Top 7 largest tourism companies in Vietnam

This detailed article by Vietnam Business Information delves into the history, development, revenue in 2023, market share, and strategic initiatives of the 7 largest tourism companies in Vietnam.

1. Saigontourist

Saigontourist, established in 1975, is one of the most iconic names in Vietnam's tourism industry. Initially, it focused on providing basic travel services in Ho Chi Minh City but rapidly expanded its operations to encompass a comprehensive range of tourism-related services. Over the years, Saigontourist has developed a robust portfolio, including hotels, resorts, restaurants, and travel agencies.

Revenue and Market Share in 2023: In 2023, Saigontourist reported revenues of approximately $600 million, maintaining its position as a market leader with a market share of around 20% in Vietnam's tourism sector. The company’s extensive network and brand reputation significantly contribute to its substantial market presence.

Key Services:

• Inbound and outbound tours
• Hotel and resort management
• Restaurant and event services
• Transportation and travel agency services

2. Vietravel

Founded in 1995, Vietravel has grown to become one of the largest tour operators in Vietnam. Initially serving domestic tourists, the company quickly expanded its services to include international tours. Vietravel's headquarters are in Ho Chi Minh City, with a network of branches across Vietnam and in several other countries.

Revenue and Market Share in 2023: Vietravel's revenue in 2023 was around $500 million, securing a market share of approximately 15%. The company’s ability to adapt to market trends and its extensive international network have been key to its success.

Key Services:

• Domestic and international tours
• MICE (Meetings, Incentives, Conferences, and Exhibitions) services
• Air ticketing and visa services
• Travel insurance

3. Fiditour

Established in 1989, Fiditour is a well-respected name in Vietnam's tourism industry. Starting with a small office in Ho Chi Minh City, Fiditour has grown into a prominent company offering a wide range of travel services. The company is known for its customer-centric approach and high-quality services.

Revenue and Market Share in 2023: Fiditour achieved revenues of approximately $250 million in 2023, holding a market share of around 8%. Its strong focus on luxury and corporate travel has helped it carve out a significant niche in the market.

Key Services:

• Domestic and international travel packages
• Hotel bookings and visa services
• Corporate travel management
• Customized travel solutions

4. Buffalo Tours (Discova)

Buffalo Tours was founded in 1994 and rebranded as Discova as part of its integration with Flight Centre Travel Group. The company operates across multiple countries in Asia and is headquartered in Hanoi. Buffalo Tours is known for its adventure and experiential travel services.

Revenue and Market Share in 2023: Buffalo Tours (Discova) reported revenues of $200 million in 2023, capturing a market share of around 6%. The company's specialization in adventure and customized travel has helped it build a strong market presence.

Key Services:

• Adventure and experiential travel
• Customized tour packages
• Cultural and heritage tours
• Sustainable tourism initiatives

5. Hanoitourist

Hanoitourist was established in 1963, making it one of the oldest tourism companies in Vietnam. Based in Hanoi, the company has a long history of providing quality travel services and has played a significant role in promoting tourism in northern Vietnam.

Revenue and Market Share in 2023: Hanoitourist's revenue in 2023 was approximately $180 million, with a market share of around 6%. The company enjoys a strong market presence, especially in the northern region of Vietnam, where it is a leading provider of cultural and heritage tours.

Key Services:

• City tours and cultural experiences
• Hotel and resort management
• Travel and transportation services
• Event organization

6. TST Tourist

TST Tourist was established in 1995 and has steadily grown into a significant player in the tourism industry. The company started with a focus on domestic tours but has since expanded to offer international travel services. TST Tourist is based in Ho Chi Minh City and is known for its personalized travel services.

Revenue and Market Share in 2023: In 2023, TST Tourist generated revenues of around $150 million, with a market share of approximately 5%. The company's emphasis on tailored travel experiences and customer satisfaction has been a key driver of its success.

Key Services:

• Customized tours
• Travel consultancy
• Event and conference organization
• Corporate travel services

7. Exotissimo Travel Vietnam (EXO Travel)

Exotissimo Travel, now known as EXO Travel, was founded in 1993. The company operates extensively throughout Asia, providing tailored travel experiences with a focus on sustainability. EXO Travel is headquartered in Hanoi and has built a reputation for offering unique travel experiences.

Revenue and Market Share in 2023: EXO Travel reported revenues of around $120 million in 2023, capturing a niche market share of approximately 4%. The company's focus on sustainable and experiential travel has helped it attract a dedicated customer base.

Key Services:

• Customized and thematic tours
• Adventure travel
• Eco-tourism and sustainable travel initiatives
• Travel consultancy

Vietnam's tourism industry is supported by these key players, each bringing unique strengths and strategic initiatives to the table. Saigontourist and Vietravel lead in terms of revenue and market share, leveraging their extensive networks and comprehensive service offerings. Companies like Fiditour, TST Tourist, Buffalo Tours, Hanoitourist, and EXO Travel cater to niche markets with customized and sustainable travel solutions.

For foreign investors, the Vietnamese tourism market offers substantial opportunities, particularly in the areas of digital transformation, sustainable tourism, and luxury travel. The continued growth and diversification of these companies indicate a robust and dynamic market ready for further investment and innovation.

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