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Emphasizes that tourism forms the largest industry in the world and the Vietnamese Government has targeted it for strategic foreign direct investment (FDI). Notes although researchers and policy makers comprehend particular aspects of tourism, they often misperceive how the variables interact within economic and political systems. Elaborates on experiences in similar and related Asian markets that indicate policies necessary to develop a sustainable, socially and ecologically‐desirable tourism industry through appropriate balancing of key stakeholders’ goals. First defines sustainable development in the context of tourism and indicates its relevance for Vietnam. Next, analyses some economic and social costs and benefits associated with tourism; also interprets recent governmental policies’ influences. Finally, provides policy recommendations for the future of sustainable and economically‐viable national tourism development in Vietnam.

Proposes that most managers and researchers acknowledge that emerging and newly industrialized markets do not have the same quantity of secondary data as the long‐industrialized economies of North America and Western Europe. Presents the results of a search of available, business‐related, secondary data on South‐East Asia’s rapidly growing economies; highlights how this dearth of data has resulted in an informational void that affects the practice of strategic management in the region. Also delineates how regional managers cope with and adapt to the informational void, and to the region’s fast‐changing business, cultural and competitive environments, by developing their unique, highly‐intuitive style of strategic management. Finally, provides some suggestions to bridge this informational void for management practice and for future research.

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