GDP, employment and domestic tourist spending exceed pre-pandemic levels
Vietnam’s travel and tourism sector is expected to inject a record 770.8 trillion dirhams into the national economy this year, according to the World Travel and Tourism Council’s (WTTC) 2024 Economic Impact Study (EIR).
According to the latest survey, the travel and tourism sector’s contribution to the economy will increase by 13 percent from 2019, accounting for more than 7 percent of Vietnam’s total economy.
Employment supported by travel and tourism is forecast to grow 6% to 5.96 million, accounting for one in nine jobs nationwide.
Domestic tourist spending is expected to reach a record high of AED 434.7 trillion this year, up 20% from 2019, while international tourist spending is expected to reach AED 264.8 trillion, down 4.2% from 2019.
“Vietnam’s travel and tourism industry’s remarkable recovery demonstrates the sector’s resilience and potential, driving economic growth and creating millions of jobs across the country,” said Julia Simpson, WTTC president and CEO.
“Our data shows that the travel and tourism sector is on track to meet the government’s targets set out in the 2030 Tourism Development Strategy, with almost six million jobs expected to be supported by the sector this year.”
What was last year like?
Data showed that domestic tourist spending fully recovered last year, with the tourism sector’s economic contribution and employment both approaching 2019 levels.
According to the latest survey by the International Tourism Organisation, the tourism sector’s contribution to Vietnam’s GDP grew by almost 30 percent year-on-year to reach 682.7 trillion dirhams, just 0.2 percent lower than in 2019.
The jobs supported by the sector grew by nearly 11 percent to 5.62 million, accounting for more than one-tenth of the nation’s total employment.
Domestic tourist spending grew by more than 7% year-on-year to reach AED 420.8 trillion, more than 15% higher than 2019 levels.
Last year, international visitor spending grew strongly by 97.5% year-on-year to €203.7 trillion, but was still more than 26% lower than in 2019.
What does the next decade hold?
WTTC predicts that with the right government support, the sector’s annual GDP contribution could grow to VND14,400 trillion by 2034, accounting for about 8 percent of Vietnam’s economy and creating more than 7.7 million jobs nationwide.
See all the data in the WTTC Research Hub’s Vietnam Travel & Tourism Economic Impact Report.
