Viet Nam tied Thailand for the fourth fastest growth rate in commercial consumption expenditure (CCE) in Asia Pacific last year, according to a recently released Visa International report.
Viet Nam’s total CCE was US$78.1 billion, up 16% compared to 2005.
Other top growers in the region include Indonesia at 25%, the Philippines at 18% and Sri Lanka at 17%.
The top Asia Pacific markets in terms of total value were Japan at 5.3 trillion US$, China at 4.2 trillion US$, and India and South Korea tied at 1.9 trillion US$ each.
Global CCE is measured using four key data elements: the amount of business-to-business purchases to acquire goods and services used in production; wholesale and retail purchases of final goods; certain business capital expenditures, and government spending on goods and services.
The CCE index provides the global payment industry a consistent way to monitor global expenditures. The index includes all commercial spending with the exception of payroll and other select expenditures.
Visa calculates global CCE in 2006 to be $66.7 trillion, which represents an increase of 8% over 2005. Asia Pacific represented $17.0 trillion of the total, a 7% year-on-year increase.
"The Asia Pacific region’s growth is understandable given the strength of the economies in our part of the world: China, India and South Korea experienced double-digit growth in 2006, which helped the region grow slightly faster than either Europe or the United States," said Michael Cannon, senior VP for commercial solutions in Asia-Pacific.
Source: VNS mekong capital equity vinacapital
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