Vietnam Seizes Opportunities from EU Trade Deal for Tourism Growth

 The EU-Vietnam Free Trade Agreement (EVFTA) is expected to offer opportunities for various economic sectors, including tourism. The new-generation trade deal expected to take effect this year will enable the domestic tourism sector to access new markets, restructure the market and promote sustainable development in the context of complicated global changes.

Vietnam’s tourism eager for EU trade deal opportunities

The EVFTA is opening a large market for Vietnam’s tourism

The European Union (EU) is one of Vietnam’s leading foreign investors and the second largest export market for Vietnamese goods, accounting for approximately 17 percent of the country’s total export value. Additionally, the EU is the fifth-largest import market for Vietnam. The EVFTA (EU-Vietnam Free Trade Agreement) is expected to have a significant impact on trade and investment between Vietnam and the EU, with Vietnam’s exports to the EU projected to grow significantly in the coming years.

The EU is considered a potential market for Vietnam’s service and tourism sectors due to its technological advancements, high purchasing power, similar immigration policies, and modern infrastructure. The EU is also a global center for culture and boasts numerous tourism businesses. With the EVFTA, Vietnamese tourism businesses have favorable conditions to expand operations and attract investment from the EU.

Data shows that the EU ranks first in terms of the annual number of travelers worldwide. European tourists account for a significant portion of total foreign visitors to developing countries, and the number of European tourists is expected to grow in the coming years. The EVFTA offers opportunities for Vietnamese tourism businesses to take advantage of market opening commitments and preferential policies in the EU.

In light of the COVID-19 epidemic’s impact on the global tourism sector, Vietnamese service and tourism businesses have been studying the terms of the EVFTA and hope it will contribute to sustainable development in the industry. To fully utilize the opportunities presented by the EVFTA, businesses and government authorities need to carefully study the commitments and regulations of the EU and its member countries. They should also be aware of cultural management requirements, trade rules, and the preferences of European consumers. This understanding will enable Vietnamese tourism businesses to create suitable products and develop effective strategies.

Tourist exchange between Vietnam and the EU has been growing, with each side attracting visitors with its own unique offerings. The EU entices Vietnamese tourists with its cultural specialties, natural landscapes, and high-quality logistics and services. On the other hand, Vietnam is becoming increasingly attractive to EU visitors with its cultural diversity, breathtaking landscapes, and friendly atmosphere.

Hoa Quynh