Vietnam Online Travel Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 10.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Vietnam Online Travel Market Analysis
The Vietnam Online Travel Market is currently valued at USD 9.2 Billion and is expected to register a CAGR greater than 10% during the forecasted period.
The COVID-19 pandemic severely impacted the Vietnam economy, hitting tourism particularly hard, and the sector needed to accelerate digital transformation to manage the business and reach customers. Vietnam's travel sector relied heavily on international travel, which plunged in the year 2020. International flights dropped 80 percent in October 2020 from the same period a year earlier in Vietnam. The demand for domestic travel in Vietnam is expected to grow. It will likely recover relatively fast because of growing domestic spending by vacationers who could not travel abroad and who have redirected their money locally at a higher level than in 2019.
Vietnam is a Southeast Asian country known for its beaches, rivers, Buddhist pagodas, and bustling cities. Tourism contributes a significant share of Vietnam's GDP, and the economy has relied on domestic travel to buoy the sector. Vietnam's Online Travel industry is a flourishing sector. An increasing staycation, beach visits, fairs, and exhibitions are expected to contribute to inflows of international tourists and domestic tourist movement. The Government's initiative of taking fast steps towards online travel promotion tells about the growth in Vietnam travel in 2019; the blooming of online travel helps the participants have an overview of the online travel market in Vietnam, tourism development trends, and the conversion of customers' choices from traditional tourism to digital tourism. Also, VECOM addressed that the demand of tourists determines the supply of product services and ways to catch up with the psychology of tourists and optimize the cost for the business. It is needed because tourists desire explorations and experiences wherever they go, not just food and drinks. Therefore, to meet customer needs, it is necessary to optimize to diversify service utilities and increase the experience of tourists even when they have not arrived.
The rise in the travel and tourism industry and changing patterns in the standard of living have led to progressive growth in online travel market trends. One area of potential growth in demand for Vietnam Online Travel is working holidays. Further divided into Nature-based holidays with cultural elements, adventure or wellness have high growth potential. Consumers' desire to go outdoors remains strong, and the Vietnam countryside is estimated to enjoy the benefit in the forecast period. Nature-based holidays with cultural elements, adventure, or wellness have high growth potential.
Vietnam Online Travel Market Trends
Vietnam Online Travel Ranks One of Five Top Countries in Asian-Pacific Region
Vietnam's online travel ranks one of the top five countries in the Asia-Pacific region, which are ranked in the list, and its growth rate is after Indonesia, Thailand, and Singapore. According to VITA's statistics conducted in the previous year, within five years, the number of people seeking Vietnam's tourism information on the internet has risen around 32 times, including more than 8 million and 5 million searching the information of domestic and foreign tours in Vietnamese in peak and off-peak season respectively. However, local tourism companies are weaker than their foreign-invested peers. Statistically, internationally well-known Agoda and Booking account for 80 percent of the accommodation market share in the country.
International Tourism in Vietnam
Vietnam has become an increasingly popular destination for international tourism in recent years. The country offers a unique blend of natural beauty, cultural heritage, and warm hospitality, making it an attractive choice for travelers from around the world. The city has experienced significant growth in international tourism over the past decade. The number of international arrivals has been steadily increasing, with record-breaking numbers in recent years. The country offers a wide range of destinations that cater to different interests. Some of the most popular tourist destinations in Vietnam include Hanoi (the capital city), Ho Chi Minh City (formerly known as Saigon), Ha Long Bay (a UNESCO World Heritage Site), Hoi An Ancient Town, Nha Trang (known for its beaches), and Da Nang (home to the famous Golden Bridge).
Vietnam has a rich cultural heritage that dates back thousands of years. Visitors can immerse themselves in the country's history by exploring ancient temples, pagodas, and imperial citadels. The traditional Vietnamese cuisine, art, and handicrafts also add to the cultural experience. Compared to some other Southeast Asian countries, the city offers relatively affordable travel options. Accommodation, food, and transportation are often budget-friendly, making it an attractive destination for budget-conscious travelers. Vietnamese people are known for their warm hospitality and friendly nature. Travelers often appreciate the welcoming and helpful attitude of the locals, which adds to their overall experience. Vietnam has made efforts to improve its infrastructure, including expanding and upgrading airports, highways, and public transportation systems. Several international airlines operate direct flights to major cities in Vietnam, enhancing accessibility for tourists.
Vietnam Online Travel Industry Overview
The Vietnam Online Travel Market is very competitive and highly fragmented across the different regions of Vietnam, offering a huge number of competitive players dominating the market, nowadays grabbing the market more powerfully by mergers and acquisitions and traditional Online Travel across the southern part of Asia has made the Vietnam Online Travel Market very competitive and strong in comparison with travel to Thailand, Singapore, and other neighbor countries. International chains and their brands, such as Makemytrip and Trivago from other countries for traveling in Vietnam, are widely famous and leading the market. Vietnam-originated groups are promoting very weak Online Travel. Still, some Online Travel groups working in Vietnam, such as Agoda and Bookings.com, have been focusing on comparing holiday deals from most Vietnam holiday providers by filtering down the destination type, travel deals with attractive discounts and packages including Spas, breakfast, etc., first time booking offer, offering an abundance of tourism spots at one glance and many more. Some of the major players in the market are Tugo, Expedia, Bookings.com, Agoda, and Skyscanner.
