Nasdaq-listed firm’s Indonesia travel unit takes over Vietnam hotel platform
Vietnam-based Nasdaq-listed Society Pass Inc.’s online travel agency NusaTrip has acquired VLeisure, an online business-to-business hotel platform in Vietnam.
Society Pass founder, chairman and CEO Dennis Nguyen, also chairman of NusaTrip, signed the acquisition deal with VLeisure founder and managing director Phan Le in Jakarta on Thursday. They did not reveal the transaction value.
Based in Ho Chi Minh City, VLeisure services small- and medium-sized hotels in Vietnam and empowers online and offline travel agencies to manage and distribute travel products and services.
The deal marked NusaTrip’s first acquisition outside Indonesia. In early March, the travel company opened its Vietnam office, located in Ho Chi Minh City, representing its third Southeast Asian office outside of Jakarta, following the opening of offices in Singapore and Manila earlier this year.
NusaTrip will continue to acquire online and offline travel agencies in Southeast Asia as it builds a regional travel platform servicing the booming travel market.
Dennis Nguyen said, “VLeisure seamlessly blends into our user and merchant growth strategy. We combine NusaTrip’s robust flight business-to-business technology and business-to-consumer operational breadth with VLeisure's extensive hotel management software solutions.
“With Phan's significant experience and knowledge of the Vietnamese travel sector, I appoint him as the managing director of NusaTrip Vietnam.”
He added, “As a Vietnamese, I am proud to continue to finance and support Vietnam’s start-up sector with this VLeisure acquisition.”
According to the Vietnam National Administration of Tourism, the country’s tourism sector expects to welcome 110 million tourist arrivals in 2023, including 8 million foreign arrivals, to create total revenue of $27 billion, representing 5.7% of Vietnam’s projected 2023 GDP of $469 billion.
“I am proud to join Society Pass, the first Vietnam-based company to be listed on Nasdaq,” said Phan, VLeisure founder and managing director.
Society Pass (Nasdaq: SOPA) acquired Bangkok-headquartered Thoughtful Media last July, and the Thai firm launched its Vietnam digital advertising platform in HCMC early this April.
“With SoPa's rapid growth and NusaTrip’s position as a leading International Air Transport Association-licensed travel platform in Indonesia, VLeisure is now able to access our parent companies’ infrastructure of capital, technology, marketing, and customer support, allowing us to better serve our Vietnam-based customers and accelerate growth in our hotel business,” Phan said.
Founded in 2011, VLeisure serves as an online marketplace for hotels, airlines, and travel agencies.
- Read More
S Korea's Jeil E&C to invest $35 mln in southern Vietnam high-tech logistics project
Jeil E&C, a major South Korean construction-real estate business, will invest $35.4 million in a high-tech logistics project in Dong Nai province - an industrial hub in southern Vietnam.
Industries - Wed, May 1, 2024 | 9:34 am GMT+7
Brewer giant Habeco posts biggest quarterly loss in 4 years
Habeco, among the top four brewers in Vietnam by market share, suffered a net loss of VND21 billion ($828,570) in the first quarter of 2024, up nearly sixfold from the same period last year.
Companies - Wed, May 1, 2024 | 7:00 am GMT+7
Retailer Mobile World Q1 profit rises 43 times after reshuffle
Mobile World Investment Corporation (MWG) reported an after-tax profit of nearly VND903 billion ($35.63 million) in the first quarter of 2024, a 43-fold increase year-on-year, according to the company’s financial statements.
Companies - Tue, April 30, 2024 | 9:09 pm GMT+7
Vietnam welcomes 6.2 mln foreign arrivals in Jan-Apr, 3.9% above pre-pandemic level
Vietnam welcomed over 6.2 million foreign tourists in the first four months of this year, up 68.3% year-on-year, the General Statistics Office reported.
Travel - Tue, April 30, 2024 | 3:32 pm GMT+7
April 30 Victory – Glorious milestone in national history
The Liberation of the South Day (April 30) is an occasion of great significance for all Vietnamese people.
Politics - Tue, April 30, 2024 | 3:10 pm GMT+7
$32 mln ecotourism project inaugurated in central Vietnam
Hang Gop Ecology Tourism JSC, a subsidiary of FVG Group, inaugurated its VND800 million ($31.56 million) Dong Giang Heaven Gate ecotourism project in Vietnam’s central province of Quang Nam on Sunday.
Travel - Tue, April 30, 2024 | 2:00 pm GMT+7
Dien Bien Phu Campaign's historic 3D panorama painting to be exhibited in Hanoi
The impressive 3D panorama painting showcasing the Dien Bien Phu Campaign, which captivates visitors at the Dien Bien Phu Victory Museum in the northern province of Dien Bien, will now be exhibited in Hanoi using 3D mapping technology.
Travel - Tue, April 30, 2024 | 12:59 pm GMT+7
HCMC ready for spectacular fireworks display to celebrate national holidays
Ho Chi Minh City is getting ready for a spectacular fireworks display at five different locations to celebrate the Reunification Day on the night of April 30.
Travel - Tue, April 30, 2024 | 12:56 pm GMT+7
Vietnam’s FDI sector posts $16.64 bln trade surplus in Jan-Apr
Foreign-invested enterprises in Vietnam recorded a trade surplus of $16.64 billion in the first four months of 2024, with crude oil activities factored into account, according to the General Statistics Office.
Economy - Tue, April 30, 2024 | 11:50 am GMT+7
Vietnam attracts $9.27 bln in registered FDI from Jan-Apr, Ba Ria-Vung Tau top recipient
Registered foreign direct investment (FDI) in Vietnam reached $9.27 billion in the year to April 22, while disbursed FDI hit $6.28 billion, the highest figure in the last five years.
Economy - Tue, April 30, 2024 | 10:43 am GMT+7
Ninh Thuan grants investment certificates to 7 manufacturing, energy, infrastructure projects
The south-central province of Ninh Thuan has awarded seven investment registration certificates to projects in the fields of manufacturing, energy, and infrastructure, with total registered capital of VND4.88 trillion ($192.54 million).
Industries - Tue, April 30, 2024 | 10:33 am GMT+7
No more delays to HCMC 'super' port construction: experts
The construction of the $5.5 billion Can Gio “super” port in Ho Chi Minh City should not be delayed now that MSC, the world's leading shipping company, has proposed to invest in the mega project, said experts.
Infrastructure - Tue, April 30, 2024 | 7:00 am GMT+7
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