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Abstract
Utilizing a panel dataset from 11 prominent countries accounting for a significant share of international tourists to Vietnam (2005-2019), this study explores factors impacting tourism demand in Vietnam. The PMG-ARDL model is well-suited for short-time data series and limited sample sizes, facilitating the analysis of both short-term and long-term outcomes, and yielding specific short-term results for each respective country. The findings delineated that the consumer price index constitutes a significant determinant influencing the volume of international tourists to Vietnam across both short and long-term contexts. The fluctuations in foreign visitor numbers over the long term are significantly influenced by the variables of hotel and restaurant investment, foreign direct investment, and population.