Vietnama��s spending on tourism advertising in the international market is equivalent to 2.9% of that of Thailand, according to Forbes.
Vietnam spends modestly for tourism promotion
Forbes said Vietnam spent $2 million a year to promote tourism on the international market. This number is very small in comparison to that of other countries in Southeast Asia like Thailand, Singapore and Malaysia.
According to Forbes, the tourism industry of Vietnam is growing faster than that in the neighboring countries, while investment for the promotion of tourism in the international market is “modest”.
With only $2 million a year, it is extremely difficult for Vietnam to advertise its tourism internationally, Forbes said.
The magazine also noted that $2 million/year was not enough to advertise frequently on the internationally renowned channels such as CNN.
The role of tourism in Vietnam’s economy
Tourism has become a key industry of Vietnam. The industry was identified by the World Bank as an important sector contributing to the growth of Vietnam’s economy in the 2016-2020 period.
At present, the countries leading for the number of foreign arrivals in the region are Thailand, Singapore and Malaysia; these countries invest in tourism promotion in the world market, Forbes said.
Forbes said the $2 million budget/year of Vietnam for the promotion of tourism on the international market is only equivalent to 2.9% of the budget for tourism promotion in Thailand, 2.5% of Singapore and 1.9% of Malaysia.
However, the tourism sector of Vietnam has grown around 6.5% on average over the last 5 years and will continue to grow, Forbes said.
The tourism industry of Thailand and Singapore increased 12% and 10% respectively over the same period. Even the tourism industry Laos increased by 15% – doubling the growth rate of Vietnam tourism.
Forbes said if Vietnam can not take advantage of its favorable geographical location, beautiful natural scenery, and invest more to promote tourism in the international market, its tourism industry will be surpassed by neighboring countries.