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Tourism will recover the fastest after Covid-19
Date : 2020-06-17

CBRE Global has researched and made an assessment of the Covid-19 pandemic that caused great fluctuations in the global economy. Particularly in Vietnam, besides negative impacts on many sectors, tourism is the industry facing the most rapid and clear decline.

nganh du lich se phuc hoi nhanh nhat sau dich covid 19

As international flights are gradually reopened, travelers from Northeast Asia are expected to return to Vietnam as soon as possible. (Photo: Bao Lan)

In 2019, Vietnam's tourism industry continues to thrive, setting a new record of international visitors with 18 million visitors and the highest growth rate in the region. However, by the end of Q1 / 2020, the Covid-19 pandemic broke out and spread quickly and uncontrollably in many countries and territories, thereby seriously affecting the global tourism industry.

In the Vietnamese market, CBRE said that the decline stemmed from many causes, such as Vietnam stopping flights from China in late January, from South Korea in early March, suspending all. international flights and foreign entry from the end of March. In addition, there are measures to limit movement, social distance and common concerns of visitors. Many important travel events such as Hanoi Formula 1 Grand Prix have been postponed or canceled. Therefore, during the first quarter of 2020, Vietnam only welcomed 3.7 million international tourists, down 18.1% over the same period last year, and domestic tourists also decreased by 18.0 % over the same period.

The Vietnam National Administration of Tourism estimates that the damage to Vietnam's tourism industry in the period from February to April 2020 could reach US $ 5.9-7.7 billion. For Vietnam Airlines alone, its revenue could be reduced by US $ 2.1 billion in 2020.

Also during this period, many hotels and travel companies were seriously affected. Many hotels have to adopt solutions from shortening the working time of employees, firing employees to temporarily closing the hotel when the operation process cannot bring the minimum breakeven.

Mr. Nguyen Trong Thuc - Deputy Director of CBRE Hotels Vietnam said that the effect of Covid-19 on the world will also lead to the risk of global economic recession and of course, in 2020, Vietnam's tourism industry will witness. The unprecedented decline in the number of tourists has led to a sharp decline in hotel room occupancy.

Even so, "big fluctuations also provide opportunities for big changes." This will be an important stage to screen businesses and investors that are competent and able to adapt, helping the market recover stronger when the pandemic ends, ”Mr. Thuc said.

Mr. Robert McIntosh - CEO of CBRE Hotels Asia Pacific commented that tourism is the most affected and earliest industry of Covid- 19. Although it is not sure how long it will take for the tourism market to recover completely, but The executive expects the recovery may be slow, but it will also be the fastest-recovering industry as soon as the Covid-19 epidemic is under control.

Further explaining this view, CBRE representative also said that social isolation has been reduced for some areas, plus domestic tourism demand will increase after a long period of isolation. . Besides, individual business travelers will also be in the early recovery group after the pandemic. At the same time, as international flights gradually reopen, visitors from Northeast Asia are expected to return to Vietnam as soon as possible.

 

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