Vietnam’s tourism industry booms

Vietnam’s tourism sector is projected to have the world’s sixth-highest growth rate between 2007 and 2016.

The figures have recently been published in the annual report from the World Travel and Tourism Council and Oxford Economic Forecasting.

For the third consecutive year, Montenegro topped the list with expected annual growth of 10.2 per cent, while China and India placed second and third, respectively.

Vietnam’s ranking was based on projected tourism sector growth of 7.5 per cent. The list also cited Romania, Croatia, Latvia, the Maldives, Albania and Cambodia as having strong growth potential.

Several negative factors, including the December 2004 tsunami in southern Asia and the 2005 bombings in London and Egypt did not significantly affect global tourism, according to the World Travel and Tourism Council (WTTC).


It reported that global travel and tourism industry revenues topped US$6 trillion in 2005, up 5.7 per cent from the previous year.

The council said it expects the industry to post an overall growth rate of 4.6 per cent this year, with earnings in excess of $6.5 trillion.

“We were witnessing the power, speed and vitality of the travel and tourism industry in bringing opportunities and jobs to people and economies seeking sustainable development,” said WTTC president Jean-Claude Baumgarten.

He said recent research suggests the industry is poised to generate 2.5 million new jobs in 2006, bringing to 76.7 million the total number of people working in primary tourism sectors, representing 2.8 per cent of the world’s total workforce.

WTTC provides a forum for global business leaders of the world’s foremost travel, tourism and hospitality companies, with members representing companies offering accommodation, catering, entertainment, recreational, transportation and other travel-related services.

The council’s mandate is to raise awareness and highlight the potential economic impact of the travel and tourism industry.

It says secondary tourism sectors bring to 220 million the number of people involved in the industry, which generates over 10 per cent of the world’s GDP.

According to the Vietnam National Administration of Tourism, the country attracted roughly 3.5 million foreigners in 2005, an 18.4 per cent increase from last year