Having overcome the challenging period of the COVID-19 pandemic, Vietnam's tourism industry is showing signs of recovery right from the beginning of the year. The number of domestic tourists has increased significantly, while international tourists are returning to Vietnam in increasing numbers. This is not only an optimistic signal but also shows that the tourism industry is gradually recovering and developing strongly, contributing to the overall economic growth of the country.
Prosperity and Recovery
The year 2022 marked an important step forward in Vietnam's tourism sector when the Government decided to reopen tourism activities in March 2023. According to data from the General Statistics Office, in 2022, international tourists to Vietnam reached 3.6 million people, 23.3 times more than the previous year.
The number of domestic tourists reached 101 million, an increase of more than half the target set for 2022, which was 60 million visitors, and far exceeded the number of 85 million domestic tourists in 2019 before the COVID-19 pandemic occurred. Total revenue from tourism is estimated to reach VND 495 trillion, exceeding 23% of the 2022 plan and reaching 66% compared to 2019.
Along with the development of tourism, more and more travel businesses are being established, acting as intermediaries between customers and tourist destinations. To date, there are more than 3423 international travel businesses (as of June 2023). There are currently 1060 domestic travel businesses licensed by localities (as of June 2022).
Travel companies are on the road to recovery and are growing strong again. The vibrant tourism market recently has shown positive signs in the travel and tourism industry, including some prominent travel companies in Vietnam today such as Vietravel, Saigontourist, Ben Thanh Tourist, and Hanoitourist,...
Vietravel
As one of the prestigious travel companies in Vietnam, Vietravel was established on December 20, 1995. On January 1, 2014, the brand took the name Tourism and Transportation Marketing Joint Stock Company. In addition to the headquarters located in Ho Chi Minh City, Vietravel's branches are distributed throughout the provinces and cities in the country.
Not only doing business in the field of tourism, Vietravel also entered the OTA (Online Travel Agent) market by investing in the TripU startup project and establishing the travel airline Vietravel Airlines.
After more than 20 years of establishment and development, Vietravel is increasingly proving its position by aiming to become one of the top 10 travel groups in Asia. At the same time, it is a reputable name that customers can rest assured of choosing.
Vietravel's revenue and profit after tax recorded a continuously changing trend in the period 2020 - 2022. Specifically, in 2020, the company's revenue reached VND 1500 billion. This number decreased by 40% in 2021 and then increased sharply by 319% in 2022, peaking at VND 3,800 billion. Regarding profit after tax, in 2020, profit after tax recorded a negative nearly VND 100 billion. Its profits grew by 250% in 2021. After that, profit in 2022 achieved a positive level again, reaching more than VND 100 billion.
Saigontourist
Established and in operation since 1975, Saigontourist is considered one of the leading enterprises in the field of tourism due to its positive contributions to the development of the country's tourism industry with many service models, including accommodation, restaurants, entertainment, trade, import and export, tourism & hotel training, food production & processing,...
During nearly 50 years of development, Saigontourist has diversified its business fields and currently manages 8 travel service companies, 54 hotels, 13 tourist resorts, and 28 restaurants with full amenities and operations in major cities across the country.
Saigontourist's revenue reached more than VND 1300 billion in 2020. Its revenue declined by 74% in 2021 and went up sharply by 670% in 2022, standing at more than VND 2600 billion. Regarding profit after tax, in 2020, negative profit was recorded at nearly VND 90 billion. This number dropped to negative VND 40 billion in 2021 and then turned positive in profit in 2022, achieving a profit of more than VND 100 billion.
Ben Thanh Tourist
Ben Thanh Tourist Company was established in December 1989, and the business is known in the market as the leading international travel company in Vietnam. After over 30 years of operation in Vietnam, the company has welcomed thousands of domestic and international tourists every year.
In addition to the experiential tourism business, Ben Thanh Tourist wants to expand its business ecosystem into areas including event organization, tourist transportation, restaurants - hotels, offices for rent,...
