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Despite the large number of customers, they are still worried about losing money.
According to Ms. Nguyen Thi Huong (manager at Hanoi House Tourism & Hotel), during the hot summer months, the number of international tourists visiting Vietnam tends to concentrate around September each year.
Since reopening, Hanoi House Tourism & Hotel has been focusing on welcoming domestic tourists during long holiday periods, with only a small number of transient visitors.
Ms. Nguyen Thi Huong shared: “The increase in gasoline prices has caused the input costs of many accompanying services to fluctuate constantly. Most businesses usually sell tour packages at pre-fixed prices, so when costs increase, it is very difficult to adjust.”
The Covid-19 pandemic "froze" the tourism industry for nearly three years, and just as businesses were gradually regaining momentum, they faced difficulties again due to a simultaneous increase in service prices.
Ms. Doan Thi Thanh Tra, Marketing and Communications Director (Saigontourist Travel Service Company), also stated that the company expects to serve more than 280,000 customers in the summer of 2022. This number could be higher due to the strong increase in demand for domestic and international tourism.
Seven-Acre Coconut Forest in Hoi An
Specifically, according to Ms. Doan Thi Thanh Tra, for package tours that have already been booked, the tour price will not change. However, for tours departing from October onwards or for individual bookings, many issues are arising and prices need to be recalculated because other services in the supply chain such as transportation, restaurants, and accommodation have increased by 10-30%.
A suitable solution is needed.
Many travel and tourism businesses argue that, for tours that have already been contracted (package tours), if they do not charge additional fees for unforeseen expenses, they are forced to cover the operating costs by offsetting those costs.
If businesses suddenly increase service prices, it will affect customer sentiment and the number of tourists wanting to travel during the summer holidays will decrease sharply.
In the face of mounting difficulties, most businesses are hoping that the government will extend the policy of restructuring bank loans, maintain stable interest rates, and quickly implement the interest rate support package as soon as possible. At the same time, they hope for timely resolution of obstacles related to visas and international tourists, in order to attract more visitors quickly.
Dr. Bui Duy Tung, an economics lecturer at RMIT University, has also recently offered suggestions and solutions for government agencies, citizens, and businesses in the context of record-high gasoline prices.
According to Dr. Bui Duy Tung, the authorities should take measures to cool down gasoline prices through temporary solutions such as reducing various taxes (environmental protection tax, special consumption tax). In particular, gasoline subsidies should not be implemented as this is not an optimal solution; instead, unnecessary expenditures should be reduced to balance the budget.
"Businesses also need to control spending and have flexible pricing policies. They should consider focusing on products with high profit margins during inflation. They should use cheaper input materials as substitutes, and businesses should avoid excessive borrowing and diversified investments."
From the perspective of the people, it is necessary to have a clear spending plan and only spend on truly essential purposes.
"In addition, it's necessary to protect your assets and money to weather the inflationary period. Avoid spreading your investments too thinly and avoid borrowing, as this will increase the pressure and burden of debt repayment," added Dr. Bui Duy Tung.
