Nasdaq-listed firm’s Indonesia travel unit takes over Vietnam hotel platform

By Nguyen Thuy
Fri, April 14, 2023 | 3:38 pm GMT+7

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.

Society Pass founder, chairman and CEO Dennis Nguyen (right) and VLeisure founder and managing director Phan Le announce their acquisition deal in Jakarta on April 13, 2023. Photo courtesy of Society Pass.

Society Pass founder, chairman and CEO Dennis Nguyen (right) and VLeisure founder and managing director Phan Le announce their acquisition deal in Jakarta on April 13, 2023. Photo courtesy of Society Pass.

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.

Comments (0)
  • Read More
Former Government Office chairman receives $7,900 bribe from property project

Former Government Office chairman receives $7,900 bribe from property project

Mai Tien Dung, former Minister-Government Office Chairman, received a bribe worth VND200 million ($7,900) from Nguyen Cao Tri, owner of the Dai Ninh eco-resort and urban area project in Lam Dong province.

Society - Sat, November 2, 2024 | 9:13 pm GMT+7

Thai food giant CP enters public-private partnership to promote food system transformation

Thai food giant CP enters public-private partnership to promote food system transformation

Thai-invested C.P. Vietnam Livestock JSC and the Partnership for Sustainable Agriculture Vietnam (PSAV) signed a memorandum of understanding Friday on working together to advance sustainable agriculture in the country.

Companies - Sat, November 2, 2024 | 7:16 pm GMT+7

Central Vietnam province Quang Ngai to begin work on new VSIP industrial park next year

Central Vietnam province Quang Ngai to begin work on new VSIP industrial park next year

Vietnam’s central province of Quang Ngai will work with the investor to have construction of VSIP II Quang Ngai, a facility based on the Vietnam-Singapore Industrial Park (VSIP) model, begin in August 2025.

Industrial real estate - Sat, November 2, 2024 | 3:47 pm GMT+7

Vietnam likely to grow 6.5% in 2024-2025: VinaCapital

Vietnam likely to grow 6.5% in 2024-2025: VinaCapital

VinaCapital, among the biggest foreign-run asset managers in Vietnam, has forecast the country’s economy to achieve 6.5% growth in both 2024 and 2025, with the composition of the expansion to change to more domestically driven factors next year.

Economy - Sat, November 2, 2024 | 2:00 pm GMT+7

Major Vietnamese developer Novaland appoints new CEO

Major Vietnamese developer Novaland appoints new CEO

Duong Van Bac, who joined Novaland as chief financial officer in August 2023, has been appointed general director, starting Friday.

Companies - Sat, November 2, 2024 | 10:24 am GMT+7

Vietnamese conglomerate Bamboo Capital posts 36-fold profit growth in Q3

Vietnamese conglomerate Bamboo Capital posts 36-fold profit growth in Q3

Ho Chi Minh City-based Bamboo Capital Group recorded an after-tax profit of VND331.2 billion ($13.1 million) in the third quarter of 2024, an astounding 36-fold expansion year-on-year.

Southeast Asia - Sat, November 2, 2024 | 9:41 am GMT+7

ThaiBev to bag $54 mln from Sabeco’s upcoming dividend payout

ThaiBev to bag $54 mln from Sabeco’s upcoming dividend payout

Vietnam Beverage, wholly owned by Thai Beverage (ThaiBev) will rake in VND1,374 billion ($54.26 million) worth of dividend from Ho Chi Minh City-based top brewer Sabeco.

Companies - Sat, November 2, 2024 | 9:13 am GMT+7

Steel heavyweight Hoa Phat pours over $2 bln into central Vietnam complex

Steel heavyweight Hoa Phat pours over $2 bln into central Vietnam complex

Leading Vietnamese steelmaker Hoa Phat had invested more than VND52.5 trillion ($2.08 billion) in its Dung Quat Iron and Steel Integrated Complex (Dung Quat 2) in the central province of Quang Ngai as of Q3/2024.

Industries - Sat, November 2, 2024 | 8:00 am GMT+7

Vietnam becomes Australia’s fastest-growing inbound market

Vietnam becomes Australia’s fastest-growing inbound market

The number of Vietnamese tourists to Australia has grown significantly after the Covid-19 pandemic, with nearly 178,000 reported in the 12 months to August 2024, according to a Friday press release by the Australian Minister for Trade and Tourism’s Office.

Southeast Asia - Fri, November 1, 2024 | 10:02 pm GMT+7

Study finds shift in Thai consumers’ spending patterns

Study finds shift in Thai consumers’ spending patterns

Consumers in Thailand are shifting their spending focus to experiences and investments, according to the latest ASEAN Consumer Sentiment Study (ACSS) by United Overseas Bank (UOB).

Southeast Asia - Fri, November 1, 2024 | 10:00 pm GMT+7

Energy security, digitalization key to Indonesia's economic growth

Energy security, digitalization key to Indonesia's economic growth

The Indonesian government is prioritizing long-term economic growth through energy security, digitalization, and natural resource industrialization, according to Deputy Minister of Finance Thomas Djiwandono.

Southeast Asia - Fri, November 1, 2024 | 9:58 pm GMT+7

Vietnam PM's Middle East tour creates breakthroughs in economic, trade, investment cooperation: FM

Vietnam PM's Middle East tour creates breakthroughs in economic, trade, investment cooperation: FM

Prime Minister Pham Minh Chinh’s freshly ended six-day trip to the UAE, Saudi Arabia and Qatar has produced important outcomes, demonstrating the growing relations between Vietnam and the three Middle-East countries, Deputy Prime Minister and Foreign Minister Bui Thanh Son told the Vietnam News Agency.

Politics - Fri, November 1, 2024 | 9:25 pm GMT+7

Vietnam, Qatar look to tap potential for energy, oil & gas collaboration

Vietnam, Qatar look to tap potential for energy, oil & gas collaboration

Vietnam and Qatar have recognized the significant potential for further collaboration in multiple sectors such as energy, oil and gas, especially LNG, agriculture, Halal industry, and banking.

Politics - Fri, November 1, 2024 | 9:02 pm GMT+7

Thailand bans export of raw palm oil until December

Thailand bans export of raw palm oil until December

Thailand's Department of Internal Trade has temporarily banned the export of raw palm oil due to reduced production caused by drought and plant diseases.

Southeast Asia - Fri, November 1, 2024 | 8:31 pm GMT+7

Envision Energy to build $420 mln wind power plant in Vietnam from June 2025

Envision Energy to build $420 mln wind power plant in Vietnam from June 2025

Envision Energy Singapore Pte Ltd, under China-based Envision Energy, aims to kick off construction of the 300-MW Envision Nam Po wind power plant in Vietnam’s northern mountainous province of Dien Bien in June 2025.

Energy - Fri, November 1, 2024 | 8:30 pm GMT+7

Indonesia to ban plastic waste imports from 2025

Indonesia to ban plastic waste imports from 2025

The Indonesian government will start imposing a ban on the import of plastic waste from the beginning of next year, according to Minister of Environment Hanif Faisol Nurrofiq.

Southeast Asia - Fri, November 1, 2024 | 8:29 pm GMT+7