Recent Study: Travel and Tourism in Vietnam to 2017

From: Fast Market Research, Inc.
Published: Thu Aug 15 2013

Vietnam's tourist volumes increased during the review period due to the country's strong economic growth, improved travel infrastructure, the availability of multiple travel options, affordable accommodation, and attractive destinations. The country's inbound tourist volumes expanded at a CAGR of 12.64% during the review period (2008-2012). Consequently, after realizing the sector's importance to the nation's economy, the government began prioritizing tourism. According to the World Travel and Tourism Council (WTTC), tourism accounted for 9.4% of the country's GDP and 8.1% of its total employment in 2012.

Key Highlights

* Based on Timetric forecasts, Vietnam's economy is expected to grow by 5.3% and 5.7% annually in 2013 and 2014 respectively, and accelerate to 6.5% over 2015-2017. The growth is expected to be supported by a reduction in interest rates and improvements in export demand.
* In terms of inbound tourist arrivals and tourism revenue in 2012, Vietnam ranked fifth among the Association of Southeast Asian Nations (ASEAN). Tourism is one of the fastest-growing business areas in the country's economy.
* Domestic tourism is dependent on resident income levels in a country, as well as their propensity to travel and spend. Mean household income in Vietnam increased at a CAGR of 14.44% during the review period and is expected to continue to increase at a CAGR of 12.69% over the forecast period. Domestic tourism will also edge upwards, supported by rising disposable income levels along with strong economic growth, increasing government expenditure on promotional activities and an encouraging demographic profile.
* The government and the VNAT have organized events in several cities and provinces to promote and introduce tourism products to foreign visitors. The events included Caravan Week in Quang Ngai province, the National Tourism Year 2011 in Phu Yen, the International Travel Expo (ITE) in Ho Chi Minh City, the Khanh Hoa Sea Tourism Week and the International Fireworks Competition in Da Nang City. Furthermore, the Thua Thien Hue province hosted the National Tourism Year 2012 and the Hue Festival. Ho Chi Minh City, Can Tho City, Binh Thuan province and the north-western province of Quang Ninh were the most popular travel destinations for inbound tourists.
* Outbound tourism growth is supported by rising levels of disposable income and the country's close proximity with key outbound destinations. Another factor which contributed to outbound tourism growth is that Vietnamese tourists can easily travel to other ASEAN countries without the need for visas.

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