In 2022, the company's revenue reached nearly VND 800 billion. Its revenue was up 151% compared to 2021 and up 120% compared to 2020. Ben Thanh Tourist's after-tax profit also rose sharply in 2022. Particularly, the brand's profit in 2020 and 2021 decreased, with a negative impact of VND 25-35 billion. This number increased sharply and peaked at a positive profit of nearly VND 20 billion by 2022.
Hanoitourist
Hanoitourist Travel Company is a unit under Hanoi Tourism Corporation, established on March 25, 1963. After more than 50 years of construction and development, from a Tourism Company, it has now become a strong Corporation with 38 member companies, joint venture companies with foreign and domestic partners, shares, and dependent units, with more than 4000 employees participating in multi-industry production and business activities, including international travel business, hotels, restaurants, transportation, labor export,...
In 2020, Hanoitourist's revenue reached more than VND 170 billion. Its revenue went down by 26% compared to 2021 and rose by 151% in 2022, peaking at more than VND 320 billion. Regarding profit after tax, Hanoitourist is a rare brand that achieved positive profits in both 2020 and 2021 because the brand does not only operate in the tourism segment. The brand's 2020 profit recorded nearly VND 180 billion. This number fell by VND 60 billion in 2021 and grew slightly by 6.5% in 2022, achieving a profit after tax of nearly VND 125 billion.
TST Tourism
Established in 1995, after more than 20 years of establishment and development, TST Tourist always holds the position of a Top 10 leading travel business in Vietnam. TST Tourist operates mainly in three main areas: transportation, tours, and services.
With the criteria of taking quality and customer satisfaction as a measure of brand reputation, the company always focuses on perfecting the system for evaluating and monitoring product and service quality before introducing new tourism programs to the market. The brand's products are also very diverse to serve the domestic and international tourist market, helping them experience the special cultural and historical beauty of Vietnam.
In 2022, TST Tourist brand revenue is recorded to reach nearly VND 170 billion, an increase of 440% compared to 2021 and a rise of 97% compared to 2020. The brand's profit after tax also records a continuously changing trend. Specifically, in 2020, the brand's after-tax profit reached more than VND 140 million. This number decreased to negative VND 74 million in 2021. Then, it climbed to a positive profit in 2022, peaking at nearly VND 800 million.
FIDITOUR Travel
FIDITOUR Travel Joint Stock Company was established in 1989 with the initial business of organizing travel programs for foreign tourists visiting Vietnam. After many years of business, the company has expanded into many fields such as domestic and foreign package tours, Free & Easy tours, airline services, hotels, visas, and training in tourism majors.
During 30 years of establishment and development, Fiditour Joint Stock Company has always been among the Top 10 leading travel agencies in Vietnam, always taking care in each service process to ensure service quality and maintain commitment to customers.
Fiditour's revenue stood at nearly VND 250 billion in 2022. This number was an increase of 200% compared to 2021 and a growth of more than 37% compared to 2020. The brand's profit after tax recorded a positive profit in 2022. In Particular, profits in 2020 and 2021 fluctuated negatively by VND 4-5 billion. Its profit went up to a positive profit in 2022, reaching more than VND 500 million.
TransViet Travel
TransViet Travel is a member of the TransViet group established in December 1996. In 1998, Transviet was born to meet customer needs for unique, attractive tour products and competitive prices.
During more than 15 years of operation, the business has continuously grown and established relationships with many partners in over 20 countries and territories. Along with that, they served hundreds of thousands of domestic and foreign tourists, participating in many major campaigns aimed at promoting Vietnam's image and introducing tourism products and services to domestic and foreign tourists.
The brand's revenue and profit after tax recorded continuous changes over three years. In 2020, TransViet's revenue reached more than VND 280 billion. This figure increased by 60% in 2021 and rose by 336.6% in 2022, reaching more than VND 500 billion. Regarding profit after tax, the brand had a negative profit for three years. Specifically, in 2020, TransViet recorded a loss of VND 2.6 billion. Its profit declined by 90% in 2021, then the loss climbed again to more than VND 2.6 billion in 2022.