Vietnam Online Travel Market Leaders
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Tugo
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Expedia
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Bookings.com
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Agoda
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SkyScanner
*Disclaimer: Major Players sorted in no particular order
Vietnam Online Travel Market News
- November 2022: Booking Holdings, Inc. announced the expansion of the Travel Sustainable Program to relevant brands across the Booking Holdings family.
- April 2022: Expedia Group and Qtech Software, a travel technology software provider, announced an expanded collaboration to deliver access to Expedia Group's travel supply to travel businesses globally through Qtech's flagship technology platform, OTRAMS GO. As a result of this collaboration, travel businesses of all sizes now have greater accessibility to premium hotel content and technology via the OTRAMS GO platform, helping generate higher revenue, grow their businesses, and improve efficiency in the travel ecosystem.
Vietnam Online Travel Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definitions
- 1.2 Scope of Study
2. RESEARCH METHODOLOGY
3. EXCEUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Increasing Internet Penetration
- 4.2.2 Government Initiatives and Infrastructure Development
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4.3 Market Restraints/ Challenges
- 4.3.1 Language and Cultural Barriers
- 4.3.2 Competition from Offline Travel Agencies
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Buyers/ Consumers
- 4.4.2 Bargaining Power of Suppliers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
- 4.5 Insights on Consumer Buying Behavior in Vietnam Online Travel Market
- 4.6 Insights on Governmental Regulations in Vietnam Online Travel Market
- 4.7 Insights on Technological Disruption in Vietnam Online Travel Market
- 4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Booking Type
- 5.1.1 Air ticketing
- 5.1.2 Hotels and Packages
- 5.1.3 Bus Ticketing
- 5.1.4 Railway Ticketing
- 5.1.5 Other Booking Types
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5.2 By Platform
- 5.2.1 Desktop
- 5.2.2 Mobile
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 Booking.com
- 6.2.2 Agoda
- 6.2.3 Traceloka
- 6.2.4 Trivago
- 6.2.5 TripAdvisor
- 6.2.6 Skyscanner
- 6.2.7 Expedia
- 6.2.8 Tugo*
- *List Not Exhaustive
7. FUTURE OF THE MARKET
8. DISCLAIMER
9. ABOUT US
Vietnam Online Travel Industry Segmentation
Vietnam Online Travel is one of the most widely demanded as people prefer tourism and naturally embrace economic trips. A complete background analysis of the Vietnam Online Travel Market, which includes an assessment of the economy, a market overview, market size estimation for key segments, emerging trends in the market, market dynamics, and key company profiles, are covered in the report. The Vietnam Online Travel Market is segmented by Booking Type (Air Ticketing, Hotels and Packages, Bus Ticketing, Rail Ticketing, and Other Booking Types) and platform (Desktop and Mobile). The report offers Market size and forecasts for the Vietnam Online Travel Market in revenue value (USD) for all the above segments.
| By Booking Type | Air ticketing |
| Hotels and Packages | |
| Bus Ticketing | |
| Railway Ticketing | |
| Other Booking Types | |
| By Platform | Desktop |
| Mobile |
Vietnam Online Travel Market Research FAQs
What is the current Vietnam Online Travel Market size?
The Vietnam Online Travel Market is projected to register a CAGR of greater than 10% during the forecast period (2024-2029)
Who are the key players in Vietnam Online Travel Market?
Tugo, Expedia, Bookings.com, Agoda and SkyScanner are the major companies operating in the Vietnam Online Travel Market.
What years does this Vietnam Online Travel Market cover?
The report covers the Vietnam Online Travel Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Online Travel Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key trends in Vietnam's Online Travel Market?
The key trends in Vietnam's Online Travel Market are a) Mobile booking dominance will continue to rise b) Online travel aggregators offering price comparisons will gain popularity c) Increased focus on personalization and customized travel experiences d) Integration of user reviews and ratings to enhance transparency and trust, Growth in sustainable and responsible travel options
Vietnam Online Travel Industry Report
The Vietnam online travel market is experiencing significant growth, driven by increased internet and smartphone penetration, rising disposable incomes, and a shift towards convenient and hassle-free travel booking options. The online travel market in Vietnam offers a variety of services such as flight bookings, hotel reservations, tour packages, and car rentals, accessible through both desktop and mobile platforms. Key market segments include air ticketing, hotels and packages, bus ticketing, railway ticketing, and others, catering to a diverse range of consumer needs and preferences. The convenience of comparing prices, reading reviews, and booking travel arrangements online has made it a preferred choice for many consumers. Additionally, the Vietnam travel market size benefits from government initiatives promoting tourism and partnerships between online travel agencies and various travel-related service providers, which offer competitive pricing and attractive deals. The future outlook for the market is promising, with continued innovations and adaptations expected to drive further growth. For detailed statistics on the Vietnam online travel market share, size, and revenue growth rate, refer to Mordor Intelligence™ Industry Reports, which include a market forecast outlook and historical overview. Get a sample of this industry analysis as a free report PDF download.
