A multi-billion dollar market waiting to be exploited.

The billion-dollar market

According to statistics from the market research company Grand View Research (USA), medical tourism is growing rapidly, with global medical tourism revenue projected to reach nearly $100 billion by 2030.

With such a large market, several countries such as Thailand, South Korea, India, and Malaysia have recently intensified their efforts to develop this type of tourism, thereby attracting tourists from the US and European countries. Specifically, there have been times when Thailand's medical tourism industry received over 3 million visitors, generating revenue exceeding $700 million; India reached $3 billion; and Malaysia achieved $1.7 billion in revenue.
In Vietnam, medical tourism, which combines leisure and healthcare, is considered to have significant development potential, potentially generating around $2 billion in annual revenue. This is because Vietnamese healthcare services are affordable, attracting many international tourists and overseas Vietnamese to use these services during their travels.

Medical examination for international tourists at Vinmec Times City International General Hospital. Photo: Hoai Nam

For example, the cost of heart bypass surgery in Vietnam is $10,000-$15,000, while in Thailand it is $25,000-$30,000. Statistics from International Living magazine (Australia) show that the cost of dental work in Vietnam is currently 6 to 10 times lower than in some countries such as the US, Canada, and Australia. Compared to some Southeast Asian countries like Thailand and Malaysia, the cost of dental work in Vietnam is also 30-50% cheaper.

Analyzing the reasons why international tourists use medical services during their travels in Vietnam, Associate Professor Dr. Nguyen Xuan Hiep, Director of Tam Anh High-Tech Eye Center, stated that although the cost of medical examinations and treatment in Vietnam is quite affordable, the quality of doctors' skills and the investment in equipment and machinery for treatment are not inferior to any country with an advanced healthcare system.

With these advantages, before the Covid-19 pandemic, according to statistics from the National Tourism Administration, approximately over 10,000 foreign patients came to Vietnam annually for dental treatment, generating revenue exceeding 150 million USD.

Improve quality to build trust.

Assessing the potential for developing this type of tourism, experts point out that although Vietnam has many strengths for developing medical tourism, weaknesses have emerged in the process of exploitation, such as a lack of information about tourism services combined with medical treatment, and few travel agencies organizing tours that combine healthcare. Many hospitals have not yet met international standards such as JCI or ISO, so foreign tourists are still hesitant to register for medical examination and treatment services.

Reflecting on the difficulties in linking with clinics to build medical tours, Duong Thanh Hang, Director of SUN SMILE TRAVEL Vietnam, shared that the first weakness in the medical examination process of Vietnamese doctors and medical staff is their lack of fluency in English.

In Thailand, doctors are able to communicate fluently in English with foreign patients. "Therefore, if Vietnam wants to attract international tourists for medical tourism, it needs to improve the foreign language skills of its medical staff so they don't rely on interpreters," suggested Ms. Duong Thanh Hang.

Medical examination for international tourists at Vinmec Times City International General Hospital. Photo: Hoai Nam

Reflecting on the difficulties in developing medical tourism tours for international visitors, tourism businesses share the opinion that most private clinics in Vietnam have not yet been certified by the World Health Organization.

According to Phan Dinh Hue, Director of Vietnam Circle Travel Company, many hospitals have not yet met international standards such as JCI or ISO, making foreign tourists hesitant to register for medical examination and treatment services. Hospital websites lack sufficient information, some even without English translations, and do not offer supporting services, making it difficult for foreigners to find a comprehensive medical tourism package.

Furthermore, the cooperation between health agencies, facilities with the potential to develop medical tourism, and travel agencies is still lacking in coordination. "To attract more tourists, medical facilities need to raise their standards to obtain international certifications so that customers can trust and use their services," suggested Mr. Phan Dinh Hue.

Agreeing with this assessment, the Director of the Institute for Tourism Research and Development, Nguyen Anh Tuan, shared that Vietnam currently lacks comprehensive research on the potential and necessary factors, as well as specific orientations and policies for developing this type of tourism. In particular, the Ministry of Health has not standardized healthcare procedures, which means that most tourism service businesses such as resorts, hotels, and homestays only provide basic healthcare services to meet the needs of tourists.

“Recently, Ho Chi Minh City's tourism industry launched 30 medical tourism tours, but they mainly provide dental care services, offer healthy food experiences, and allow visitors to take photos at locations such as the Dental and Maxillofacial Hospital and the City Theater… Meanwhile, foreign tourists visiting Vietnam primarily focus on infertility treatment, high-tech disease screening, traditional medicine, cosmetic procedures, health and wellness retreats, and specialized medical care…” - Mr. Nguyen Anh Tuan clarified.

To develop medical tourism, representatives from several tourism businesses suggested that the healthcare sector needs to identify and leverage its strengths to meet the requirements and needs of medical tourism; strengthen the development of high-tech disease screening methods and build and provide high-quality services; promote research, development, and innovation in the healthcare sector; establish centers for training high-quality medical personnel; and develop modern infrastructure and implement high-tech medical zones.

At the same time, we will continue to develop medical tourism, combining modern and traditional medicine, to provide a full range of quality healthcare services, build a network of specialized care, and thereby enhance Vietnam's brand in the international market.

Source: https://kinhtedothi.vn/du-lich-y-te-thi-truong-ti-usd-cho-doi-khai-thac.html