By Pham Ha – Founding President & CEO, LuxGroup®
When Vietnam’s tourism industry surpassed VND 1 quadrillion (US$40+ billion) in annual revenue, it was widely celebrated as a milestone. I share that pride. But beyond the numbers, I believe a more important question must be asked:
What real value are we creating from this trillion-dong flow?
Being crowded does not mean being valuable
Vietnam today is not short of visitors.
In fact, we are entering an era of high volume.
Yet beneath this growth lies a paradox:
* Visitor numbers are high, but spending per guest remains modest
* Length of stay is still limited
* And most importantly, experiences are not yet deep enough
If we remain focused on volume alone, Vietnam will stay at the lower end of the global tourism value chain.
Experience is the true currency of tourism
In tourism, revenue does not come from the number of arrivals.
It comes from the emotions travelers take home.
A guest is willing to spend more not because of better marketing, but because they perceive authentic value.
I often tell my team:
It is not marketing that drives revenue. It is experience.
When an experience is meaningful, distinctive, and emotionally engaging, spending follows naturally. So does loyalty—and storytelling.
The game has shifted: from volume to value
Global tourism is undergoing a fundamental shift.
Travelers no longer aim to “see as much as possible.”
They seek:
* Deeper understanding
* Slower, more intentional journeys
* More personalized experiences
They are willing to pay more—but only for what truly matters.
Vietnam is standing at a critical intersection: a major opportunity, but also a structural challenge.
Our supply has not yet caught up with evolving demand.
We are selling resources, not experiences
Vietnam is one of the most resource-rich destinations in the world:
* 4,000 years of history
* Dense river and coastal ecosystems
* A rich and diverse cultural identity
But the issue is clear:
We are still selling what we have,
instead of designing what travelers want to feel.
A heritage site, if merely visited, creates limited value.
But when it is interpreted, curated, and transformed into a journey, its value multiplies.
Luxury is no longer material—it is cultural
Luxury used to be defined by material excess.
That definition is no longer sufficient.
I believe:
Luxury is Culture – Delivering Happiness
Luxury today is:
* A story told with authenticity
* A cultural experience that resonates
* A journey that deepens understanding
This is why we have chosen a more challenging path at LuxGroup®: to build tourism through culture, not just through assets.
Where will the trillion-dong flow go?
A large industry can generate significant revenue.
But without the right strategy, that revenue will remain fragmented and unsustainable.
The future of Vietnam’s tourism does not depend on:
* How many more hotels we build
* Or how many more flights we add
It depends on one fundamental question:
How many meaningful experiences can we design?
From “more visitors” to “the right visitors”
I do not believe the ultimate goal of Vietnam tourism is simply to attract more people.
The right goal is to:
* Attract the right travelers
* Deliver the right experiences
* And sustain long-term value
One traveler who deeply understands Vietnam is worth far more than ten who simply pass through for photos.
Conclusion: Depth defines leadership
Vietnam is at a pivotal moment.
If we act decisively, tourism can become not only a trillion-dong industry, but also a powerful instrument of national brand building.
If we do not, we risk remaining a “low-cost destination.”
I firmly believe:
A trillion-dong industry is not built on volume, but on depth of experience.
And in this new era, those who create deeper experiences will ultimately lead the flow of value.
