Thailand and Malaysia Currency at Peak while Japan, Vietnam and Laos at Rock Bottom Level – Will this Shift, Travel Sector Dynamics in Asia?

Thailand and Malaysia enjoying strong currencies, and Japan, Vietnam, and Laos seeing their currencies hit rock bottom, these shifts are influencing which countries tourists flock to and what kind of travel experiences they seek Global travel advisors and MICE travel planners are exploring how these changes are impacting tourism in these key Asian destinations.

Currency fluctuations across Asia are reshaping how travelers experience the region. With Malaysia and Thailand enjoying strong currencies, and Japan, Vietnam, and Laos seeing their currencies hit rock bottom, these shifts are influencing which countries tourists flock to and what kind of travel experiences they seek. Let’s explore how these changes are impacting tourism in these key Asian destinations.

Thailand: Strong Baht Attracting High-Spending Tourists

Thailand has long been a favorite destination for global tourists, offering everything from stunning beaches to rich cultural heritage. In 2023, Thailand welcomed over 28 million foreign tourists, with visitors from Malaysia (4.5 million), China (3.5 million), South Korea (1.7 million), India (1.6 million), and Russia (1.5 million) making up the top five groups.

With the Thai Baht gaining strength, here’s how the currency shapes up:

• 1 US Dollar = 32.69 Thai Baht
• 1 Euro = 36.47 Thai Baht
• 1 Pound sterling = 43.81 Thai Baht

Despite the strong Baht making Thailand a bit pricier for visitors, it continues to pull in high-spending tourists. Luxury travelers are flocking to places like Phuket, Koh Phi Phi, and Koh Samui, where they can enjoy luxury resorts, private tours, and wellness retreats. Thailand’s iconic cultural landmarks like Wat Arun and Wat Phra Kaew still captivate tourists, while adventure seekers head to Chiang Mai for trekking or the Similan Islands for world-class diving. The strong currency hasn’t slowed down tourism here—it’s simply attracting a more affluent crowd.

Thailand City Guide: Explore the Heart of Bangkok

Thailand is a land where gleaming temples and golden Buddhas dominate the landscape, providing an incredible backdrop to both the urban excitement of Bangkok and the peaceful beauty of its coastal areas. Whether you’re exploring ancient temples or indulging in street food, Thailand offers a unique blend of culture and luxury that makes it a must-visit destination. Wat Pho

• Location: Ko Ratanakosin & Thonburi, Bangkok, Thailand, Asia
  Wat Pho is one of Bangkok’s biggest and most impressive sights. This temple is home to Thailand’s largest reclining Buddha and boasts the largest collection of Buddha images in the country. It’s also the site of Thailand’s earliest public education center, making it a place where history, culture, and learning come together. Whether you’re marveling at the intricacies of the Buddha or taking in the overall grandeur of the temple grounds, Wat Pho is an unforgettable stop on any Bangkok tour.

• Location: Ko Ratanakosin & Thonburi, Bangkok, Thailand, Asia
  Rising majestically from the banks of the Chao Phraya River, Wat Arun—known as the Temple of Dawn—is one of Bangkok’s most iconic landmarks. This missile-shaped temple was named after Arun, the Indian god of dawn, and symbolizes new beginnings. After the destruction of Ayuthaya, King Taksin discovered a small shrine here and deemed it an auspicious site for the new capital of Siam. Wat Arun offers visitors not only a glimpse into Thailand’s spiritual past but also an excellent vantage point for a beautiful riverside sunset.

• Location: Banglamphu, Bangkok, Thailand, Asia
  For those seeking a different perspective on the city, a trip up the Golden Mount is a must. Even if you’ve seen plenty of temples, the serpentine steps winding up this man-made hill make for an interesting and scenic ascent. As you climb, you’ll pass by gnarled trees, graves, and memorial plaques commemorating wealthy benefactors. At the summit, you’re rewarded with a 360-degree view of Bangkok’s most photogenic sights, offering a peaceful retreat from the city below.

