Binh Thuan province’s tourism is highly appreciated thanks to its growth rate, stable tourists and improved infrastructure.
Although not as breakthrough as tourism markets such as Da Nang, Nha Trang, and Phu Quoc in recent years, the potential of Binh Thuan market is highly appreciated in the coming period, with Mui Ne being recognized as a tourist destination. National tourist area, creating an important milestone for the province’s tourism industry and creating attraction for long-term investment capital flows.
Stable growth rate of tourists over the past 10 years
Currently, Binh Thuan province is recorded as having a steady tourism growth rate. Each year, the number of international and domestic visitors served by accommodation facilities achieves a CAGR of 13.3%/year and 14.1%/year respectively. In which, the number of visitors is mainly from Ho Chi Minh City and domestic tourists account for the majority of 85%.
However, because there is no airport to increase connectivity, the number of international visitors to Binh Thuan is still low compared to Nha Trang and Da Nang.
In the past 5 years, Binh Thuan tourism has gradually prospered. International visitor arrivals at CAGR (compound annual growth rate – a specific business and investment term for smoothly annualized investment income over a given period) ) 2011 – 2015 and CAGR 2015 – 2019 are 11.8%/year and 14.9%/year respectively.
Particularly, the number of domestic tourists reached CAGR 2011 – 2015 and CAGR 2015 – 2019 at 13.0%/year and 15.2%/year, respectively.
China and Russia are the two main tourist markets
In the period from 2011-2015, Binh Thuan welcomed mainly tourists from Russia. After 2015, the number of Chinese tourists began to increase rapidly and accounted for a relatively larger proportion. By 2017, the number of Korean tourists also increased sharply. In general, the structure of Binh Thuan tourist market has a similar change with that of Khanh Hoa province: increasing the number of visitors from Asian markets (China, Korea), maintaining the Russian tourist market and reducing strong European customer market.
In 2015, Russian tourists decreased to only 25.5%, German visitors decreased to 7.6%. However, the segment of Chinese tourists increased sharply to nearly 17%.
In 2019, the number of Chinese tourists surpassed Russian visitors. Specifically, Chinese visitors achieved a CAGR 2011 – 2019 growth rate of 39.3%/year, while Russian visitors only achieved CAGR 2011 – 2019 at about 7.4%/year. The total number of visitors from these two markets in the period 2016 – 2019 accounted for 49 – 51% of the total number of international visitors. This rate is much lower than the international tourist market in Khanh Hoa.
Normally, the peak tourist season of Binh Thuan will fall from October to March or April next year. This time will attract many visitors from the European region to winter and the length of stay of this market will also tend to stay longer.
The tourism market in the remaining months will be balanced by the source of visitors from Asia, especially Chinese tourists traveling in groups and the length of stay usually lasts from 3-4 days.
Infrastructure is improved for Binh Thuan tourism to take off
CBRE Vietnam said that tourism in Binh Thuan province will develop further or not depends greatly on infrastructure works.
Currently, many expressway projects are being urgently implemented such as Vinh Hao – Cam Lam expressway, Dau Giay – Phan Thiet highway, Phan Thiet – Vinh Hao expressway. At the same time, the Phan Thiet airport project has just been restarted. This project promises to attract international tourists to this place.
In addition, the province also pays special attention to internal roads to expand the scope of tourism development, fully exploit the local tourism potential and reduce pressure on the Phan Thiet area such as the coastal route. sea DT.719 Ke Ga – Tan Thien, coastal road DT.719B section Phan Thiet – Ke Ga.
Long-term tourism development potential
Compared with key tourism markets such as Da Nang, Nha Trang and Phu Quoc, tourism in Binh Thuan province still has a fairly steady development.
The potential of this area also includes the fact that many large investors have landed and invested in infrastructure, accommodation facilities, building high-class resort services, in order to enhance the brand. resort of Binh Thuan.
For example, Novaland is currently building the Novaworld Phan Thiet tourist complex with a system of golf courses, amusement parks, and a variety of resorts. Besides, Nam Group is also accelerating the progress of the Thanh Long Bay project with a variety of products to meet the high demand for resorts in the future.
ViGuide.vn updates its analysis of the tourism market and its potential in the next 10 years in the “quad” of Khanh Hoa, Lam Dong, Ninh Thuan and Binh Thuan. Tourism real estate in the quadrangle of Khanh Hoa, Lam Dong, Ninh Thuan and Binh Thuan is meticulously researched, ordered by Crystal Bay Group for CBRE to execute.The information in the article is quoted from data sources. whether reliable.
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