As the country 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, there will be an increased demand for rooms in the hospitality industry. 

The baseline for the optimistic future outlook projected in the 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).

Vietnam targets to attract 4.5-4.6 million international tourists and 27-28 million local visitors in 2010, up 8-21% against 2009 to gain a 7.1-11.4% rise in tourism revenue to 75-78 trillion VND ($4.2-4.3 billion), according to the Ministry of Culture, Sports and Tourism.

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, said the market research company. In 2009, despite the global recession, the travel and tourism industry is estimated to have contributed 13.1% 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 government's support has been the key driving force for this industry. The government has been spending readily on the promotional activities all around the world to boost the nation's tourism industry. The domestic tourism grew at a high rate during 2008-2009.

(Dtinews)