Recently published research from Business Monitor International, "Vietnam Tourism Report Q1 2014", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 01/02/2014 -- BMI's Vietnam tourism report looks at the enormous potential offered by the Vietnamese tourism market, with solid growth expected across all of our key market indicators, including inbound and outbound travel, industry value and tourism-related infrastructure, throughout our forecast period to 2017.
Vietnam enjoys a prime location in the heart of the booming Asia Pacific region and offers a vast range of tourist attractions to rival other countries, particularly the well established tourism market in Thailand. Vietnam's picturesque beaches of Phu Quoc and Ha Long Bay bring in leisure travellers, while the eco and wildlife tours cater for the more adventurous. The country also has a wide variety of cultural attractions such as Thien Mu Pagoda and historical attractions like the Ci Chi Tunners (used by the Viet Cong during the Vietnam War). As such, there is plenty to entice first-time travellers and to encourage their return.
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Thanks to strong economic development in key source markets, including China, inbound arrivals to Vietnam are expected to go from strength to strength, with annual arrivals forecast to reach over 9mn in 2017. This is a substantial increase on the 2012 arrivals figure of 6.8mn, reflecting the very positive growth we expect.
Outbound travel from Vietnam is also expected to increase throughout our forecast period, at an even stronger rate than that of inbound arrivals, as the domestic economy continues to expand. As private financial consumption increases we expect to see greater spending on outbound travel, leading to an annual departures figure of 5.4mn by 2017.
Tourism continues to receive strong support from the government, with the launch in 2013 of the National Tourism Year, which included widespread campaigns to develop the country's appeal as a tourist destination and branch out into new markets. Vietnam is also investing in infrastructure improvements, both in terms of the transport infrastructure, with expansion of international airports including a new terminal at Noi Bai Airport in Hanoi, and investments in the country's rail network, and in terms of development of the hotel market.
BMI's Key Forecasts
- The hotel market continues to improve, with several major resorts due to open in the future and the overall number of hotels expected to increase. BMI expects that the value of the hotel industry will increase by between 11% and 14% a year between 2013 and 2017.
- The government continues to invest in improving the country's transport infrastructure, including the building of a new international airport due to open by 2020 and a range of rail development projects.
- Arrivals will continue to be dominated by countries from within the Asia Pacific region, particularly China, South Korea and Japan, although the US and Russia will also remain key source markets.
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