Where to Stay in Bangkok

Bangkok offers a wide range of luxurious accommodations that blend comfort and style, ensuring visitors have a memorable stay.

• Banyan Tree Bangkok

Known for its stunning rooftop views and luxury amenities, Banyan Tree Bangkok offers an exclusive experience with its lavish suites, a top-notch spa, and world-class dining options.

• Carlton Hotel Bangkok Sukhumvit

Situated in the bustling Sukhumvit area, the Carlton Hotel provides modern luxury with easy access to shopping, dining, and nightlife. The hotel is perfect for those looking to explore the vibrant heart of Bangkok.

• Hotel Clover Asoke

For a stylish yet affordable stay, Hotel Clover Asoke is a great choice. This boutique hotel combines contemporary design with warm Thai hospitality, offering a comfortable and chic atmosphere close to all the city’s top attractions.

Malaysia: Strong Ringgit Boosting Medical and Luxury Tourism

Malaysia’s tourism sector is booming, with 20.1 million tourists visiting in 2023. Singapore (4.27 million), Indonesia (1.79 million), China (1.45 million), Thailand (813,783), and Brunei (565,999) have driven tourist numbers in 2024 so far.

The Malaysian Ringgit is holding strong:

• 1 US Dollar = 4.15 Malaysian Ringgits
• 1 Euro = 4.64 Malaysian Ringgits
• 1 Pound sterling = 5.56 Malaysian Ringgits

Malaysia’s strength lies not just in its natural wonders like Taman Negara National Park and Sipadan Island but also in its rise as a top destination for medical tourism. With competitive prices for healthcare services, international patients are coming to Malaysia for affordable, high-quality medical procedures, especially from nearby nations. On the leisure side, Kuala Lumpur impresses tourists with the Petronas Twin Towers and Batu Caves, while historical cities like Melaka charm visitors with their colonial heritage.

The strong currency hasn’t priced out travelers, but rather it has helped Malaysia position itself as a prime spot for luxury tourism and wellness vacations, while still offering affordable services for medical tourists.

Malaysia City Guide: Where Dynamic Cities Meet Wildlife Wonders

Malaysia offers a stunning blend of dynamic cities, delicious food, beautiful beaches, and wildlife-packed rainforests. Whether you’re exploring the bustling streets of Kuala Lumpur, diving into the cultural richness of George Town, or venturing into national parks, Malaysia provides an exciting mix of adventure and relaxation for every traveler. Blue Mansion (Cheong Fatt Tze Mansion)

• Location: George Town, Malaysia, Asia
  One of George Town’s most iconic landmarks, the Blue Mansion is a must-see. Built in the 1880s by Cheong Fatt Tze, a wealthy Hakka merchant, the mansion features a distinctive blue exterior created using indigo-based limewash. Once dilapidated, this stunning 38-room mansion has been restored to its former glory and is now a luxurious hotel. Visitors can take an hour-long guided tour to learn about the mansion’s intricate feng shui design and fascinating stories from its history, including its construction for Cheong Fatt Tze’s seventh and favorite wife.

• Location: Penang, Malaysia, Asia
  Despite being Malaysia’s smallest national park at just 23 sq km, Penang National Park is rich in biodiversity. Its beach-fringed forests are home to silvered leaf monkeys, flying lemurs, and leopard cats, as well as numerous species of birds, amphibians, and reptiles. Visitors can hike through jungle trails or take boat trips to the park’s golden-sand beaches like Monkey Beach, Pantai Kerachut, and Teluk Kampi. The park is accessible by Bus 101 from George Town, and return boat trips range from RM100 to RM220, depending on the destination.

