The Tourism Development Support Fund is officially operational

This morning (April 1), within the framework of the International Tourism Fair (VITM 2022), the forum “Vietnam Tourism Recovery – New Direction, New Action” took place with many hot issues discussed. Industry experts gather opinions to accelerate the recovery of the smokeless industry. Among them, the most notable is the introduction of Tourism Development Support Fund officially put into operation.

The Tourism Development Support Fund, established under Decision No. 49/2018 of the Prime Minister, is an off-budget state financial fund, operating under the model of a one-member limited liability company owned by the State. holds 100% of charter capital and the Ministry of Culture, Sports and Tourism is the owner’s representative.

The annual operating budget shall be provided by the central budget, equal to 10% of the total annual revenue and payment from the collection of fees for granting visas and documents related to exiting and entering Vietnam for foreigners. and equal to 5% of the total annual budget revenue from the collection of entrance fees. Besides, the Fund can mobilize other funding sources and voluntary contributions.

The Fund’s activities focus on four groups of tasks, including: promoting domestic and foreign tourism through events, media, communication, publications, articles and digital platforms; supporting market research and tourism product development; supporting training and fostering the development of tourism human resources; supporting tourism communication activities in the community.

In 2022, the Tourism Development Support Fund will coordinate with agencies and businesses to implement tasks oriented by the Government and the Ministry of Culture, Sports and Tourism, including promotion and advertising. Vietnam’s tourism towards domestic and foreign markets in order to restore international markets and promote domestic tourism; conducting market research, assessing new trends after the COVID-19 pandemic, developing tourism products suitable to tourists’ new needs and tastes; supporting training, fostering and developing tourism human resources, restoring the tourism workforce that has been shifted to other professions; supporting the development of tourism products and types on the basis of linking sectors and fields of culture, art, cinema, healthcare, agriculture…; promote tourism communication in the community, support disadvantaged areas with potentials and strengths for tourism development.

On February 22, the Ministry of Finance issued a Circular guiding the implementation of the Fund’s tasks of promoting, advertising and supporting tourism development, creating a basis for the Fund to implement practical activities.

The fund is expected to contribute to supporting resources to help the tourism industry after more than 2 years of being affected by the COVID-19 pandemic.

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