Accordingly, the fund – under the Ministry of Culture, Sports, and Tourism – will operate as a single-member limited liability company.
It will be used for building plans, allocating funding for tourism promotion activities, and supporting tourism growth in line with the law as well as national strategy and development planning.
The fund’s VND300-billion (US$12.9 million) charter capital is set to be financed by the State budget in the first three years following its establishment.
The State budget will also grant it an annual sum to cover operational costs. The sum will be sourced from the total annual budget collection from tourism entrance fees (5%) as well as visa and entry-exit services for foreigners (10%).
Early this month, Prime Minister Nguyen Xuan Phuc has approved a project to restructure the tourism sector to turn it into a spearhead economic sector for the country and make Vietnam one of the nations with the most developed tourism sector in Southeast Asia.
The project sets a target of US$45 billion in tourism revenue by 2025, with exports through tourism reaching US$27 billion.
The sector is hoped to contribute more than 10% to GDP and create 6 million jobs, including 2 million direct jobs. At the same time, the sector hopes to serve 32 million foreign tourists and more than 130 million domestic visitors.
The tourism product system is expected to be shaped with unique and diverse products with strong Vietnamese cultural identity and a prestigious brand name.
Smart tourism will be applied widely, while Vietnamese tourism’s competitiveness is expected to be enhanced.