• Location: Sabah, Malaysia, Asia
  A journey to Agop Batu Tulug in Sabah reveals one of Malaysia’s most important archaeological sites. Perched 2km north of the Batuh Putih bridge, this hill houses three ancient caves where the ancestors of the Orang Sungai (People of the River) were laid to rest. Due to the frequent flooding of the Kinabatangan River, these cave complexes became traditional burial sites. Inside, 900-year-old ironwood coffins are accompanied by spears, knives, gongs, and Chinese artifacts, providing a fascinating glimpse into the customs of the region’s ancient peoples.

Where to Stay in Malaysia

Whether you’re staying in the bustling city of Kuala Lumpur, exploring Penang’s beaches, or adventuring in Sabah, Malaysia offers an array of luxurious accommodations to suit every traveler’s needs.

• Shangri-La Kuala Lumpur

The Shangri-La Kuala Lumpur offers five-star luxury in the heart of the city. This hotel is renowned for its excellent service, stunning views, and lavish rooms, making it the perfect place to relax after a day of sightseeing.

• Hard Rock Hotel Penang

Located on Penang’s Batu Ferringhi Beach, the Hard Rock Hotel Penang is known for its lively atmosphere and beachfront location. With its rock-and-roll theme, this hotel is perfect for travelers looking for fun and relaxation by the sea.

• The Pacific Sutera Hotel – Sutera Harbour Resort

Situated in Sabah, the Pacific Sutera Hotel offers a serene escape along Sutera Harbour. This resort combines luxury with easy access to the natural wonders of Sabah, making it an ideal base for exploring the region.

Japan: Weak Yen Drawing in Budget Travelers

Japan saw a strong recovery in tourism, with 25.1 million tourists arriving in 2023. By July 2024, another 3.29 million tourists had visited, taking advantage of the weaker yen, which has made the country more affordable than ever:

• 1 US Dollar = 143.59 Japanese Yen
• 1 Euro = 160.21 Japanese Yen
• 1 Pound sterling = 192.29 Japanese Yen

While Japan has traditionally been seen as an expensive destination, the weak yen is a game-changer. Visitors are now flocking to Tokyo and Osaka, where they can enjoy everything from futuristic cityscapes to traditional temples without spending as much as they once would. The yen’s devaluation has opened up Japan to backpackers and budget-conscious travelers, who are taking full advantage of the country’s affordable transportation, budget accommodations, and street food. Cheap trips have become more accessible, allowing tourists to stretch their budgets further.

Even iconic sites like Mount Fuji and Kyoto’s ancient temples are seeing a surge in international visitors, many of whom are staying longer and spending more than they might have when the yen was stronger.

Japan City Guide: Where Tradition and Modernity Seamlessly Blend

Japan is a country like no other, where ancient traditions blend effortlessly with modern life. From bustling urban areas to serene cultural landmarks, Japan is a land of contrasts that coexists in perfect harmony. Whether you’re wandering through Golden Gai’s tiny bars in Tokyo or marveling at the iconic Mt. Fuji, Japan offers an experience that’s both timeless and unforgettable. Golden Gai

• Location: Shinjuku & Northwest Tokyo, Tokyo, Japan, Asia
  Golden Gai is one of Tokyo’s most unique nightlife spots and has been a Shinjuku institution for over half a century. It’s a collection of tiny bars, many of which are no bigger than a closet, with each one reflecting the eccentric personality of its owner, referred to as the ‘master’ or ‘mama’. The area is visually charming, with its low-slung wooden buildings and intimate atmosphere. It’s more than just a place to drink; Golden Gai is a work of art, where visitors can immerse themselves in the local culture and meet people from all walks of life. Whether you’re a first-time visitor or a seasoned traveler, spending an evening here is a must.

• Location: Japan, Asia
  Mt. Fuji is one of Japan’s most iconic and revered landmarks, a natural symbol that has inspired poets, artists, and travelers for centuries. Standing tall as Japan’s highest peak, this sacred volcano continues to attract hundreds of thousands of climbers each year who want to experience the tradition of pilgrimage up its slopes. Even if you don’t hike it, simply gazing upon its perfectly symmetrical cone is a breathtaking experience. Whether viewed from a distance or up close, Fuji-san offers a moment of reflection, reminding visitors of Japan’s deep connection to nature and spirituality.

