing on institutional improvement, preferential policies to support the tourism industry, especially long-term visa exemption policies for key markets.

Besides, infrastructure which connects tourist destinations should be invested for development. Training and improving the quality of tourism human resources, expanding the market, enhancing the promotion of tourism practically and effectively are also critical.

In addition, it is necessary to promote the management of the quality of tourism services, raising the awareness of the community on the responsibility to protect the tourism environment.

Trends of the travel & tourism industry

Asia is the destination of choice of Vietnamese people

For Vietnamese tourists, Asia is still the most attractive destination due to short geographical distance, free visa, cultural similarities, and direct flights from Vietnam. The number of low-cost airlines that have been put into operation has helped this area become more and more popular among Vietnamese on foreign trips.

According to the survey results, regarding those who have traveled abroad, 98.05% of the respondents selected Asia as their destination, followed by Europe (24.68%), Australia (12.99%), the Americas (11.04%) and Africa (3.25%).

Trends of the travel & tourism industry

Application of technology in tourism and self-guided tourism will dominate

There are 78.67% of the survey respondents said that they searched for tours from a travel agency through social networks such as Facebook, Instagram ..., 64.89% through travel websites, 64.44% asked their acquaintances and friends, 32.44% referred to videos and articles of Travel blogger. Traditional forms like radio / television and newspapers / magazines / books accounted for a low proportion. Businesses need to take advantage of this trend to have an appropriate business plan, reducing costs.

Many young travelers plan their own trips, and prepare everything for the trip themselves. According to the survey, 60.94% of the respondents chose self-guided tourism, packaged tour ranked second with 57.81%, while partial purchase of tour services only accounted for a low rate of 9.38%.

Homestay is becoming more popular

Along with the development of technology, there are more and more accommodation options. Besides resort hotel (accounting for 77.43%), homestay is increasingly popular (56.19%), because this form of accommodation holds many advantages including cheap cost, convenience, creative and comfortable space.

Green tourism

According to experts in the tourism industry, the luxury tourism segment will still develop. Tourism based on conservation, development of natural resources and national identity will become the top priority and attention. Ecotourism and green tourism will increasingly develop as global citizens' awareness of environmental protection is increasingly progressive.

​Keep Reading: TOP 10 DOMESTIC TRAVEL AGENCIES IN VIETNAM IN 2018

Vietnam Report - Translated by VietnamCredit

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