In the context of the budget deficit and the State decision to divest from 10 large State-owned Enterprises, including the huge names such as Vinamilk, FPT, Binh Minh Plastic and Bao Minh insurance, the Vietnam Association of Financial Investors (VAFI) has proposed to the Government to sell its shares in large hotels.Tourism is one of the fastest growing sectors in Vietnam so the sale of the hotels located in prime locations has attracted a lot of attention from both domestic and foreign investors. Here are some major hotels in Hanoi that are most interested in by investors, including private investors. Thang Loi HotelLast year it was big news when a local corporation – BRG – became an investor of Thang Loi Hotel, the most beautiful and famous hotel in Hanoi, after it was privatized.It was said that BRG Group acquired a 30% stake, the State still held 20% and the rest was sold to the hotel’s staff and outside shareholders. Thang Loi Hotel is located on Yen Phu … [Read more...] about Hanoi’s big hotels lure investors
Saigon kim lien hotel
Attractive summer beaches in Vietnam Vietnam one of top 10 best destinations for 2012 Visitors to Cua Lo beach have an excellent opportunity to see beautiful natural scenery, enjoy unique tourist activities and taste seafood on the sand dunes near the crystal clear blue water.Cua Lo is famous for its 10-km beach, good accommodation and delicious seafood. Not far from Cua Lo are three small islands, called Hon Ngu, Hon Chu, and Hon Mat, which are dazzlingly breath taking.Hotels on one side and pine and coconut trees on the other of the main road running along Cua Lo beach as well as the stands of trees growing as a natural barrier against beach erosion provide cool cover for sun-soaked tourists.A tourism festival takes place annually, usually in early May, to welcome the first tourists to the beach on summer holiday.Near the beach there is a chain of three and four-star hotels such as the Green Hotel, Saigon-Kim Lien Hotel, Pacific Hotel and several resorts.During the day, … [Read more...] about Cua Lo Beach – an attractive destination for tourists
Central Group announced its success but did not disclose details about the capital structure. Electronics and appliances retailer Nguyen Kim is 49% owned by Central Group.There were 20 suitors for Big C Vietnam, most of them big players like Aeon of Japan, Lotte of the Republic of Korea (RoK), BJC and Central Group of Thailand and Saigon Co.op and Masan of Vietnam.Big C’s revenues last year were worth 586 million euros. It is second only to Co.opmart in terms of number of stores, meaning the acquisition of Big C Vietnam is expected to help Central Group save several years it would otherwise have spent in developing in the Vietnamese retail market.The presence of many foreign retailers in the country, including from Thailand, will mean a wide range of high-quality goods at reasonable prices for consumers. The flip side is that Vietnamese producers and suppliers are apprehensive. After all, despite being opened up only recently, over 50% of the retail market has already … [Read more...] about What next for Big C after Thai takeover?
At a seminar on “Exporters boost domestic sales - where are solutions?” held by the Centre for Business Research and Assistance on May 16, all attending companies expressed their ultimate determination to grasp domestic markets. However, it is not easy for them to increase market shares which have firmly kept by China and Thailand. Many enterprises scaled down sales and operations to survive in times of global economic crisis. Therefore, expanding the domestic market has been a decisive and important step. They almost forgot the home market until they saw export markets shrinking. Many enterprises spent much of time and money to attract domestic consumers. Nonetheless, there is no best method for enterprises to boost domestic sales. According to economic specialist Le Dang Doanh, enterprises need to expand the local market in addition to exported ones. This is a growing potential market with more than 60 per cent of population aged under 30. “This market … [Read more...] about Domestic Businesses: Hard to Find Footing at Home
To expand the US tourism market, Saigon Tourism Corp. (Saigontourist) has introduced many strategies to position its trademark, diversify and improve product and service quality, and raise the professional service level. The Vietnam-US Bilateral Trade Agreement (BTA), effective December 2001, marked a milestone in the normalisation of relations between the two countries. For more than 5 years, with the expanding political and diplomatic relationship, trade ties between Vietnam and the US have continuously developed. The US is an important market in Vietnam’s tourism development strategy. US tourist arrivals have increased 13 per cent annually in recent years. Vietnam welcomed 230,000 US visitors in 2001; 259,000 visitors in 2002; 218,000 visitors in 2003 (falling due to SARS pandemic); 272,000 visitors in 2004; 333,000 visitors in 2005; 385,000 visitors in 2006, and 123,000 in the first three months of 2007. However, the number of US visitors to Vietnam was too small in … [Read more...] about Saigontourist, Investment Strategy and US Market Attraction