• Location: Nagasaki, Japan, Asia
  Nagasaki’s Peace Park is a place of profound reflection, commemorating the atomic bombing of the city on August 9, 1945. This serene park serves as a tribute to the lives lost in the bombing, and it’s a powerful reminder of the importance of peace. The Peace Park, together with the Atomic Bomb Museum and National Peace Memorial Hall—both nearby—offer visitors a deep understanding of the tragedy that shaped the city. Walking through the park, one can feel the weight of history and the resilience of the people of Nagasaki. It’s an essential stop for any visitor interested in Japan’s journey through the 20th century and its commitment to peace.

Where to Stay in Japan

Japan offers a wide range of hotels, from the bustling metropolis of Tokyo to the cultural heart of Kyoto, ensuring visitors can experience both luxury and tradition during their stay.

• Swissotel Nankai Osaka

Located in the vibrant Namba district of Osaka, Swissotel Nankai offers a perfect blend of modern luxury and traditional Japanese hospitality. With easy access to local attractions and shopping areas, this hotel provides an ideal base for exploring Osaka’s vibrant nightlife and rich cultural heritage.

• Hotel Tou Nishinotoin Kyoto

In Kyoto, the Hotel Tou Nishinotoin delivers a serene and elegant experience. This boutique hotel reflects Kyoto’s quiet beauty, offering minimalist design with warm, traditional touches. It’s perfect for those wanting to immerse themselves in the historical charm of Kyoto while enjoying modern comforts.

• Far East Village Hotel Tokyo, Ariake

Located in the Ariake district of Tokyo, the Far East Village Hotel is an excellent choice for those looking for convenience and comfort. The hotel provides a relaxed atmosphere and is a short distance from popular Tokyo attractions, making it a perfect stay for both leisure and business travelers.

Vietnam: Weaker Dong Fuels Growth in Affordable Adventure Tourism

Vietnam’s tourism is on the rise, with 12.6 million international visitors in 2023, nearly 3.5 times more than in 2022. Thanks to the weaker dong, Vietnam is becoming a hotspot for budget travelers:

• 1 US Dollar = 24,605 Vietnamese Dong
• 1 Euro = 27,457 Vietnamese Dong
• 1 Pound sterling = 32,949 Vietnamese Dong

Vietnam is appealing to tourists who want to stretch their travel budgets while exploring breathtaking natural attractions. Iconic spots like Ha Long Bay, with its stunning limestone islands, continue to be major draws. Meanwhile, Sapa offers scenic rice terraces and authentic cultural experiences. Phong Nha-Ke Bang National Park, a UNESCO World Heritage site, has become famous for its caves and rugged landscapes, attracting adventure seekers who want an affordable yet thrilling experience.

The country’s affordability has helped boost its standing as a budget-friendly destination, luring backpackers, long-term travelers, and eco-tourists looking to explore its diverse landscapes without the hefty price tag.

Vietnam City Guide: Where Natural Wonders Meet Dynamic City Life

Vietnam is a country of stunning contrasts, offering travelers everything from the towering peaks of its mountainous landscapes to the bustling energy of its megacities. Whether you’re exploring vast cave systems in Phong Nha-Ke Bang National Park or marveling at the Dragon Bridge in Danang, Vietnam captivates visitors with its blend of natural beauty and cultural depth. Paradise Cave

• Location: Phong Nha-Ke Bang National Park, Vietnam, Asia
  Surrounded by forested karst peaks, Paradise Cave is a must-visit destination in Phong Nha-Ke Bang National Park. Extending for 31 kilometers, this vast cave system offers a glimpse into a world of towering stalagmites and stalactites, illuminated beautifully by floodlights. While most visitors only explore the first kilometer, the experience is nothing short of breathtaking. The wooden staircases descend into a cathedral-like space that feels otherworldly. To truly enjoy the cave’s tranquility, it’s best to visit in the morning before the crowds arrive, as peak times can get busy with tour groups.

