Boston, MA -- (SBWIRE) -- 04/02/2014 -- BMI's Vietnam tourism report looks at a range of key indicators in this burgeoning Asia Pacific market. With domestic economic growth accelerating and the industry becoming increasingly accessible for foreign investors, the future is looking very positive for both inbound and outbound travel, as well as overall industry value, throughout our forecast period.
Vietnam is very well placed to take advantage of the growth in travel taking place throughout the Asia Pacific region, with the spending power of an expanding middle class providing a general boost to travelrelated expenditure. As travel to and around the region expands, we expect arrivals to Vietnam to increase steadily, increasing from 7.2mn in 2013 to an impressive 9.4mn in 2018.
As well as the growth in inbound arrivals, we also expect to see substantial increases in the number of outbound travellers from Vietnam. While the overall outbound figure of 3.5mn in 2013 is much smaller than that of inbound arrivals, healthy growth means that, by 2018, we expect outbound travel to pass 6mn - reflecting a valuable opportunity for potential investors.
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Vietnam is an increasingly popular tourist destination, gradually rivalling nearby Thailand, which is an already well-established beach holiday market. The country offers potential visitors a wide range of attractions, from the picturesque beaches of Phu Quoc and Ha Long Bay, which will attract leisure travellers, to the eco and wildlife tours that cater for the more adventurous. The country also has a wide variety of cultural attractions - such as the Thien Mu Pagoda - and historical attractions such as the Ci Chi Tunners (used by the Viet Cong during the Vietnam War). This range of attractions, many underdeveloped, points towards impressive long-term growth potential.
Investors in Vietnam's tourism market are likely to be encouraged by the strong support offered by the Vietnamese government. The launch and associated marketing campaigns of the National Tourism Year in 2013 raised Vietnam's international profile. At the same time, a range of investments in the country's transport infrastructure, which is in need of substantial expansion and modernisation, also lends confidence in terms of long-term growth in the market.
BMI's Key Forecasts
- The hotel market continues to improve, with several major resorts due to open and the overall number of hotels expected to increase. BMI expects that the value of the hotel industry will increase by around 12-13% a year between 2014 and 2018. The government continues to invest in improving the country's transport infrastructure, including a new terminal at Noi Bai Airport in Hanoi, and the building of a new international airport due to open by 2020, as well as a range of rail development projects.
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