Vietnam, along with Cambodia and Laos, has seen the largest increase in tourist arrivals from outside ASEAN, according to a new report made by the Institute of Chartered Accountants in England and Wales (ICAEW). With an increase of over 40 percent between 2007 and 2011, tourism is playing a crucial part in Vietnam’s economic growth, providing substantial employment and foreign currency earnings.
Accordingly, tourists from outside the ASEAN region visiting Vietnam are up 42.2 percent from the 2007 figure, whilst outbound tourism numbers have gone up 87 percent in the same period.
Between 2007 and 2011, tourist arrivals from outside the region grew by 28.6 percent, bringing an influx of tourist dollars to countries like Vietnam and Singapore. Intra-regional travel grew even more for some nations, rising by 34.5 percent. However, Singaporeans and Malaysians made up nearly two-thirds of intra-ASEAN tourists in 2011, mostly to each other for short trips. The increased wealth of countries like Indonesia has also increased visitor numbers to Vietnam, as well as to newer destinations like Laos. Moreover, the appeal of each country to its regional neighbours varies, with the Philippines only receiving 8 percent of visitors from the region while 80 percent of visitors to Laos came from ASEAN.
ICAEW Economic Advisor and CEBR’s (Centre for Economics and Business Research) Chief Executive Douglas McWilliams, said: “Growth in the global economy remains lacklustre, but ASEAN nations find themselves in an ‘economic sweet spot’ of manageable inflation, moderate interest rates, and rising prosperity feeding through to increasing household consumption.”
“One success story for the region is tourism; a major industry for South East Asia, which is renowned for its rich history and natural beauty. Tourism is not just a major employer, but also provides substantial foreign currency earnings, so the rise supports the region’s economies. A big boost has come from intra-regional travel, including business travel, which has grown by over a third in the last four years, suggesting significant economic development. Based on the current numbers, and barring extraordinary setbacks, we would expect to see ASEAN continue to outpace the global economy for the foreseeable future.”
The region has now overtaken Japan as the third largest customer of China. Though exports to Europe have fallen, between 2011 and 2012, sales to ASEAN more than compensated for this.
As ASEAN economies continue to grow, it is beginning to play a larger and more pivotal role in the global economy and marketplace. With the increased purchasing power from a rapidly growing middle class, the region will become one of the most dynamic parts of the world.
Giang Tu
Vietnamese
