Vietnamese tourists in Japan. (Photo: VNA) HCM City (VNA) - Vietnam is expected to enjoy a compound annual growth rate of 9.5percent between 2016 and 2021 for outbound travel among Asia Pacific’s emergingmarkets, according to the “Future of Outbound Travel in Asia Pacific 2016 to2021” report by MasterCard.
In 2021, around 7.5 million Vietnamese will travel abroad, compared to 4.8million in 2016, said the report.
Myanmar is expected to take the top position with a 10.6 percent growth peryear over the next five years. The rate is 8.6 percent for Indonesia, 8.5 percentfor China and 8.2 percent for India.
Meanwhile, growth will be 6.1 percent for Sri Lanka, 4.8 percent for Thailand,4.4 percent for the Philippines and 3.8 percent for the Republic of Korea.Australia, Singapore and Malaysia are expected to have a 3.5 percent growth.
Eric Schneider, seniorvice president for Asia Pacific at Mastercard Advisors, said: “The burgeoningmiddle class is driving the growth of outbound travel in Asia Pacific, alongwith other trends such as the emergence of the Asian millennial traveler and onthe other end of the spectrum the senior traveller, as well as new technologyand infrastructure developments. Asia Pacific travelers will continue to fuelglobal tourism growth in years to come, providing vast opportunities forbusinesses to benefit through the development of products and solutions thatseek to improve their overall travel experiences.”
According to the study, outbound travel is forecast to grow faster than realGDP. Outbound travel growth tends to be higher than real GDP growth foremerging markets compared to developed markets (except for Japan) whereoutbound travel growth is much closer to their forecasted real GDP growth.
In emerging markets outbound travel is expected to grow faster than real GDP,including Myanmar (10.6 percent vs. 7.7 percent), Vietnam (9.5 percent vs. 6.2percent), Indonesia (8.6 percent vs. 5.7 percent), Thailand (4.8 percent vs.3.1 percent) and China (8.5 percent vs. 6 percent).
The report updates Asia Pacific’s regional outlook of outbound travel from 2016to 2021 at various household income ranges, combined with a five-year forecastof household growth.
The data is taken from the 2011 to 2016 editions of the Mastercard Survey onConsumer Purchasing Priorities – Travel.
Data for outbound travel from 2013 to 2015 was taken from the nationalstatistics boards of markets, and for 2015 and 2016, were calculated usingestimates from the 2016 edition of the Mastercard Asia Pacific DestinationsIndex.-VNA
VNA
