Although tourism and hospitality industry revenue continued to grow by double digits, the proportion of businesses reporting a decline in profits also increased.
International tourists bustling on the streets of Ho Chi Minh City - Photo: QUANG DINH
Vietnam Report Joint Stock Company (Vietnam Report) officially announced the Top 10 prestigious Travel Companies and Top 5 prestigious Hotels and Resorts in 2024.
The accompanying report also shows that the tourism industry has seen positive growth but faces challenges in cost control and digital transformation.
According to Vietnam Report, although the revenue of the tourism and hotel industry continues to grow steadily with many positive signals, cost pressure is increasing, the rate of businesses reporting a decrease in profits increased from 7.2% to 11.1%, showing great challenges in controlling operating costs and maintaining profit margins.
After a period of economic turmoil with rising inflation, rising commodity prices and geopolitical crises, consumers have tended to save and focus their spending on essential needs.
Businesses face the need to invest in digital transformation, pressure to transition to a sustainable development model, and escalating operating costs.
In parallel, sustainable development has become a long-term priority, with the proportion of businesses focusing on risk management reaching 57.1%. Notably, the demand for sustainable services from customers is increasing strongly, with the willingness to pay for environmentally friendly services reaching 80.9% by 2024.
In this context, the tourism industry in 2025 is expected to not only recover but also have to make strong changes to meet sustainable development goals.
According to a survey by Vietnam Report, the percentage of consumers willing to increase their spending on tourism has increased significantly, reaching 48.1%, compared to only 27.6% in 2023.
This is an impressive improvement, reflecting the strong recovery trend of the industry and changes in consumer behavior.
The economic environment in 2024 is also positive for the tourism industry.
GDP growth, low unemployment and stable inflation have improved the purchasing power of the middle class, contributing to boosting spending on entertainment and leisure services.
In particular, in the context of global geopolitical instability, Vietnam has emerged as a safe, stable and friendly destination, meeting the safe travel trend of international visitors.
According to the survey, 71.4% of businesses in the industry believe in a positive outlook for 2025, with the goal of welcoming 25-28 million international visitors and 130 million domestic visitors, directly contributing 8-9% of GDP.
At the same time, the industry is expected to create 6.3 million jobs, including 1.2 million direct jobs, towards sustainable development and becoming the world's leading attractive tourist destination.
Consumers prefer online channels
2024 will see a marked shift in consumer behavior as online channels become the first choice. Bookings via travel apps such as Traveloka and Booking.com will increase from 31.4% in 2023 to 71.4% in 2024.
Similarly, bookings through travel agency websites increased from 26.5% to 57.1%. Meanwhile, traditional channels such as agents or direct bookings at tourist destinations decreased significantly.
This shift reflects the effectiveness of businesses’ investments in technology and strategies to improve the online experience. At the same time, attractive promotions and the ability to compare prices on digital platforms have changed the way customers access travel services.
Facing the trend of digital transformation, 85.7% of businesses in the tourism - hotel and resort industry prioritize the strategy of increasing their presence on social networks and online platforms to improve brand recognition.
"Vietnam's tourism industry is facing a difficult problem: how to balance long-term investment needs and current cost pressures. In the context of increasingly fierce competition, digital transformation and sustainable development are not only options but have become vital factors," experts stated in the report.
Source: https://tuoitre.vn/du-lich-2024-tang-truong-nhung-nhieu-doanh-nghiep-bao-loi-nhuan-sut-giam-20241207090236301.htm
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