HCMC hotel room rates surge 50% in Q3
Ho Chi Minh City’s hotel room rates in the third quarter of the year increased by 50% compared to last year as business activities have resumed, according to Savills Vietnam.
The third quarter’s average rate in the four- and five-star segment was VND1.7 million ($69) per night, up 22% on the second quarter, the property services firm said in a new report.
The city’s entire hotel market delivered its Q3 occupancy rate at 58%, up 19% on Q2 and showing a strong post-pandemic recovery.
HCMC, Vietnam’s southern economic hub, welcomed 1.6 million foreign arrivals in Q3, rocketing by 240% over Q2, Savills said. It was still the country’s most popular destination between July and September, welcoming 10 million Vietnamese visitors, up 69% on Q2 and accounting for 45% of the total number of domestic visitors nationwide.
The city expects to welcome another 20 million visitors in Q4, including two million foreign arrivals.
The later months of each year are generally festive seasons, with more shopping and tourism activities.
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Private lender VPBank targets 114% profit growth in 2024
Vietnam’s leading private lender VPBank targets to rake in VND23.17 trillion ($914.18 million) in pre-tax profit this year, a year-on-year increase of 114%, according to its 2024 business plan approved by shareholders at the AGM on Monday.
Banking - Mon, April 29, 2024 | 11:13 pm GMT+7
Construction firm Lizen to focus on transport infrastructure, suspend some renewables projects
With real estate market remaining sluggish and renewable energy policies yet to be finalized, construction firm Lizen has decided to focus on transport infrastructure and electrical engineering.
Companies - Mon, April 29, 2024 | 10:39 pm GMT+7
Speculative groups stand behind Hanoi apartment fever: association
The recent apartment fever that has swept in Hanoi shows signs of being impacted by speculative groups who have created virtual supply and demand to push prices up, according to the Vietnam Association of Realtors (VARS).
Real Estate - Mon, April 29, 2024 | 4:07 pm GMT+7
Vietnam industrial production expands 6% in Jan-April
Vietnam's index of industrial production (IIP) remained on an upward trend, rising 6.3% year-on-year in April and 6% in January-April this year.
Economy - Mon, April 29, 2024 | 3:50 pm GMT+7
Industrial real estate still leads Vietnam market: experts
Despite difficulties, industrial park real estate still leads the market, attracting sustainable foreign direct investment (FDI) to Vietnam, said experts.
Industrial real estate - Mon, April 29, 2024 | 2:38 pm GMT+7
Hanoi photo exhibition depicts Vietnam’s significant victories in 20th century
A photo exhibition highlighting Vietnam’s victories that changed the course of world history is being held at the pedestrian space around Hoan Kiem Lake downtown Hanoi.
Travel - Mon, April 29, 2024 | 1:41 pm GMT+7
Hanoi’s top painters exhibit their work dedicated to national flower
The lotus – Vietnam’s national flower, is being honored at an art exhibition that opened in Hanoi on Sunday.
Travel - Mon, April 29, 2024 | 1:39 pm GMT+7
Thailand carries out cabinet reshuffle
The new cabinet of Thai Prime Minister Srettha Thavisin was announced on Sunday.
Southeast Asia - Mon, April 29, 2024 | 1:37 pm GMT+7
Vietnam's M&A activity bounces back in Q1
After a rather gloomy 2023, merger & acquisition (M&A) activity in Vietnam recorded a significant recovery in the first quarter of 2024.
Finance - Mon, April 29, 2024 | 10:59 am GMT+7
Nam Cau Kien eco-industrial park - A circular economy pioneer
Enterprises are encouraged to transform to the circular economy model, but they still face obstacles in accessing preferential policies. Procedures to receive credit packages from domestic and foreign organizations are complicated and have criteria that most businesses cannot meet, writes Pham Hong Diep, chairman of industrial real estate developer Shinec JSC.
Industrial real estate - Mon, April 29, 2024 | 9:11 am GMT+7
How tech empowers insurance agents in Vietnam
Vietnam's insurance industry stands at the threshold of a transformative era, one marked by significant potential and rapid digital evolution, writes Tri Nguyen, country manager for Vietnam at Singapore-based insurance firm Igloo.
Consulting - Mon, April 29, 2024 | 7:00 am GMT+7
Hoiana golf tournament raises $473,000 for disadvantaged children in Quang Nam province
Hoiana Resort & Golf has raised over VND1.2 billion ($473,000) from holding a charity golf tournament to support disadvantaged children in the central province of Quang Nam.
Travel - Sun, April 28, 2024 | 7:14 pm GMT+7
Dragon Capital-linked funds raise holding in retailer Mobile World to 6.25%
Six funds related to Dragon Capital, one of major fund management companies in Vietnam, have bought in a combined 4.66 million shares of leading Vietnamese retailer Mobile World Investment Corporation.
Companies - Sun, April 28, 2024 | 4:24 pm GMT+7
Vietnam real estate market can flourish again with shift in focus: experts
New policies, low interest rates, and projects serving real housing needs can see Vietnam’s real estate market recover by the end of 2025 and grow sustainably, experts said.
Real Estate - Sun, April 28, 2024 | 2:50 pm GMT+7
Real estate giant DIC Corp notches biggest quarterly loss since listing
Development Investment Construction JSC (DIC Corp), among Vietnam’s top real estate developers, incurred a loss of VND117.2 billion ($4.62 million) in the first quarter of this year, marking its largest quarterly loss since floating shares in 2009.
Companies - Sun, April 28, 2024 | 2:30 pm GMT+7
Vietnam startup funding down 17% to $529 mln in 2023, 3rd in Southeast Asia
Vietnamese startups secured $529 million in total funding in 2023, a 17% decline from the previous year, according to the 2024 Vietnam innovation and tech investment report released Friday.
Finance - Sun, April 28, 2024 | 10:04 am GMT+7
- Opinion
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Abundant real estate opportunities surround HCMC
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Bonds essential capital source for real estate market
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Hanoi metro projects a thorn in the flesh
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Vietnam banking system needs serious shake-up: expert
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Cultural due diligence critical to nurturing foreign bank 'marriages'
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High costs, uncertain returns deterring AI investment in Vietnam