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Vietnam tourism market: Inbound tourists grew over 12% CAGR between 2008-2012

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Travel and Tourism in Vietnam to 2017 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-04-22 21:40:03
Volumes in the Vietnam tourist market 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.

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.

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.

As one of the fastest-growing economies in the world, Vietnam offers strong potential for investments in the hotel market. Investment opportunities exist in all leading tourist destinations, such as Hanoi, Ho Chi Minh City, Da Nang, Nha Trang and Hoi An. The Saigontourist Holding Company is the leading hotel operator in the country, with 55 hotels located throughout the country.

An increase in internet penetration rates is leading to strong growth in the online travel bookings category. According to Internet World Stats, Vietnam has the fourth-highest internet penetration rate of all the ASEAN countries, with 31.0 million internet users, equivalent to 34% of the total population.

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