Saigontourist 's Vietnam tourism promotion program in Kazakhstan - Photo: SGT
The tourism industry is recovering.
According to data from the Vietnam National Tourism Administration, in the first 11 months of 2025, the total number of international visitors to Vietnam reached over 19.1 million, an increase of 20.9% compared to the same period in 2024. This is a record high, surpassing the 18 million visitors recorded in the whole of 2019 - before the Covid-19 pandemic.
According to the United Nations Tourism Organization (UN Tourism), with the tourism industry in the Asia-Pacific region recovering to approximately 90% of pre-pandemic levels, Vietnam is among the countries with the highest recovery rates in the world .
Revenue from accommodation and food services in the first 11 months of 2025 is estimated at VND 767,000 billion, accounting for 12% of total retail sales of goods and consumer services, an increase of 14.6% compared to the same period in 2024.
With stable growth in the fourth quarter of 2025 and the continued positive recovery in international tourism demand, the Ministry of Culture, Sports and Tourism expects to reach the 20 million international visitor mark by mid-December.
This is the first time in 65 years of its formation and development that Vietnam's tourism industry has reached the milestone of 20 million international visitors in a single year, marking a new development level for Vietnamese tourism in its recovery and growth process.
How are businesses performing?
Vietravel Joint Stock Company's Q3 2025 financial report recorded net revenue of VND 5,438 billion after nine months, a slight increase of 1% compared to the same period last year. After deducting the cost of goods sold, gross profit was nearly VND 331 billion, a slight increase of 1% compared to the same period in 2024.
The gross profit margin for this unit's core business operations was 6.1% in the first nine months of 2025, a slight decrease compared to over 6.2% in the same period of 2024.
The report also indicated that financial revenue reached nearly 11 billion VND, but financial expenses amounted to 60 billion VND in the first nine months of the year. Interest expenses totaled 61.2 billion VND. After deducting expenses, the company's after-tax profit was only slightly over 11 billion VND, a decrease of nearly 65%. The after-tax profit margin was only 0.2%.
As of December 14th, Saigontourist Corporation (Saigontourist) has just released its unaudited consolidated financial report for the first six months of 2025. In the first half of this year, Saigontourist recorded nearly VND 3,109 billion in net revenue, a 10% increase compared to the same period in 2024. The company's gross profit for the six months reached over VND 438 billion, a slight increase of 1.3%.
Saigontourist's core business has a higher gross profit margin than Vietravel, reaching 14.1% after the first six months of 2025. However, this rate is still lower than the 15.3% recorded in the first half of 2024.
Unlike Vietravel, Saigontourist generated nearly 337 billion VND in financial revenue after six months. Financial expenses amounted to nearly 34 billion VND. After deducting expenses and taxes, the company's after-tax profit reached 302.5 billion VND, a decrease of nearly 13% compared to the first half of 2024. Saigontourist's after-tax profit margin was 9.7%.
Meanwhile, Hanoi Tourism and Service Joint Stock Company (Hanoi Toserco) reported net revenue of nearly VND 102 billion in the first nine months of 2025, a decrease of 6.2%. Gross profit was VND 25.1 billion, an increase of 4.1% compared to the same period in 2024. The gross profit margin was 24.7%, a slight increase compared to 22.2% in the same period.
One distinguishing feature is that Hanoi Toserco has a steady stream of financial income over the years. In the first nine months of this year, financial revenue reached nearly 82 billion VND while financial expenses were only over 232 million VND.
This is due to a significant increase in dividends from joint ventures, interest income from deposits, and exchange rate gains during the period. As a result, Hanoi Toserco's after-tax profit margin for the first nine months of 2025 reached 86.5%.
Comparison of profit margins of several travel companies (Saigontourist's data is for the first 6 months of 2025) - Source: Compiled Financial Statements
Looking at the data from 2020 to the present, the gross profit margins of all three travel companies have been gradually decreasing.
In 2021, tourism activities were almost completely frozen due to the impact of the pandemic, and both Vietravel and Saigontourist incurred gross losses, with negative profit margins.
In 2023, this indicator recovered to 8% for Vietravel and 15% for Saigontourist. However, since then, this profitability has begun to decline gradually.
Moreover, Vietravel's after-tax profit was eroded by the burden of interest payments. Conversely, Saigontourist and Hanoi Toserco were able to improve their after-tax profit margins thanks to revenue sources outside their core business operations.
Source: https://tuoitre.vn/du-lich-phuc-hoi-cac-ong-lon-saigontourist-vietravel-dang-kinh-doanh-ra-sao-20251214205159873.htm
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