Economic Growth, Foreign Direct Investment, Renewable Energy, and Inflation: A Multi-Factor Analysis of Tourism Development in Vietnam

Abstract

Understanding the factors that drive tourism growth is essential for crafting effective economic policies. This study explores the factors influencing Vietnam's tourism growth from 1990 to 2020, focusing on economic growth, foreign direct investment in tourism, renewable energy consumption, and inflation. The ARDL bound test, ECM, and Granger causality test were used to analyze these relationships. The results indicate long-term associations between economic growth, FDI, inflation, renewable energy consumption, and tourism development. Economic growth positively impacts tourism growth, while renewable energy consumption negatively impacts it. FDI in tourism does not significantly contribute to overall tourism growth. Inflation also contributes to a decrease in tourism growth. Granger causality tests show unidirectional causality between tourism revenue and economic growth, FDI, inflation, and renewable energy use. This study identifies important determinants of tourism growth in Vietnam and provides policy suggestions. It also highlights directions for future research.

Keywords

• Tourism Development
• Vietnam
• Sustainable Development
• Tourism Economics
• Econometrics

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