Business
Travel companies worry about Russia-Ukraine crisis impact on Vietnam tourism
Some travel companies in Vietnam are worried that the worsening Russia-Ukraine crisis will negatively impact the tourism industry as Russia is one of the major source markets of Vietnam’s tourism industry.
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| Russia is one of the major source markets of Vietnam’s tourism industry. – SGT Photo: Dao Loan |
According to Hoang Thi Phong Thu, chairwoman of Pegas Misr Travel Vietnam, the Russian rouble has tumbled to record lows after Western countries announced harsh sanctions on Russia.
This is not the first time that the rouble has slumped. In 2014, the rouble tumbled after the annexation of Crimea by Russia, immediately causing disruptions in the tourism industry.
“This situation is repeating, but it’s more difficult this time because we are facing two crises at the same time – war and the Covid pandemic,” she said.
Russia has for many years been a major source market of Vietnam’s tourism industry.
The 2019 Vietnam Tourism report showed that Russian tourists were the top spenders in Vietnam, with the average Russian spending over US$1,830 on his/her trip.
British tourists were the second-highest spending travelers in Vietnam with US$1,715, followed by American, Australian and French tourists with US$1,570, US$1,541 and US$1,443, respectively.
Russian tourists also stayed for the longest period, with the average duration of their vacations in Vietnam reaching over 15 days, followed by British tourists with 14.46 days, French tourists at 12.76 days and American and Australian tourists 12 days.
More than 646,000 Russian tourists visited Vietnam in 2019. Khanh Hoa, Phan Thiet, Danang, Quang Nam, HCMC and the Mekong Delta were their favorite destinations.
“After two years of suspension due to the Covid pandemic, we were preparing to reopen the doors to international tourists. But then the Russia-Ukraine crisis broke out and wiped away our plans,” Thu said.
“The tourism market recovered pretty quickly in previous crises. But we can’t say anything this time,” she added.
Leaders of some travel companies, hotels and resorts in Russian tourists’ favorite destinations such as Nha Trang and Phan Thiet said the Russia-Ukraine conflict had ruined their resumption plans.
Nguyen Huu Y Yen, general director of Saigontourist Travel Company, said Vietnam has not fully reopened its doors to international tourists so the impact of the Russia-Ukraine crisis on Vietnam’s tourism industry cannot be fully evaluated at the moment.
Some visible consequences could include higher tour prices due to increasing inflation and disruptions in aviation activities.
Pham Ha, CEO of Lux Group, said some of the company’s partners have canceled negotiations for a number of travel services serving Russian tourists in Nha Trang City.
“The crisis will hit not only Russian tourists but also tourists from other countries. Insecurity, higher costs due to surging fuel prices and flight bans are the major challenges,” he said.
Source: SGT
Source: https://vietnamnet.vn/en/business/travel-companies-worry-about-russia-ukraine-crisis-impact-on-vietnam-tourism-819794.html
Business
US-based SSA Marine partners with Gemadept to build $6.7-billion logistics centre
According to local media on September 12, the agreement focuses on the southern Vietnamese port region, particularly the construction of the Cai Mep Ha logistics center.
“The establishment of the Cai Mep Ha logistics center represents not only a leap for Vietnam but for global logistics,” an SSA Marine source stated. “The vision is grand, and the potential is limitless.”
When completed, the complex would span over 2,200 hectares and serve as Vietnam’s top logistics hub. The venture, located in the gorgeous surroundings of Phuoc Hoa district in Phu My town, has a dual-focused blueprint: a cutting-edge logistics center paired with the strategically positioned Cai Mep Ha downstream port.
SSA Marine, the largest US-owned and privately held container terminal operator and cargo handling company in the world, handles 35 million container TEUs per year at its marine and rail terminals and also operates cruise, auto- and Ro/Ro logistics, and IT Solutions.
With 73 years of existence, the firm operates over 250 ports throughout the US, Canada, Panama, Mexico, Chile, Costa Rica, Colombia, Asia, and New Zealand.
This modified plan, according to the province’s Department of Transport and consultants, increases the total area from 1,763ha to nearly 2,204ha. The core project space is approximately 1,687ha, including both the logistics center and the downstream port of Cai Mep Ha.
Moreover, the water surface area has been reduced to about 202ha. In addition, land initially reserved for clean energy storage will be repurposed for logistics and port functions.
The strategic planning adjustment aims to extend the port to handle 250,000-ton ships. Logistics and port operations will be redefined on the 198 ha of land, together with possible water surface areas.
Gemadept and SSA Marine are the leading investors, although seven others are interested. Geleximco, ITC, and Besix-Boskalis-Hateco, a Vietnam-EU collaboration, are said to be involved.
