Abstract
Investment in tourism infrastructure development to make destinations and services increasingly attractive is considered a key measure in developing a country’s tourist destinations. This paper investigates the impact of investment in tourism infrastructure components on international visitor attraction using data from Vietnam for the period 1995–2019. The results of analyzing panel data by the nonlinear Autoregressive Distributed Lag (ARDL) approach show that, in the long-run, investing in the three components of tourism infrastructure, namely transport and communications infrastructure, the hotel and restaurant industry, and recreation facilities, has a strong and positive impact on international visitor attraction. In addition, different short-run impacts of the three tourism infrastructure components on the whole market and each major international visitor market are also found.
Highlights
Tourism plays a vital role in the economic growth of many countries, contributing to the development of related services and infrastructure
This study uses the Pooled Mean Group (PMG) estimator to estimate the impact of investment in tourism infrastructure development on attracting international visitors to Vietnam
Attracting international tourists is an essential task for countries as international tourists bring significant income, foreign currency, and jobs to countries, especially potential tourism countries
Summary
Tourism plays a vital role in the economic growth of many countries, contributing to the development of related services and infrastructure. International tourists bring foreign currencies to destination countries, increase residents’ incomes, create jobs, improve living standards, and contribute to expanding and strengthening international economic relations. To meet the unique and diverse demands of tourists, Dujmovic and Vitasovic (2014) argue that it is important to develop new tourism products and destinations, providing tourists with more sources of inspirational experience. Matias et al (2007) point out that factors driving tourism’s growth and development have been identified and improved, including improved income and wealth, improved traffic, changes in lifestyles and consumption values, entertainment space, international globalization, immigration, special events, education, information and communications technology, marketing, promotion of tourist destinations, infrastructure in general, and tourism infrastructure in particular. The studies of Tribe (2004), Naudé and Saayman (2005), and Seetanah et al (2011) point out that a country’s infrastructure determines its potential attractiveness as a tourist destination
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