• Location: Phong Nha-Ke Bang National Park, Vietnam, Asia
  Hang Son Doong, known as the world’s largest cave, is one of Southeast Asia’s most extraordinary natural wonders. This exclusive cave has only been accessible to tourists since 2013, and visiting it is an adventure like no other. The cave is part of a four-day, three-night expedition led by Oxalis Adventure, the only operator licensed to guide tours. With a price tag of US$3000 per person, this expedition is both thrilling and elite, allowing just 10 trekkers at a time. Inside the cave, you’ll be accompanied by porters and cooks as you explore its immense chambers, underground rivers, and spectacular formations that have made Hang Son Doong one of the most coveted experiences in Vietnam.

• Location: Danang, Vietnam, Asia
  In the heart of Danang, the Dragon Bridge is one of Vietnam’s most striking modern landmarks. This gigantic, color-changing dragon spans the Han River, capturing attention not only with its scale but also with its fiery displays. Every Saturday and Sunday night at 9pm, the dragon sculpture breathes fire and water from its mouth, delighting both locals and tourists. The best views can be enjoyed from the cafes along the eastern bank north of the bridge, or from a boat cruise on the Han River. Built at a cost of US$88 million, the Dragon Bridge has quickly become a symbol of Danang’s vibrant, modern spirit.

Where to Stay in Vietnam

Vietnam offers a wide range of accommodations, from luxurious hotels to boutique stays, each offering a comfortable and unique experience.

• The Oriental Jade Hotel

Located in the heart of Hanoi, The Oriental Jade Hotel offers a luxurious stay with modern amenities and impeccable service. Its central location makes it perfect for exploring the capital’s bustling Old Quarter and nearby attractions.

• La Siesta Classic Ma May Hotel

For a taste of traditional Vietnamese hospitality combined with modern comfort, La Siesta Classic Ma May Hotel in Hanoi’s Old Quarter is an excellent choice. With its beautiful decor and prime location, guests are immersed in the culture and charm of Vietnam’s capital.

• Au Lac Charner Hotel

Situated in Ho Chi Minh City, Au Lac Charner Hotel blends French colonial style with modern comforts, offering a chic and tranquil stay in the bustling metropolis. It’s a perfect retreat after a day of exploring the city’s dynamic energy and historical sites.

Laos: A Budget Traveler’s Paradise Thanks to Its Weak Currency

Laos may not have the same level of tourist infrastructure as its neighbors, but its weaker kip is making it an attractive choice for those seeking affordable adventure. In the first nine months of 2023, 779,811 tourists explored Laos:

• 1 US Dollar = 22,082.50 Laotian Kip
• 1 Euro = 24,641.51 Laotian Kip
• 1 Pound sterling = 29,571.45 Laotian Kip

Despite its weaker currency, Laos is quickly becoming a favorite among budget-conscious tourists who are keen on discovering Southeast Asia’s hidden gems. Vang Vieng, known for its white-water rafting, caving, and zip-lining, is a top spot for adventure lovers. The stunning Mekong River flows through the country, providing a serene setting for both adventure activities and relaxation. Tourists are also drawn to the peaceful Tham Poukham Cave and Blue Lagoon, perfect for those wanting to unwind after a day of exploring.

Laos City Guide: Discover Vientiane’s Charm, Vang Vieng’s Adventure, and Luang Prabang’s Timeless Beauty

Laos is a country where the past and present blend seamlessly, offering a mix of ancient temples, majestic landscapes, and warm, friendly locals. Whether you’re strolling through the peaceful streets of Vientiane, getting your adrenaline fix in Vang Vieng, or soaking in the historic beauty of Luang Prabang, Laos has something for every traveler. Let’s dive into what makes this country so special.

