Top 10 prestigious Travel Companies and Top 5 prestigious Hotels and Resorts in 2024 are built on objective and scientific principles with 3 main criteria: Financial capacity shown in financial statements from 2023 to present; Media reputation is assessed by Media Coding method; Survey of research subjects and stakeholders.

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Source: Vietnam Report, December 2024
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Source: Vietnam Report, December 2024

Tourism industry prospects - hotels, resorts and business strategies

Vietnam's tourism, hotel and resort industry entered 2024 with many positive signals. In the first 10 months of the year, revenue from tourism and travel is estimated at VND50.3 trillion, up 14.2% over the same period in 2023; revenue from accommodation and catering services is estimated at VND602.3 trillion, up 12.5% ​​over the same period last year.

However, the business picture is clearly differentiated. According to a survey by Vietnam Report, although revenue growth is steady, cost pressure is increasing, as shown by the rate of businesses reporting a decrease in profits increasing to 11.1%. This shows that businesses are facing great challenges in controlling costs and maintaining profit margins when operating costs increase due to the need to invest in technology and sustainable development.

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Survey of tourism and hotel and resort businesses, October 2023-2024. Source: Vietnam Report

2025 is expected to be not only a year of recovery but also a time for the entire industry to transform more strongly. Vietnam Report's survey results show that 71.4% of businesses are optimistic about the prospects of the tourism industry. In particular, four main trends have emerged: The shift from simple tours to in-depth exploration journeys, focusing on cultural experiences and direct interactions at the destination; Music tourism; Tourism through the lens of reality TV; and The increasing attraction of Eastern destinations, especially Asia.

According to many experts interviewed by Vietnam Report, factors such as the macroeconomic situation, consumer shifts, the explosion of digitalization, etc. will have a strong impact on the development of the entire industry in the coming time. In particular, in the context of the digital technology boom, social networks and online websites have become the main tools for consumers to search, order services and evaluate quality. In response to this trend, many businesses have promptly changed their marketing strategies, focusing on enhancing brand image and promoting marketing activities on digital platforms.

At the same time, risk management strategies have emerged as one of the long-term priorities, showing that businesses are increasingly aware of the importance of proactively responding to unexpected situations or unpredictable challenges, such as the recent Typhoon Yagi. This is also the key to helping businesses increase their resilience and ability to recover after a crisis.

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Survey of tourism and hotel and resort businesses, October 2024. Source: Vietnam Report

Sustainable Tourism: From Theory to Practice

Today, sustainable tourism is not only a strategic choice but also an urgent requirement in the face of declining natural resources and global social issues.

In Vietnam, the Government has recently continued to show its interest in this issue by issuing Resolution No. 82/NQ-CP dated May 18, 2023. To effectively promote strategies and overcome limitations, it is necessary to establish a specific roadmap, including clear sustainability metrics and detailed action plans, along with policies to encourage the development of sustainable tourism projects, and build awareness-raising and skills training programs for local communities.

On the business side, Vietnam Report's survey recorded the top 6 actions that businesses are ready to take towards their commitment to sustainable development, including: Applying digital signatures to limit paper use (100.0%); Planning risk management processes to respond to natural disasters and epidemics (85.9%); Limiting the use of disposable plastics (85.2%); Researching and developing green tourism products and sustainable tourism (71.7%); Implementing community programs (71.1%); Prioritizing the recruitment of local human resources (42.9%).

Consumers are increasingly interested in sustainable tourism. According to a survey by Vietnam Report in the period 2022-2024, this trend is clearly shown through the increase in the rate of willingness to pay for sustainable tourism services over the years.

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Consumer survey, period 2022-2024. Source: Vietnam Report

In addition, the role of local people cannot be ignored, especially in preserving culture and solving social problems at the destination. According to Vietnam Report, the rate of tourists choosing to buy specialties from local people has increased from 60.0% in 2022 to 87.6% in 2024, the rate of choosing to buy food from local restaurants instead of restaurant chains has also grown steadily from 53.8% to 69.1%.

(Source: Vietnam Report)