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» » Vietnamese people spend $7-8 bil. on overseas services annually

MONEY - Vietnamese people spend around USD7-8 billion abroad on services each year, including study, travel and medical.

The number of Vietnamese people who go abroad for travel increased 20% annually and they are estimated to have spent USD3.5 billion.

According to the Vietnam Tourism Association, every year, around 1.1 million Vietnamese people visit China, one million to Cambodia, 500,000 to Thailand, 300,000 to Singapore, 200,000 to Malaysia, 110,000 to South Korea, and the figure does not take into account those who go to Europe and America.

Vu The Binh, Vice Chairman of the association cited Thai travel authorities as saying that each Vietnamese tourist spends roughly USD1,200 in the country per trip, while the figure for a trip to China is around USD1,000.

In mid-January, 2013, Nguyen Truong Giang, Deputy Head of the Ministry of Finance's Financial Administration and Career, said, every year Vietnamese people transfer billions of USD abroad for children’s study averaging at around USD10,000-USD15,000 each.

According to the Ministry of Education and Training, during the 2011 – 2012 school year, more than 106,000 Vietnamese students went abroad for study. An estimated total of USD1-1.5 billion was spent for on education and related services during the year.

The Ministry of Health’s preliminary statistics showed that around 40,000 Vietnamese patients spend USD2 billion per year for medical treatment abroad, including 5,000-10,000 people to Singapore.

Matthew Collier, Managing Director of Y & R Vietnam, said Vietnamese consumers’ concept of luxury products is largely based on two factors of prices and quality. Products which cost a lot are widely considered luxurious.

A survey conducted by the company indicated that 64% of those interviewed in Vietnam said luxury products are new to them. Four of the most sought-after brands were Apple, Sony, Toyota and Honda.

Bloomberg reported that Rolls-Royce targets to increase its licensed agents from 105 to 120 in the next five years, aiming to attract the very wealthy in a range of countries, including Vietnam.

Source: VNN

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