The hospitality industry is a broad category of fields within the service industry that includes lodging, food and beverage services, event planning, theme parks, travel agency, tourism, hotels, restaurants, nightclubs, and bars.
According to the Cambridge Business English Dictionary the "hospitality industry" consists of hotels and food service, [1] equivalent to NAICS code 72, "Accommodation and Food Service".
In 2020, the United States Department of Labor Standard Industrial Classification (SIC) defines the hospitality industry more broadly, including: [2]
In the United States, hotels are the most popular vacation accommodation. In 2022, the hotel and motel industry in the United States was a $224.9 billion market, measured by revenue. [4]
Horeca (also HoReCa, HORECA) is the Dutch, German, Italian, Romanian, Portuguese and French languages term for the food service and hotel industries. The term is a syllabic abbreviation of the words Hotel/Restaurant/Café. [5] [6] The term is mostly used in the Benelux countries and Switzerland.
"Horeca" is often not a one-to-one equivalent to the term "hospitality industry" used in English, which is often used more broadly. According to the Cambridge Business English Dictionary the "hospitality industry" consists of hotels and food service, [7] equivalent to NAICS code 72, "Accommodation and Food Service". However, the United States Department of Labor Standard Industry Classification (SIC) defines the hospitality industry more broadly, as noted above.
The Dutch Uniforme Voorwaarden Horeca (UVH) is translated into English as Uniform Conditions for the Hotel and Catering Industry. This code covers hotels, bars, restaurants and related businesses in the Netherlands. Koninklijke Horeca Nederland is the Dutch trade association for the hotel and catering industry. [8]
This sector is one of the fastest growing in Europe. In 2004, more than 7.8 million people were employed [9] and the sector generated more than $338 billion in turnover. [10] Jobs tend to be temporary, with irregular hours, low pay, and few career prospects. There is a high proportion of young people working in the sector. Some distribution companies use this term to define the food & beverage service trade channel or the hospitality trade.
The hotel industry in India is poised for continued strong growth, with CareEdge Ratings forecasting a 9-11% year-over-year increase in revenue for hotels in FY25. This comes after an estimated 12-14% growth in RevPAR (revenue per available room) in FY24, driven by robust demand outpacing supply. [11] Average room rates across India are projected to rise from around ₹7,200-7,400 in FY24 to ₹7,700-7,900 in FY25, with RevPAR climbing to an average of ₹4,800-5,000 by end-FY24. The recovery is fueled by healthy domestic leisure and business travel demand, complemented by increasing foreign tourist arrivals. While new supply is expected at a 4-5% CAGR over 4-5 years adding over 50,000 branded rooms, this delayed catch-up will allow demand-supply dynamics to gradually align. The CareEdge report notes a better balance emerging across segments like upscale, upper midscale and midscale/economy, reducing the earlier concentration in luxury/upper upscale. With high occupancies of 68-70% forecast for FY25, the strong RevPAR growth should aid in improving the credit profile of industry players.
In 2015 the United Kingdom hospitality industry employed around 2.9m people – around 9% of the UK workforce. [12] By employment, it is the UK's fourth-largest industry. The most jobs in the industry are found in London (around 500,000) and South East England (around 400,000); 18% of workers in the UK industry are in London. There are around 1.5m restaurant workers, and around 0.5m work in hotels. The Food Safety Act 1990 introduced the training that staff have to follow. Around 25% of the hospitality workforce comes from the EU, making up around 25% of chefs and around 75% of waiting staff. [13] [14] In 2019, 1 in 50 applicants to Pret a Manger was British.
