Vietnam takes lead in hotel growth in Asia

The hotel sector in Asia is expected to grow strongly with a compound annual growth rate (CAGR) of 7% in the 2012-2016 period, with Vietnam obtaining the highest growth of up to 15%, said an international researcher.
The market research company Euromonitor International in a report released at the World Travel Market currently taking place in the United Kingdom observed that CAGR of Vietnam takes the top position in the 2012-2016 period, followed by the Philippines, China, Malaysia, Uzbekistan, India and South Korea.
Spending of tourists in Asia is forecast to rise as the economic condition of the region is not too bad. High spending plus a steady growth in the number of international and domestic tourists are reasons for the high annual growth of Vietnam in the coming years.
According to the Vietnam National Administration of Tourism, despite economic difficulties, over 4.3 million international tourist arrivals were recorded in Vietnam in the January-August period, up nearly 10% year-on-year, while the number of domestic tourists is 23.2 million, up 7%.
The latest statistics on the number of hotels nationwide is yet to be available, but as of September, there were 12,500 accommodation facilities with 250,000 rooms. Among these facilities, there were 53, 127 and 271 hotels of five-star, four-star and three-star standards respectively.
The report also indicated that luxury brands in fashion, automobile, jewelry and cosmetics have joined the hotel market in Asia. Specifically, Tonino Lamborghini has planned to open 40 five-star hotels in Asia in the next few years, with nine hotels in China.
Regarding the travel trend, according to the report, medical and shopping travel models, travel by train and cruise ship will grow significantly in the 2012-2016 period.