Saigontourist seeks Japanese investment for new hotel projects

Vietnam’s leading tourism company Saigontourist said it is looking for Japanese partners to invest in the development of 12 new hotels and tourism complexes.
General Director Nguyen Huu Tho said the company announced details of the projects to around 70 Japanese companies at a real estate conference in Tokyo late last month.
He said Saigontourist is looking for both capital investment and management cooperation.
“Many investors have made appointments for further discussion and the first meeting will be held in Ho Chi Minh City this month,” Tho said, noting that Japanese investors are, in general, very interested in business opportunities in Vietnam.
He said Saigontourist also plans to buy hotels in Japan as an attempt to expand its operation.
The tourism firm now operates around 100 hotels, resorts and restaurants around the country. It posted revenues of VND8.2 trillion (US$420.6 million) last year and planned to boost the figure to $1 billion in 2015.
The company plans to add 4,000 new rooms to its hotel system in the next five years.