Vietnam Takes Lead In Hotel Growth In Asia
VietNamNet Bridge – 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. [Scroll down for separate article]
Vietnam GDP Growth Rate
The Gross Domestic Product (GDP) in Vietnam expanded 4.66 percent in the second quarter of 2012 over the same quarter, previous year. Historically, from 2000 until 2012, Vietnam GDP Growth Rate averaged 6.37 Percent reaching an all time high of 8.46 Percent in December of 2007 and a record low of 3.14 Percent in March of 2009.
The Gross Domestic Product (GDP) growth rate provides an aggregated measure of changes in value of the goods and services produced by an economy.
Vietnam is a developing economy in the Southeast Asia. In recent years, the nation has been rising as a leading agricultural exporter and an attractive foreign investment destination. Vietnam's key products are: rice, cashew nuts, black pepper, coffee, tea, fishery products and rubber.
Read More Link On Right
Manufacturing, information technology and high-tech industries constitute a fast growing part of the economy. Vietnam is also one of the largest oil producers in the region. This link will show a graph of their growth rate for the past several years -
The Gross Domestic Product growth rate measures the increase in value of the goods and services produced by an economy. Economic growth is usually calculated in real terms or inflation-adjusted terms, in order to net out the effect of changes on the price of the goods and services produced.
The Gross Domestic Product can be determined using three different approaches, which should give the same result. These different methods are the product technique, the income technique , and the expenditure technique.
In sum, the product technique sums the outputs of every class of enterprise to arrive at the total.
The expenditure technique works on the principle that every product must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying products and services.
The income technique works on the principle that the incomes of the productive factors must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes.
The real GDP per capita of an economy is often used as an indicator of the average standard of living of individuals in that country, and economic growth is therefore often seen as indicating an increase in the average standard of living.
However, there are some problems in using growth in GDP per capita to measure the general well-being of a country´s population. In fact, GDP was first developed by Simon Kuznets for a US Congress report in 1934, who immediately said not to use it as a measure for welfare.
First, GDP per capita does not provide much information relevant to the distribution of income in a country.
Second, GDP per capita does not take into account negative externalities such as pollution consequent to economic growth.
Third, GDP per capita does not take into account positive externalities that may result from services such as education and health. Finally, GDP per capita excludes the value of all the activities that take place outside of the market place such as free leisure activities or less positive activities like organized crime.
Vietnam Takes Lead In Hotel Growth In Asia
VietNamNet Bridge – 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.