The number of billionaires from the US and India coming to Vietnam is increasing, not only bringing economic benefits but also raising the issue of improving service quality for the tourism industry.
2024 will see many of the world’s super-rich travel to Vietnam. In March, billionaire Bill Gates and his girlfriend spent four days in Da Nang, playing tennis and staying at a secluded resort on the Son Tra peninsula. In August, the Indian billionaire brought 4,500 employees to Vietnam for a vacation and he himself had experiences with his family in Da Nang.
All Asia Vacation (AAV), a travel organizer for billionaires and millionaires, said that tourism to Vietnam is becoming a trend among the super-rich.
AAV CEO Nguyen Duc Hanh said that among the super-rich (with total assets of over 30 million USD), the company has served about 100 guests to Vietnam, an increase of 12% compared to the previous year and much higher than 2019 - the peak of Vietnamese tourism. The increase in the group of super-rich guests after the pandemic in Vietnam shows that they have a need to seek unique experiences.
"Many destinations in the world are old for super-rich tourists and instability in Europe makes them want to find safe places," said Mr. Hanh, adding that Vietnam also has the advantage of being a new tourist destination, not yet appearing much on the tourist map of this group.
Vietravel, the company that hosted the Indian billionaire’s 4,500 guests, also found Vietnam to be attractive to high-end international guests. Over the past year, the company has welcomed many VIP groups, including billionaires and the super-rich from Southeast Asia, the Middle East, and China, with the number “significantly increasing” compared to previous years.
Ms. Nguyen Nguyet Van Khanh, Director of Vietravel Marketing Department, commented that trips of the super-rich sometimes do not create a widespread effect on international media because many people are secretive and tightly control their personal information and activities.
However, the effects of the trips still spread quietly in the business network and high-level relationships, opening up opportunities to welcome other guests in the industry. In particular, the trip of the Indian billionaire is considered to help Vietnam score points in the Indian business community.
According to Dr. Trinh Le Anh, Head of the Department of Event Management, Faculty of Tourism, University of Social Sciences and Humanities - Vietnam National University, Hanoi, the super-rich coming to travel affirms that Vietnam is competitive enough in the high-end tourism segment, which requires strict standards.
The presence of billionaires is an opportunity for businesses to introduce resort real estate products, yachts, and other high-end services. This also opens up opportunities to attract investment from super-rich customers or related people.
To attract more super-rich guests, Mr. Le Anh said, it is necessary to add more exclusive, isolated resorts in Phu Quoc, Hoi An, Ninh Thuan or Quang Ninh and "one-of-a-kind" experiences such as sightseeing helicopters, private yachts, or tours of cultural and natural heritage with custom-designed services. Products combined with artisans to introduce Vietnamese culture and cuisine in a subtle way are also feasible directions.
According to AAV, Vietnam has about "5 golden years" to turn from a new destination into a favorite stopover for the super-rich. Mr. Hanh emphasized the need to develop sustainable tourism, focus on environmental protection, and avoid overloading, which causes destinations to lose value. Currently, some places in Vietnam are beautiful but too crowded, and many times when you go, you only see "people with people", making it difficult to attract high-end visitors to experience.
Mr. Hanh highly appreciated the model of zoning destinations exclusively for high-end guests in Ha Long. In addition, he revealed that Da Nang is also planning similar plans for some areas.
Along with finding exclusive destinations for high-end guests, Mr. Hanh emphasized the need for infrastructure that meets the needs of "experiencing the best things in the shortest time" for wealthy guests, such as highways, airports, and seaports.
Dieter Buchner, co-founder of Vietnam Detox, which offers healing experiences to international visitors to Vietnam, said the focus should be on experiences that “cannot be found anywhere else.” He said luxury travelers are not only looking for traditional luxury experiences but also “immersing themselves in the local culture.” If they can do that, they are willing to pay a lot of money for private, exclusive experiences with local experts.
Regarding the benefits of attracting super-rich tourists, AAV believes that these tours bring profits to many parties, not just the hosting company. For example, Vietnam can build new regulations on entrance fees and high-end tourists need to pay 100 times more than ordinary tourists. This amount of money will contribute greatly to the local economy.
When this group of visitors comes in large numbers, the demand for high-quality human resources will certainly increase, requiring the tourism industry to improve the quality of training. According to Mr. Hanh, Quang Ninh has recognized this problem early and cooperated to open schools to train human resources for the high-end tourism industry.
"Young and talented human resources promise to develop the entire tourism industry in the future," said Mr. Hanh.
According to Dieter, the luxury tourism segment is lacking skilled personnel capable of providing high-quality, personalized service. Many resort owners in Vietnam prioritize external beauty but ignore the "software", lacking focus on recruiting and developing a quality, long-term workforce.
"We need people who can touch customers' emotions, thereby elevating the vacation from ordinary to special, creating a foundation for the luxury tourism market to develop in Vietnam," Dieter said.
Over the past year, the resort ecosystem of Sun Hospitality Group (SHG) in Phu Quoc and Da Nang has also welcomed many businessmen, billionaires, and international stars to vacation, notably the 7-day wedding of an Indian billionaire family earlier this year.
To affirm Vietnam's position on the high-end resort map, SHG representative said that cooperating with "big guys" in the industry to create high-class projects is important. "This group of customers has high demands for comfort, safety and privacy, so they need a synchronous tourism ecosystem to ensure a complete experience for customers," said SHG representative.
With a penchant for authentic cultural experiences, Dieter believes that wealthy visitors will generate great benefits for local communities. He cites Ban Lac in Hoa Binh as an example of how it has successfully developed community-based tourism, providing livelihoods for local people while preserving culture. This model, when applied to wealthy international visitors, promises to bring similar benefits, or even more.
Dr. Le Anh commented that attracting the super-rich group is a "strategic direction". Tourism products for the high-end group often have a small number of visitors but high value, in line with the trend of sustainable tourism.
However, he said this group of visitors should not be considered the only priority for the tourism industry. Vietnam needs to maintain its strength in the mass market, which is the main source of revenue, while developing the high-end segment to generate additional revenue.
"We need a balanced, non-reliant strategy to avoid risks when the market changes," he said.
Mr. Pham Hai Quynh, Director of the Asian Tourism Development Research Institute, also said that the quality of services for both high-end and popular groups should be improved to upgrade the general standards for the entire tourism industry. Harmoniously combining both groups of customers promises to bring long-term benefits to Vietnam.
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