The fund, which was approved at the end of last year, will operate as a single-member limited liability company, with the State fully owning its charter capital and the Ministry of Culture, Sports and Tourism serving as its owner representative.
The fund’s charter capital of VND300 billion will be funded by the State budget in the first three years after its launch.
The State budget will also grant an annual sum to cover the fund’s operational costs. This amount will be sourced from the total annual budget collection from visa and immigration services for foreigners by 10% and from tourism entrance fees by 5%.
The fund will be tapped for organizing tourism promotion activities and events, in addition to supporting market research activities and developing travel products.
Tourism businesses stressed that the fund will enable them to attract more foreign tourists to Vietnam through the roll-out of post-Covid-19 tourism promotion campaigns.
A travel firm director noted that the business community is looking forward to the launch of the fund, which would be a lifesaver for many travel firms and localities, and hoped the money would be used efficiently and transparently.