According to Vietnam Economic Times, Vietnam is set to focus more on tourism and foreign-direct-investment (FDI) to lift the economy, due to the declining in rice exports, the key export product of the country so far.

Vietnam's traditional customers such as the Philippines, Indonesia and Malaysia have gradually reduced their dependence on imports by successfully boosting their domestic supplies in order to ensure food security. China has also issued several food safety rules for imported rice. The competition of Thailand and India also weaken Vietnam’s rice export.

According to the World Tourism and Travel Council, tourism revenue directly contributed 6.6 per cent of Vietnam’s GDP in 2015 or around 13.9 per cent if taking into account that tourism drives other areas like hospitality, catering, accommodation and retail services.

Tourism authorities are eyeing a 15 per cent increase in international tourists this year. The sector is expected to contribute 10 per cent to Vietnam’s GDP, becoming a key driving force of the economy by 2020 when it is expected to receive up to 20 million foreign visitors and earn $35 billion revenue.

The National Tourism Development Strategy estimates that the tourism sector will require 3 million workers by 2020, of which, 25 per cent or 750,000 have Bachelor degrees in Tourism and Hospitality with approximately 55,000 working at managerial level or higher.

Further analysis and implication for UK institutions

UK institutions are advised to take advantage of this period to enhance exploring training partnership with local universities and colleges. The engagement of businesses in the partnership is seen to be an attractive model to increase employability for students.

For example, RMIT University, an Australian campus in Vietnam, has recently introduced a new Bachelor of Tourism and Hospitality Management programme, offering training in diverse areas including tourism, travel and hospitality, sports and leisure, festivals and exhibitions, destination marketing, and business development. The university has established partnerships with the local and overseas tourism organisations to create opportunities for students after graduation.

Source

http://vneconomictimes.com/article/vietnam-today/tourism-will-be-the-key-economic-sector-of-vietnam