Tourism Industry is a vital component of economic growth for the Social Republic of Vietnam. The tourism sector has been a major factor in job creation, economic development and poverty alleviation in Vietnam, leaving no doubt that tourism has played a crucial role in our country's overall socio-economic development. The sector accounts for nearly 4.3% of Country's GDP and 3.7% of all jobs. Total international arrivals in the first 9 months of 2012 reached 4,853,155, representing a 13.0% growth over the same period last year. International visitors to Vietnam in September, 2012 estimated 460,238 arrivals. China, South Korea, Japan, USA and Taiwan are the top countries visiting Vietnam in the first nine months of 2012, with China accounts for the highest number of 991,954 visitors.
The significant investment in promotional programs, partnerships and cooperation with other nations in the Asia Pacific region not only made a significant impact on Vietnam's inbound arrivals and revenues during early 2012, but has also laid the foundation for continued growth in late 2012, 2013 and beyond. In view of this, European Union (EU) has funded 11 million euro for five-year responsible environment and society tourism (ESRT) development programme set up for ESRT services for the 2011-2015 period. This will support the implementation of the Vietnam Tourism Development Strategy and will financially contribute to implement key tourism development programmes.
Further, the Prime Minister has recently approved the National Target Program for Culture for 2012-2015 period, with VND7.399 trillion set aside to restore and preserve intangible heritages, and develop traditional cultures and arts. Two-thirds of the program's funding, VND5.16 trillion, will be spent on renovating and restoring heritages in four years' time of the program.
Vietnam's tourism industry will continue to promote growth and sustainable development with an average yearly growth of 11.5-12 per cent between 2011 and 2020. Vietnam hopes to receive 10-15 million foreign tourists and 47-48 million domestic tourists by 2020. The industry also expects to obtain a total revenue of about US$18-19 billion, contributing from 6.5 -7 per cent of GDP, creating 3 million jobs including 870,000 workers directly employed by the tourism trade.
Moreover, the industry should focus on improving the quality of services and develop unique tourism experiences to compete with other countries both in the region and throughout the world. Vietnam should promote maritime tourism, heritage tourism, eco-tourism in the future and tourism companies should strengthen links between regions and localities towards the formation of specific regional tourism products to attract visitors. The country has clearly identified tourism as key to its future prosperity, has implemented the appropriate policies and strategies and, as a result it is expected that these initiatives will help transform Vietnam into a leading tourism destination in Asia.
(Source: Insight Alpha)