Vietnam Tourism to Emerge as Tourists Hot Spot by 2016

Vietnam tourism industry is expected to grow at a CARG of 14% during the next five years’ period (i.e. from 2007 to 2011). And, the country is expected to become one of the top ten tourist destinations by the year 2016.

In its recently published market research report on “Opportunities in Vietnam Tourism Industry (2007-2009)", RNCOS has found that the tourist influx in Vietnam would grow at a CAGR value of approximately 14% over the next five years (2007-2011).

Vietnam is one of the best performing economies in Asian region. The country welcomed around 3.6 million international tourists last year (2006), representing a 2.1 million increase from 2000. And, receipts from incoming tourists reached almost US$2.4 Billion (around 3.9% of overall GDP), US$1.2 Billion up against 2000.

By 2016, Vietnam is expected to emerge as one of the top ten tourist destinations in the world. As a result of the tourism industry’s expansion, there will be more job opportunities, and increased incomes & consumer spending. This will also drive the economic growth in the country. Aviation, transportation, hospitality and other industries closely associated with the tourism industry will also benefit from this surge in tourism.

As per the RNCOS report “Opportunities in Vietnam Tourism Industry (2007-2009)", “Tourism is amongst the most rapidly growing industrial sectors in most countries of the world. And, in Asian countries, Vietnam in amongst the destinations enjoying maximum growth rates in tourist arrivals.

In recent years, the country has welcomed visitors from different countries. The list includes long haul visitors from countries such as US, China, Australia, and France, and regional travelers from adjoining countries within ASEAN (Association of South-East-Asian Nations) and high spending visitors from North East Asia.”Key issues and facts analyzed in this report include: performance of Global tourism, Asia-Pacific tourism and ASEAN tourism industry, position of Vietnam tourism industry with respect to the ASEAN tourism industry, outbound tourism, domestic tourism, and expenditure by inbound tourist, etc.