Upon completion, this hub will optimize import and export transportation costs across road, sea, rail, and air transit nodes. It aims to receive, store, process raw materials, package, label, and distribute commodities for adjacent industrial zones, notably the CM-TV port cluster, Vung Tau Port, and the southeast coastal port region.
Source: VIR
Source: https://e.nhipcaudautu.vn/companies/us-based-ssa-marine-partners-with-gemadept-to-build-67-billion-logistics-centre-3355034/
Several enterprises from South Korea and Japan were granted investment certificates on Friday to develop FDI projects at industrial parks in the northern port city of Hai Phong, with a total pledged capital reaching nearly US$1.4 billion.
The investment certificate handover ceremony was attended by Le Tien Chau, secretary of the municipal Party Committee.
The Hai Phong Economic Zone Management Board presented an investment certificate to Ecovane, a subsidiary of the South Korean chemicals maker SKC, to develop a hi-tech biodegradable material factory project worth $500 million.
Other key projects receiving the certificates at the event included a BW ready-built factory worth $60 million and a $40-million auto parts manufacturing plant by China’s CCTY Bearing Company.
Besides, Japan’s Kyocera Document Solutions Inc was approved to pour an additional $237.5 million into its machine and equipment manufacturing plant project, raising the project’s total investment to $425 million.
The municipal Economic Zone Management Board also finished the selection of investors for two social housing projects worth a combined $400 million, whose work is expected to begin this year.
Once completed, the social housing projects will offer more than 8,000 apartments to around 22,000 people, contributing to the city’s efforts to ensure social security and stable accommodations for low-income employees.
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| Hai Phong City in northern Vietnam attracted an additional US$1.4 billion of foreign capital in September 2023. Photo: Tien Thang / Tuoi Tre |
In the year to September 20, industrial parks and economic zones in Hai Phong had attracted roughly $3.1 billion of investment, reaching 120 percent of its 2023 target, said Le Trung Kien, head of the city’s Economic Zone Management Board.
Up to now, over 1,000 FDI projects worth a combined $28 billion have been developed in this northern port city, which granted investment certificates to 45 FDI projects with a total pledged capital of nearly $2.1 billion and 11 DDI (domestic direct investment) projects with a total cost of some $600 million last month.
The city’s Economic Zone Management Board previously had a working session with South Korea’s Chungbuk Free Economic Zone, which sought to cooperate with businesses active in Hai Phong as well as support them in technology transfers and human resources training.
The investment in semiconductor technology in Hai Phong is expected to advance further as SKC, the chemical unit of South Korea’s SK Group, inked a memorandum of understanding with Hai Phong to study the investment environment for advanced semiconductor materials, secondary batteries, and some other eco-friendly materials.
SK Group is the second-largest conglomerate in South Korea, just after Samsung, focusing on four main areas including energy and chemicals; telecommunications; semiconductors and other advanced materials; pharmaceuticals and logistics services, according to the Hai Phong Economic Zone Management Board.
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Source: https://tuoitrenews.vn/news/business/20230923/vietnams-hai-phong-city-attracts-extra-14-billion-in-foreign-investment/75742.html
Vietnamese automaker VinFast has launched its fifth electric car, the VF 6 crossover in the small-car segment, with base prices starting at VND675 million ($27,800).
The Plus version, which offers a range of 399 kilometers compared to the base’s 381 kilometers, costs VND765 million.
The battery costs VND90 million for each version.
Any customer who does not buy the battery can lease it for VND1.8 million a month, with a maximum monthly distance of 1,500 kilometers.
Sales begin October 20 and deliveries will be scheduled for the end of this year.
The VF 6 is in the same price range as the Hyundai Creta (starting at VND640 million) and the Kia Seltos (from VND599 million).
The B-segment (European classification’s smallest-car category) is rife with competition in Vietnam thanks to offerings by Japanese, South Korean, German and Chinese brands all seeking a bigger share.
Source: https://e.vnexpress.net/news/business/companies/vinfast-s-5th-electric-vehicle-costs-under-30-000-4659228.html
US-based SSA Marine partners with Gemadept to build $6.7-billion logistics centre
Samsung to build 7th ‘hope school’ in Vietnam’s Binh Phuoc Province
Vietnam’s Hai Phong City attracts extra $1.4 billion in foreign investment
Vietnam wins silver at Int’l Circus Festival in Russia
Ho Chi Minh City football club to sign former French national team player
Ninh Thuan reports 7.4% increase in seafood catch in H1
Digital assets raise unprecedented issues for policymaking
Japan supports Vietnam to enhance laboratory capacity for agricultural, fisheries product testing
Vietnamese cartoon producer cries for help as YouTube removes 3,000 videos
17 billion USD needed to build railway connecting to seaports
First Vietnamese representative at a Winter Olympic
Da Nang museums attracting domestic visitors with free entry policy
Nom, nom, Việt Nam – Episode 76: Fried cheese sticks
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