The recovery trend of Chinese tourists to Vietnam is inevitable in 2023
- China’s Ministry of Culture and Tourism released a second list of 40 new countries, including Vietnam, for group and package travel on March 10th, bringing the total destinations where Chinese travel agencies can sell group tours to 60.
- For those countries that are eligible for China’s group tour from Feb 6th, namely Thailand, Singapore and Philippines, inbound arrivals from Chinese tourists witnessed a markedly accelerated pace in February compared to previous month.
- We believe that the recovery trend of Chinese tourists to Vietnam is inevitable in 2023. Our baseline scenario estimates Chinese tourist arrivals could reach 20% of 2019 levels in 2023, slightly lower than recovery pace of South Korea tourist arrivals in 2022 since the difference in visa waiver policy, resulting in 1 million Chinese travelers.
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