World Travel & Tourism Council Report Shows Vietnam’s Travel & Tourism Sector Boosting Economy with 13% Growth Beyond 2019 Levels – Travel And Tour World

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The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) has unveiled that Vietnam’s Travel & Tourism sector is poised to contribute a record đ770.8TN to the national economy this year.

The latest research indicates that the sector’s economic contribution will surge 13% beyond 2019 levels, making up over 7% of Vietnam’s overall economy.

Employment supported by Travel & Tourism is anticipated to grow 6%, reaching 5.96 million jobs, which will account for one in nine jobs nationwide.

While domestic travelers are projected to spend a record đ434.7TN this year, 20% above 2019, international visitor spending is expected to remain 4.2% below 2019, totaling đ264.8TN.

Julia Simpson, WTTC President & CEO, said; “Vietnam’s impressive Travel & Tourism recovery showcases the sector’s resilience and potential, driving economic growth and creating millions of jobs across the country. 

“Our data shows the Travel & Tourism sector is on track to meet the government’s goals set out in the 2030 Tourism Development Strategy, with almost 6MN jobs expected to be supported by the sector this year.”

What Does Last Year Reveal?

Data indicates that domestic visitor spending fully recovered last year, with the sector’s economic contribution and jobs nearly reaching 2019 levels.

The global tourism body’s latest research shows that Vietnam’s tourism sector contributed đ682.7TN to GDP, a year-on-year growth of almost 30%, just 0.2% shy of 2019.

Jobs supported by the sector increased by nearly 11%, totaling 5.62MN, which accounts for over one in ten jobs nationwide.

Domestic visitor spending rose by more than 7% year-on-year, reaching đ420.8TN, surpassing 2019 levels by over 15%.

International visitor spending surged by 97.5% year-on-year to đ203.7TN, although it remained more than 26% below 2019 figures.

What Does the Next Decade Hold?

With proper government support, WTTC forecasts that by 2034, the sector could boost its annual GDP contribution to đ1.44 quadrillion, representing almost 8% of Vietnam’s economy, and potentially employ over 7.7MN people across the country.