VN to rank 2nd in travel growth

Jan 12th at 10:18
12-01-2017 10:18:46+07:00

VN to rank 2nd in travel growth

Viet Nam is expected to enjoy a compound annual growth rate of 9.5 per cent between 2016 and 2021 for outbound travel among Asia Pacific’s emerging markets, according to the “Future of Outbound Travel in Asia Pacific 2016 to 2021” report by MasterCard.

 

In 2021, around 7.5 million Vietnamese will travel abroad, compared to 4.8 million in 2016, said the report.

Myanmar is expected to take the top position with a 10.6 per cent growth per year over the next five years. The rate is 8.6 per cent for Indonesia, 8.5 per cent for China and 8.2 for India.

Meanwhile, growth will be 6.1 per cent for Sri Lanka, 4.8 per cent for Thailand, 4.4 per cent for the Philippines and 3.8 per cent for Korea. Australia, Singapore and Malaysia are expected to each have 3.5 per cent growth.

Eric Schneider, senior vice president for Asia Pacific at Mastercard Advisors, said: “The burgeoning middle class is driving the growth of outbound travel in Asia Pacific, along with other trends such as the emergence of the Asian millennial traveler and on the other end of the spectrum the senior traveller, as well as new technology and infrastructure developments. Asia Pacific travelers will continue to fuel global tourism growth in years to come, providing vast opportunities for businesses to benefit through the development of products and solutions that seek to improve their overall travel experiences.”

According to the study, outbound travel is forecast to grow faster than real GDP. Outbound travel growth tends to be higher than real GDP growth for emerging markets compared to developed markets (except for Japan) where outbound travel growth is much closer to their forecasted real GDP growth.

In emerging markets outbound travel is expected to grow faster than real GDP, including Myanmar (10.6 per cent vs. 7.7 per cent), Viet Nam (9.5 per cent vs. 6.2 per cent), Indonesia (8.6 per cent vs. 5.7 per cent), Thailand (4.8 per cent vs. 3.1 per cent) and China (8.5 per cent vs. 6 per cent).

The report updates Asia Pacific’s regional outlook of outbound travel from 2016 to 2021 at various household income ranges, combined with a five-year forecast of household growth.

The data is taken from the 2011 to 2016 editions of the Mastercard Survey on Consumer Purchasing Priorities – Travel.

Data for outbound travel from 2013 to 2015 was taken from the national statistics boards of markets, and for 2015 and 2016, were calculated using estimates from the 2016 edition of the Mastercard Asia Pacific Destinations Index.

bizhub



NEWS SAME CATEGORY

Danish enterprises study VN market

A joint networking programme to boost partnerships between Vietnamese and Danish enterprises was announced by the HCM City Investment and Trade Promotion Centre...

SCIC discloses year -end income report

State Capital Investment Corporation (SCIC) recently announced its report for 2016 and plans for 2017, in which it claimed to have nearly doubled its 2015 post-tax...

TCC Group unveils MM Mega Market brand name in Vietnam

TCC Group has officially announced the rebranding of Metro Cash & Carry Vietnam to MM Mega Market Vietnam.

Ha Noi innovative business incubator becomes operational

The Ha Noi innovative business incubator of information technology (HBI-IT) was put into use on Monday on 185 Giang Vo Street.

Parliament aims to clarify SME criteria

National Assembly Chairwoman Nguyen Thi Kim Ngan called it critical to clarify criteria determining which businesses are small and medium d in order to raise...

Mekong Capital invests in F88

The Mekong Enterprise Fund III Ltd (MEF III), managed by private equity firm Mekong Capital, yesterday inked an investment deal with the Ha Noi-based pawn shop...

Vietnam’s demands for senior, mid-level managers skyrocket in 2016: report

There was a sharp increase in the recruitment demands for senior and mid-level managers in Vietnam in 2016 while new industries have been forecast to emerge in...

VN giants post record profits

Two giant State-owned corporations, Vietnam National Petroleum Group (Petrolimex) and Viet Nam Steel Corporation (VNSTEEL), achieved record profits last year...

Gov’t to further classify and equitise businesses

Based on a recent decision issued by Prime Minister Nguyen Xuan Phuc on the classification of State-owned enterprises from 2016 to 2020, a total of 240 businesses...

Poor weather spoils Vietnam’s pre-Tet flower market

Farmers in ‘flower hubs’ across Vietnam are anticipating a low business season for the upcoming Tet, or the Lunar New Year period that is two weeks away, with crops...


MOST READ


Back To Top