Dat Viet Tour
In April 2001, Dat Viet Tour was officially established with the name Dat Viet Tourism Company Limited. The company operates in the field of travel business with a variety of services including domestic and foreign travel, event organization, team building, air tickets, visas, passports,...
After more than 20 years of service, Dat Viet Tour has established a nationwide branch system with a total number of nearly 200 official employees and 400 collaborators. At the same time, the brand is also a trusted companion of many large corporations and companies nationwide such as Mobile World Group (MWG), Asti Group, Viettel, Vingroup, VNPT, Vinasoy, Lien A, Tan A Dai Thanh, Intel, Sacombank, REP, Toshiba, Dai Dung, MB Bank, Golden Gate, Namilux, Samsung, Nuty Cosmetics,...
Dat Viet Tour's revenue in the period from 2020 to 2022 recorded continuous changes. In 2022, revenue achieved more than VND 210 billion, an increase of 601% compared to 2021 and a growth of 27% compared to 2020. Dat Viet Tour's profit recorded an increasing trend in 2022. Specifically, the company had a negative VND 7.5 billion in 2020. This figure went down slightly by 56% in 2021, then recorded a positive profit of nearly VND 150 million in 2022.
VTTCTravel
VTTCTravel is the brand of VINACOMIN Tourism and Trade Joint Stock Company (VTTC), formerly Vietnam Coal Tourism Company, established in 1996. After the Government established the Coal and Mineral Industry Group in 2004, including Vietnam Coal Group and Vietnam Mineral Corporation (now abbreviated to VINACOMIN), the company name was changed to VINACOMIN Tourism and Trade Joint Stock Company (VTTC).
After 15 years, along with VINACOMIN's changes, the group has expanded its business to many industries, including domestic and foreign travel services and a number of other industries such as hotels, catering, and apartments for rent, travel transportation, travel services, transporting passengers by car, immigration, and student services studying abroad,...
In 2022, VTTC Travel brand revenue stood at nearly VND 1,400 billion, an increase of 31% compared to 2021 and a rise of 12.2% compared to 2020. The brand's profit after tax also records a continuously changing trend. Particularly, in 2020, the brand's after-tax profit peaked at more than VND 6 billion. This number climbed slightly by 2% in 2021. Then, it fell by more than 20% in 2022, recording nearly VND 5 billion.
Vietnam Booking
Licensed to operate in April 2009, after more than 10 years of establishment and development, Vietnam Booking Joint Stock Company is now an address providing a full range of quality services, from booking cheap airline tickets, tours, hotel bookings, visa packages,...
With a large partner network including 2,000 hotels in Vietnam, 30,000 international hotels, and combined with many domestic and international airline brands, Vietnam Booking always gives customers the journey they want.
Vietnam Booking revenue recorded a three-year growth trend. Specifically, in 2020, the brand's revenue only reached VND 55 billion. Brand revenue increased by 26% in 2021 and grew by 78% in 2022, peaking at nearly VND 125 billion. Regarding profit after tax, in 2020 and 2021, the brand had negative profits. The loss trend tends to decrease gradually from negative more than 1.5 billion VND to negative more than 550 million VND. By 2022, the brand recorded a slight growth trend, bringing profits to a positive level of nearly VND 5 million.
In 2023, Vietnam's tourism industry has set a higher target of 110 million tourists, including 8 million international tourists and 102 million domestic tourists, expected to earn about VND 650 trillion. Although there are great expectations for this number, Vietnam's tourism industry is facing significant challenges. The passive world economic situation caused by the Russia-Ukraine conflict has caused restrictions on tourist spending.
In addition, Vietnam and travel companies also need to make efforts to improve service quality and create attractive experiences for tourists. Travel brands need to strengthen the connection between customers and travel services to promote, explore, and develop more diverse tourism. At the same time, during this period, tourism also needs to focus on professionalism, modernity, and following international standards, but must also be innovative, creative, and closely linked to the digital transformation process.
Source: Vietdata’s 2022 Vietnamese Travel and Tourism Market Report