VietNamNet Bridge – Vietnam’s government-backed tourism industry is seeking $94.2 billion investment capital - 90 per cent from private entities - over the next 17 years.

This will help tourism become a “spearhead” economic sector by 2020 under a government’s tourism development strategy approved last week.

Under the tourism development masterplan until 2020 with a vision toward 2030, the tourism industry will need up to $94.2 billion in investment capital by 2030, of which 8-10 per cent capital would come from the state budget including official development assistance (ODA) and 90-92 per cent capital from private sources including foreign direct investment.

The funds would be applied to a master scheme of developing seven tourism regions, 46 national tourism areas, 41 national tourism sites, 12 tourism centres and other tourism areas, which will generate a growth momentum for the industry

The decision aims for tourism to become a spearhead economic sector by 2020 with synchronous and modern material and technical facilities, high-quality and diversified tourism products, which are able to compete with those provided by regional and international peers.

Vietnam’s tourism industry aims to attract around 10.5 million international visitors by 2020, representing an annual growth of 7 per cent, and 47.5 million domestic visitors, an annual growth of 5.1 per cent.

Plans envision the industry generating total revenue of $18.5 billion by 2020, representing 7 per cent in total gross domestic product (GDP).

By 2030, Vietnam would attract around 18 million international visitors, an annual growth of 5.2 per cent and 71 million domestic visitors, an annual growth of 4.1 per cent per year, which would combine to generate total revenue $35.2 billion, or 7.5 per cent in GDP.

To fulfill the goals, there are new preferential policies and mechanisms on investment capital mobilisation, promotion programs, scientific and technological applications, environmental protection and climate change response.

According to General Statistic Office, international visitors to Vietnam reached 6.65 million, up 9.5 per cent year-on-year with travellers from key markets including China, Australia, Korea and Japan.

Source: VIR