• Vientiane: A Gentle Welcome to Laos

When you land in Vientiane, the capital of Laos, it feels like you’ve stepped into a quieter world. There’s a calm that hangs in the air, even though this is the bustling heart of the country. If you start your journey at Patuxai, the city’s version of the Arc de Triomphe, you’ll get a panoramic view of the city’s tree-lined streets and French colonial architecture, all set against the backdrop of temples. And while you’re here, make time for the COPE Visitor Centre—it’s eye-opening to learn about the ongoing efforts to clear unexploded bombs from the Vietnam War and support survivors. It’s a reminder of the country’s resilience.

• Vang Vieng: Adventure Awaits

After a peaceful introduction in Vientiane, you might be ready for a bit of action, and Vang Vieng delivers just that. This is where the adventurers go, and once you see the towering limestone karsts and lush landscapes, you’ll understand why. Imagine floating above the scenery in a hot air balloon or paramotoring across the sky, with the wind in your face and the world spread out beneath you. Or, if you prefer to keep your feet on the ground, there are plenty of caves to explore and rivers to paddle. Whether you’re an adrenaline junkie or just someone who loves the great outdoors, Vang Vieng is like a natural playground waiting to be explored.

• Luang Prabang: Stepping into History

When you arrive in Luang Prabang, it feels like you’ve stepped back in time. This town, which used to be the royal capital of Laos, is all about history and culture. The 16th-century temples are still standing, their golden spires reflecting the sunlight as you wander through the streets. And the French colonial buildings that line the Mekong River add to the town’s charm, making it the kind of place where you can spend days just strolling and exploring. It’s also a perfect base if you’re looking to head into the mountains for some hiking. Luang Prabang feels like the heartbeat of Laos, where the country’s past and present live side by side.

Where to Stay in Laos

After days filled with adventure and culture, you’ll want a cozy place to unwind. Luckily, Laos has some incredible boutique hotels that offer both comfort and charm.

• The Belle Rive Boutique Hotel (Luang Prabang)

Right on the banks of the Mekong River, this hotel feels like a little slice of paradise. The rooms are charming, the staff are welcoming, and you can’t beat the view. It’s perfect for sipping a drink and watching the sunset after a day of exploring.

• MyBanLao Hotel (Vientiane)

Located in the capital, MyBanLao Hotel is your peaceful retreat from the city. With a laid-back atmosphere and traditional Laotian decor, it’s a place where you can really feel at home, and it’s just a short walk from all of Vientiane’s main attractions.

• S 2 Modern Boutique Hotel (Vientiane)

If you’re after something sleek and modern in Vientiane, the S 2 Modern Boutique Hotel is a great pick. It’s a mix of contemporary design and comfort, and it’s close enough to the city center so you can explore with ease but far enough to enjoy some peace and quiet.

Currency Fluctuations Reshaping Travel Choices

As currencies across Asia fluctuate, we’re seeing distinct shifts in how travelers experience the region. Thailand and Malaysia, with their stronger currencies, are pulling in higher-end tourists who are looking for luxury experiences and specialized services like medical tourism. Both countries are well-positioned to cater to affluent travelers, offering premium experiences at competitive prices.

On the flip side, countries like Japan, Vietnam, and Laos are leveraging their weaker currencies to attract a growing number of budget-conscious tourists. Whether it’s backpackers spending extended time in Vietnam or tourists in Japan getting more bang for their yen, these nations are making the most of their economic situation to lure in visitors looking for affordable adventures.

What’s Next for Tourism in Asia?

The travel landscape in Asia is being reshaped by currency shifts, and we’re likely to see this continue. As Malaysia and Thailand grow their high-end tourism sectors, they will likely attract luxury travelers and those seeking specialized services. Meanwhile, Japan, Vietnam, and Laos will remain top choices for budget travelers, making the region diverse and accessible to a wide range of visitors.

The post Thailand and Malaysia Currency at Peak while Japan, Vietnam and Laos at Rock Bottom Level – Will this Shift, Travel Sector Dynamics in Asia? appeared first on Travel And Tour World.