Vietnam will continue its strong tourism pace in 2007 according to Globalysis Ltd., an international boutique consultancy, with the issue of its 2007 tourism sector outlook for the Socialist Republic of Vietnam. The…
Vietnam will continue its strong tourism pace in 2007 according to Globalysis Ltd., an international boutique consultancy, with the issue of its 2007 tourism sector outlook for the Socialist Republic of Vietnam. The research report provides a macro-perspective of Vietnam`s tourism sector and indicates that the country should experience strong tourism sector growth in calendar year 2007.
Globalysis defines the tourism sector universe as encompassing the hotel lodging, entertainment, airline and casino gaming (where applicable) industries in addition to the indirect industries supported by tourism such as real estate. Several countries in Asia have identified tourism sector growth as a primary pillar of economic growth over the next decade.
Mr. Jonathan Galaviz, Partner at Globalysis Ltd., stated, Vietnam is one of the strongest emerging tourism growth destinations in Asia and finds itself well positioned to capture further growth in the coming years. The Vietnamese government continues to implement well placed strategies to attract further foreign direct investment focused on developing the tourism sector.
Some of the cited positive factors for Vietnam`s tourism sector are:
- Strong performance of the country`s hotel industry
- Increasing international airline connectivity
- Possible liberalization of the casino gaming industry
- An emphasis by the government on generating foreign direct investment growth geared towards the tourism sector
Some of the potential risks cited in the report for Vietnam`s tourism economy are:
- Natural disaster risk exposure
- Potential inflationary market for tourism assets
- Concerns about the legal framework for private property rights
Globalysis estimates that Vietnam will experience approximately 10% year-over-year growth in international visitor arrivals to an approximate figure of 3.94 million visitors in calendar year 2007. Vietnam experienced international visitor arrivals of approximately 3.58 million in calendar year 2006 according to the Vietnam National Administration of Tourism.