The hotel industry in Vietnam is an important economic sector, contributing significantly to the country's GDP. [15] [16] [17] According to statistics from the Vietnam National Administration of Tourism, in 2022, Vietnam had a total of 32,313 accommodation establishments [18] [19] with 611,352 rooms, including 1,576 hotels with three stars or higher with 334,487 rooms. [20] [21] [22] Despite this, the Vietnamese hotel industry is still considered to have great potential for development in the future. [23] [24] According to the forecast of the World Tourism Organization (UNWTO), Vietnam will be one of the top tourist destinations in the world in the coming years. [25] [26] [27] This will create opportunities for the development of the Vietnamese hotel industry. [28] [29] [30] According to statistics from the Vietnam National Administration of Tourism, the Vietnamese hotel industry has had an average growth rate of 15% per year in the period 2010-2022. [31] [32]
Ninh Bình is a province of Vietnam in the Red River Delta region of the northern part of the country. The province is famous for a high density of natural and cultural attractions, including reserved parks in Cúc Phương National Park and Vân Long, grotto caves and rivers in Tràng An, Tam Cốc-Bích Động and Múa Caves, historic monuments in the Hoa Lư ancient capital, Vietnam's largest buddhist worshiping complex, and the Phát Diệm Cathedral with "eclectic architectural style". Thanks to its adjacency to Hanoi, day trips from the capital are easily manageable.
Vietnam Electricity is the national and the sole public power company in Vietnam. It was established by the government of Vietnam as a state-owned company in 1994, and has operated officially as a one-member limited liability company since 2010.
The Ministry of Health is the government ministry responsible for the governance and guidance of the health, healthcare and health industry of Vietnam. In conjunction with other ministries and the prime minister's office, the Ministry is responsible for creating and promulgating long-term health policy programs such as the "National Strategy on Nutrition for the 2001 - 2010 period" and the "National Policy on Injury Prevention 2002 - 2010". Its main offices are located in Ba Đình District, Hanoi.
The Orient Commercial Joint Stock Bank is a joint-stock commercial bank in Vietnam. Its Swift code is ORCOVNVX.
Joint Stock Commercial Bank for Foreign Trade of Vietnam, commonly referred to as Vietcombank, is a commercial bank in Vietnam.
The Vietnam national badminton team represents Vietnam in international badminton team competitions. The national team is controlled by the Vietnam Badminton Federation, the governing body for badminton in Vietnam. The Vietnamese team competes in the biennial Southeast Asian Games and have made several achievements in badminton at the games.
Chuối nếp nướng, also known as grilled banana wrapped in sticky rice, is a popular street food in Vietnam, particularly in the southern region.
The Vietnam International Commercial Joint Stock Bank(Vietnamese: Ngân hàng TMCP Quốc tế Việt Nam), abbreviated as "VIB", is a commercial bank in Vietnam. It was established in 1996 and is headquartered in Ho Chi Minh City. VIB is one of the largest banks in Vietnam, with a total asset of over VND 383,000 billion as of December 30, 2023.
Military Commercial Joint Stock Bank, commonly referred to as MB Bank, is a Vietnamese commercial joint stock bank, a subsidiary of the Ministry of Defense of Vietnam.
Saigon Thuong Tin Commercial Joint Stock Bank, commonly referred to as Sacombank, is a Vietnamese commercial joint stock bank established in 1991.
Tran Kim Chung is a Vietnamese businessman and investor. He is currently the Chairman of the Board of Directors of CT Group, one of the largest private economic groups in Vietnam.
Mạnh Trường is a Vietnamese actor and model. He is known through the TV series Bí mật tam giác vàng , The Man Standing in the Wind , Zippo, Mustard and You , A Lifetime of Enmity , Against the Tide of Tears , Running Away from Youth , Live and Death , Love and Ambition , Crocodile Profile , Hương vị tình thân .
Nguyễn Lê Việt Anh, commonly known by his stage name Việt Anh, is a Vietnamese actor. He is famous for his role as Cao Thanh Lam in the film Justice for sale of the TV series Criminal Police. In 2017, he continued his success with the role of the rich kid Phan Hai in The Arbitrator. Viet Anh also participated as a host of the TV show "We are soldiers" broadcast on channel VTV3 of Vietnam Television.
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