Paper Title :Economic Impact of Vietnam’s Tourism on Australia: An Econometric Study

Author :Tran Van Hoa, Jo Vu

Article Citation :Tran Van Hoa ,Jo Vu , (2018 ) " Economic Impact of Vietnam’s Tourism on Australia: An Econometric Study " , International Journal of Management and Applied Science (IJMAS) , pp. 41-49, Volume-4,Issue-9

Abstract : Vietnam tourism arrivals to Australia have been regarded as playing an important role in Australia’s growth in recent years. In spite of the fact that this activity is, in addition to trade and foreign direct investment, a principal cause of growth in the modern economic integration and globalisation theory, tourism studies from this theory’s structural framework, while highly appropriate and with useful insights, have hardly been undertaken. The paper proposes to fill the gap by using a new approach to developing an endogenous model of simultaneous growth and tourism determination equations where trade, foreign direct investment and tourism are main contributing factors of growth. In addition, Ironmonger-Lancaster new consumer demand theory determines tourism, and ‘economic conditionality’ simultaneously influencing growth and tourism in the sense of Johansen is recognised and incorporated. The model is then applied to Australian and Vietnamese data for the post-Japanese tourist boom period of 1992-2015 to provide substantive findings on Vietnam’s tourism determination and its contribution to Australia. Major regional policy implications are developed for use by government tourism planners and policy-makers. Keywords - Vietnam’s Tourism, Australia’s Growth, Economic Integration Theory, Endogenous Growth, Economic Modelling and Forecasts, Economic and Tourism Policy. JEL - C54, F15, F62, Z32, Z38

Type : Research paper

Published : Volume-4,Issue-9

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