• An Giang
  • Binh Duong
  • Binh Phuoc
  • Binh Thuan
  • Binh Dinh
  • Bac Lieu
  • Bac Giang
  • Bac Kan
  • Bac Ninh
  • Ben Tre
  • Cao Bang
  • Ca Mau
  • Can Tho
  • Dien Bien
  • Da Nang
  • Da Lat
  • Dak Lak
  • Dak Nong
  • Dong Nai
  • Dong Thap
  • Gia Lai
  • Ha Noi
  • Ho Chi Minh
  • Ha Giang
  • Ha Nam
  • Ha Tinh
  • Hoa Binh
  • Hung Yen
  • Hai Duong
  • Hai Phong
  • Hau Giang
  • Khanh Hoa
  • Kien Giang
  • Kon Tum
  • Lai Chau
  • Long An
  • Lao Cai
  • Lam Dong
  • Lang Son
  • Nam Dinh
  • Nghe An
  • Ninh Binh
  • Ninh Thuan
  • Phu Tho
  • Phu Yen
  • Quang Binh
  • Quang Nam
  • Quang Ngai
  • Quang Ninh
  • Quang Tri
  • Soc Trang
  • Son La
  • Thanh Hoa
  • Thai Binh
  • Thai Nguyen
  • Thua Thien Hue
  • Tien Giang
  • Tra Vinh
  • Tuyen Quang
  • Tay Ninh
  • Vinh Long
  • Vinh Phuc
  • Vung Tau
  • Yen Bai

Tourism development support fund established

VGP – The PM has decided to establish and approve the organization and operation of the tourism development support fund.

December 17, 2018 10:09 AM GMT+7

Illustration photo

The off-budget State financial fund operates in form of one member limited liability company, of which 100% charter capital is held by the State and owned by the Ministry of Culture, Sports and Tourism. 

The fund is tasked to set up plans and prepare expenditures to organize and launch tourism promotion activities and support tourism development activities as defined in the Law on Tourism and in line with the nation’s tourism development strategy and planning. 

The resources from the State budget, sponsors, voluntary contributions from domestic and foreign businesses, organizations, individuals and other legal resources will be managed and used to realize activities of the fund. 

Financial reports and management, accounting, auditing and other regulations related to the activities of the fund will be announced. 

The chartered capital of the fund is VND300 billion, which will be provided by the central budget within the first three years.

The annual operation expenditure supplied by the central budget account for 10% of the annual budget revenue from the fee for issuance of visas and documents related to foreigners’ exit and entry into Viet Nam and make up 5% of the annual budget revenue from fee for visiting. 

Earlier in 2017, the PM approved a program on development of tourism infrastructure in the period 2016 – 2020 to help the tourism industry become a key economic sector.

Accordingly, the VND30 trillion (US$1.32 billion) program will focus on building and upgrading tourism and transport infrastructure at provinces with key tourist destinations listed in the “Strategy on Viet Nam’s tourism development until 2020, vision to 2030” approved by the Government.

Specifically, by 2020, Viet Nam tourism sets the targets to receive 10-10.5 million international arrivals and 47-48 million domestic tourists, with total revenue of US$18-19 billion accounting for 6.5-7% of GDP; have 580,000 rooms including 35-40% of 3-5 stars; create 3 million jobs including 870,000 direct labors.

By 2030, total tourism revenue is expected to double that of 2020 to US$36-38 billion.

By Thuy Dung