Vietnam Airlines
6th February, 2008
Vietnam AirlinesVietnam will be among the top 10 major tourist destinations in the world over the next 10 years, according to the World Travel and Tourism Council. Tourism contributed 5% to Vietnam’s GDP in 2005.
And, as a result of the country’s booming economic development, disposable incomes and living standards among Vietnamese themselves have increased. Spending on leisure increased by 5% in 2005.
These two factors have combined to result in a huge rise in inbound and outbound travel. Air travel alone enjoyed 26% growth in 2005 over the previous year. In 2005, the figure was four million arrivals, a 25% rise on 2004. There was a boom too in the number of departures – growth was 50% up on the previous year. Simultaneously, the industry enjoyed more than 29 million domestic travellers.
With its huge landscapes, more than 4,000-year history, eastern culture and its reputation as a safe place untouched by terrorism, Vietnam has attracted increasing numbers of international arrivals. With its slogan for travel and tourism, introduced in 2005 – “Vietnam – the hidden charm� – the country expects to welcome eight million international arrivals and manage 107 million domestic trips by 2010.
In addition, it is also forecast that the number of Vietnamese travelling abroad will increase to two million in 2010 as a result of continuous increases in living standards.
Dominating Vietnam’s travel sector is Vietnam Airlines but there has been a comparatively small but significant market penetration by two low-cost carriers.
UHY Audit & Advisory Services, based in Hanoi and Ho Chi Minh City, has been involved in the aviation industry for a short time: the firm was only established in September 2006. However, its key personnel have a longer history of serving the industry as trainers, auditors and advisors. Their service dates back to 1996 when they were working for state-owned Vietnam Airlines through one of the Big Four in Vietnam.
UHY Audit & Advisory Services audits Vietnam Airlines subsidiaries – the air petrol company PINACO and the catering company CAC.
The firm’s engagements with Vietnam Airlines itself, at the airline’s headquarters, include training staff on applying new accounting standards, maintaining strong internal controls and providing a costing system – ‘all indicating the co-operative relations we are building with the corporation’, says UHY Audit & Advisory Services’ Nguyen Thanh Lam.
 top
|
