VN's tourism sector to grow at double-digit rate

RNCOS, a leading market research and information analysis company, has issued a new Market Research Report, saying that tourism sector of Vietnam is projected to grow at double-digit growth rate in near future, owing to a rise in private sector investment.
According to RNCOS's report "Vietnam Tourism Industry Forecast to 2012" launched onto its web on March 16, as Vietnam attracts tourists from all over the world, majority of private players have started investing in the country’s hospitality sector. With several upcoming events in 2010, especially the Thang Long Ha Noi celebrations, there will be an increased demand for rooms in the hospitality industry.
"The baseline for the optimistic future outlook projected in its report is that the there has been an increase in the number of outbound and domestic tourism. Due to the rapid economic growth, increasing disposable income and large share of young population, the tourism industry in Vietnam will show positive growth in the coming years. Increase in MICE tourism will also favor the country’s tourism market over the forecast period (2010-2013)," the company said.
RNCOS affirmed: "Vietnam is one of the most popular tourist destinations in the Asia-Pacific region and its tourism industry has been growing unprecedentedly over the past few years. In 2009, despite the global recession, the travel and tourism industry is estimated to have contributed 13.1 percent of the GDP to the Vietnamese economy. Being a source as well as destination market, the Vietnamese tourism industry has grown nearly twice as fast as GDP in recent years."
The company attributed the above-said achievements to the Vietnamese government’s support, describing it as key driving force for this industry. It added the government has been spending readily on the promotional activities all around the world to boost the nation’s tourism industry.