World hospitality, tourism sector has high expectations
World hospitality, tourism sector has high expectations
Globally, businesses in the hospitality and tourism industries are the most bullish about both revenues and profits in the next 12 months, a study by auditing and consulting firm Grant Thornton has found.
The Q2 International Business Report released on Tuesday says around 63 per cent of business leaders in the industry globally expect revenues to climb over the next 12 months.
It is as high as 72 per cent in the Asia-Pacific region.
The global average (for all industries) is 48 per cent.
More than half of business leaders in hospitality and tourism expect to see profits rise, and, again, Asia-Pacifics even more bullish (63 per cent).
This is well above the global average (for all industries) of 36 per cent.
But in Viet Nam, not all sectors in the industry will perform to the same level because of the reduced growth in visitor arrivals and the change in the structure of visitors.
In the first five months of this year visitor arrivals actually declined by 1.4 per cent, and it was only due to improved performances in June and July that there was a 5.9 per cent increase in the first seven months.
"Viet Nam is lagging behind the growth seen in neighbouring countries and urgent action needs to be taken by the Government to ensure that this important sector, which contributes significantly to the country's GDP, does not get left behind," Grant Thornton Vietnam general director Ken Atkinson said.
"Urgent action needs to be taken in reviewing the visa on arrival and visa exemption policies, investment in tourism marketing campaigns, and urgent action to stop bad practices and services which damage not only the industry but the country and all Vietnamese people," he said.
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