Saigon Tourism Corp. (Saigontourist), which was set up in 1975, has grown into a leading tourism firm in Vietnam. At present, Saigontourist is developing into a strong economic group with big investment projects. The main business scopes of Saigontourist are hotel, restaurant, travel, transportation, import, export, real estate, apartment for lease, tourism training, food processing and tourism services. Until now, Saigontourist has made its presence felt in all major provinces and cities in the country, opened representative offices in Japan and had business contacts with more than 300 partners around the world. The success of Saigontourist in the past has mainly come from strategies to build infrastructure, introduce new and diversified products, advertise its products domestically and internationally, maximise profits and apply ISO14001 standards. In 2006, Saigontourist expects to serve 1.5 million clients, obtain a total turnover of more than VND4,896 billion (US$306 … [Read more...] about Saigontourist Targets to Become Strong Economic Group
Saigon Tourism Corporation (Saigontourist), the biggest in Vietnam, operating over 100 companies, hotels, restaurants, tourist centres is ready for integration after WTO accession. On November 7, 2006, Vietnam gained WTO membership. New opportunities are now open for the tourism sector in Vietnam: attracting more foreign tourists and learning modern managerial skill. However, it is also exposed to the competition of multi-national tourist groups. According to Mr Nguyen Huu Tho, Director General of Saigontourist, it the best chance for Vietnamese tourist companies to heighten their positions. For its part, Saigontourist will focus on the improvement of managerial skills, tourist products and services to develop its trademark in the competition with international partners and groups. Vietnamese trademarks can be upgraded on the foundation of national value, assets and strength. For instance, the comparative edge in traditional culture can be developed into highly competitive … [Read more...] about Saigontourist Opens up after Vietnam’s WTO Admission
Reference exchange rate down by 4 VNDReference VND/USD exchange rate on November 10 morning is at 22.465 VND per USD as set by the State Bank of Vietnam (SBV), down 4 VND compared to the previous day.With the current +/- 3 percent VND/USD trading band, the ceiling exchange rate is 23.131 VND per USD and the floor rate is 21.793 VND per USD.The exchange rates remained stable at major commercial banks in early hours on November 10 morning.Vietcombank, Vietinbank and BIDV kept both rates unchanged from the previous day at 22, 680 VND (buying) and 22,750 VND (selling), per USD. APEC 2017: Hong Kong pins hopes on Vietnam marketMany Hong Kong firms are investing in Vietnam and looking for potential projects, said chief executive of Hong Kong Carrie Lam Cheng Yuet-ngor said.In an interview with the Vietnam News Agency ahead of her attendance at the APEC Economic Leaders’ Meeting in the central city of Da Nang, she lauded growing cooperation between Hong Kong and Vietnam, … [Read more...] about BUSINESS IN BRIEF 10/11
Compiled Thailand's Central Group and its local partner Nguyen Kim Trading Company have finally won the fierce battle for ownership of Big C Vietnam after offering 920 million euros (US$1.05 billion) to France's Casino Group.Central Group announced its success but did not disclose details about the capital structure. Electronics and appliances retailer Nguyen Kim is 49 per cent owned by Central Group.There were 20 suitors for Big C Vietnam, most of them big players like Aeon of Japan, Lotte of South Korea, BJC and Central Group of Thailand and Saigon Co.op and Masan of Viet Nam.Big C's revenues last year were worth 586 million euros. It is second only to Co.opmart in terms of number of stores, meaning the acquisition of Big C Vietnam is expected to help Central Group save several years it would otherwise have spent in developing in the Vietnamese retail market.The presence of many foreign retailers in the country, including from Thailand, will mean a wide range of high-quality … [Read more...] about What next for Big C VN after Thai takeover?