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Việt Nam tourism market needs more reforms to increase market share after pandemic

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Nguyễn Trùng Khánh, general director of the Việt Nam National Administration of Tourism

Tourism will become a necessity for many people around the world after a long period of limited travel because of the COVID-19 pandemic, according to experts. Therefore, the industry that suffered a huge impact from the pandemic could be one of the fastest to rebound.

This means Việt Nam will have opportunities to increase market shares in the world tourism market. 

Nguyễn Trùng Khánh, general director of the Việt Nam National Administration of Tourism, speaks to the Vietnam News Agency about this issue.

How will the tourism market change when COVID-19 is controlled?

The COVID-19 pandemic has made tourists pay more attention to health and safety, hygiene, travel insurance and avoiding crowds and changed their needs.

Tourists have a higher demand for luxury accommodations with isolated spaces, near travel and shorter vacations. They also have more flexible travel plans.

Instead of giving priority to price, customers will pay attention to safety and choose high-quality travel products. Demand for marine and natural tourism products will increase rapidly. Customers have made direct online bookings on websites of tour operators.

Besides that, 70 per cent of tourists choose to travel in small groups.

The tourism market is expected to shift from focusing on international tours to promoting domestic tours. Therefore, tourism service companies need to have enough quality accommodation facilities with reasonable price for meeting the demand that is increasing. However, growth is still slow at present.

Besides that, they need to grasp customer demand, strengthen digital transformation and improve competitive ability, creating a new face for the tourism industry and resuming the local service economy.

In 2019, Việt Nam’s tourism industry gained revenue of VNĐ421 trillion (US$18.1 billion) from foreign visitors, higher than the revenue of VNĐ334 trillion from domestic visitors. The domestic tourism market will struggle to recover without foreign tourists. What solutions does the tourism industry have to increase foreign tourism after the pandemic is controlled?

Việt Nam’s tourism industry had two-digit growth in 2019. However, from the beginning of this year, COVID-19 caused an unprecedented decline in foreign visitors after the Government had strict measures to prevent the pandemic, such as travel restrictions and temporary entry suspension for foreigners.

In the first eight months of this year, the number of international visitors to Việt Nam decreased by 67.4 per cent compared to the same period in 2019.

The recovery of Vietnamese tourism will have to depend on when COVID-19 is controlled in the world. To gradually restore international tourism activities after the pandemic, the domestic tourism industry needs to promote communication on the situation of COVID-19 control in Việt Nam. That confirms Việt Nam continues to be a safe and reliable tourism destination in the region. Tourism destinations are reopened to serve domestic tourists and have safe conditions to welcome foreign tourists.

The industry should deploy applications on smartphones to help tourists quickly access up-to-date information relating to COVID-19 such as areas with patients and quarantine areas.

It should also promote digital marketing activities, such as the implementation of the campaign ‘Explore Vietnam at home Today, Visit Someday’ including media activities via social networks, video clip and photo contests, and online entertainment activities relating to Vietnamese culture.

It needs to organise webinars to update new trends in tourism consumption, potential market segments and tourism products, and expected recovery scenarios in some key tourism markets of Việt Nam.

A new set of tourism promotion publications should be built according to market demand.

The COVID-19 pandemic is considered an opportunity to restructure the domestic tourism industry. Where should the industry start?

The pandemic is a good opportunity for the industry to restructure from advertising promotion, target markets and development of suitable products to development of stimulus packages and co-operation to related service companies such as airlines and suppliers of goods and services for tourists.

The application of technology to the development of the tourism industry is also a preeminent solution. As one of the service industries very vulnerable due to external factors, the tourism industry needs to quickly implement digital transformation and smart management to overcome existing difficulties and develop further. Digital technology also helps businesses know trends in customer needs.

In addition, tourism businesses need to quickly grasp the trend of the market to restructure and design tourism products focusing on luxury resort tourism, eco-tourism, health tourism and adventure travel.

They should improve the quality of products and services allowing customers to stay longer and spend more. This is the most important goal in the long-term tourism development strategy. —

Source: https://vietnamnews.vn/economy/793184/viet-nam-tourism-market-needs-more-reforms-to-increase-market-share-after-pandemic.html

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TTC Sugar to issue $30 million of unsecured bonds

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TTC Sugar will sell VNĐ700 billion (US$ 3 million) of unsecured bonds to the public next quarter. — Photo courtesy of the firm

HÀ NÔI — TTC Sugar has announced it will offer VNĐ700 billion (US$30 million) worth of unsecured bonds up for public auction.

The firm said the interest rate of the bonds in the first year would be 10 per cent in the first four quarters then a floating interest rate after that.

The firm expects to release the bonds in the first quarter next year with the minimum order for individual investors VNĐ20 billion and institutional investors VNĐ250 billion.

It said the non-convertible bonds were not guaranteed by assets in the maximum term of three years and were issued to pay for sugar purchase contracts in the first quarter of 2021

Sugar purchase contracts included those with Thành Thành Công Gia Lai company worth VNĐ288.4 billion, Biên Hòa – Ninh Hòa Sugar Company worth VNĐ205.8 billion and Biên Hòa Đồng Nai TTC Sugar Company worth VNĐ205.8 billion.

As of September 30, TTC Sugar had total capital of more than VNĐ18.4 trillion, total financial debt of VNĐ8.6 trillion, in which bond loans reached nearly VNĐ1.3 trillion. In addition, the firm has nearly VNĐ153 billion of convertible bonds.

The shares of TTC Sugar with the sticker SBT gained 2.5 per cent to reach VNDD18,500 on the HCM City Stock Exchange (HoSE) yesterday —

Source: https://vietnamnews.vn/economy/816937/ttc-sugar-to-issue-30-million-of-unsecured-bonds.html

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VN-Index back in the green after single red session

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VN-Index back in the green after single red session

An investor looks at stock prices on a screen at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.


The VN-Index shrugged off a single-session loss, gaining 0.58 percent to close at 1,008.87 points Tuesday, with gains driven by large cap stocks

The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, saw a fairly balanced session with 221 stocks gaining and 199 losing. Out of these, 15 stocks hit their ceiling prices, the highest they could go in a trading session.

Total trading volume rose marginally over the previous session, to VND11.68 trillion ($504.2 million), of which half went towards the VN30, a basket of the market’s largest capped stocks.

The VN30-Index for this basket surged 1.08 percent, significantly outperforming the general market, with 18 gaining tickers and seven losing.

Topping gains were stocks in the private banking sector. STB of Sacombank soared 5.5 percent, VPB of VPBank 4.1 percent, TCB of Techcombank 1.7 perent, HDB of HDBank 1.4 percent, while EIB of Eximbank shed 0.3 percent.

Results in the public banking sector, however, were mixed. MBB of mid-sized Military Bank rose 2.5 percent, while of Vietnam’s three biggest lenders by assets, CTG of VietinBank was up 1.2 percent, BID of BIDV kept its opening price, while VCB of Vietcombank was the worst performer on the VN30, down 1.1 percent.

Other major gainers this session included TCH of truck dealer Hoang Huy Group, up 5.4 percent, SBT of agricultural exporter TTC-Sugar, up 2.5 percent, VNM of dairy giant Vinamilk, with 1.4 percent, and MSN of food conglomerate Masan Group, with 1.2 percent.

VIC of private conglomerate Vingroup, HoSE’s biggest cap, rose 1.1 percent, while VHM of its real estate arm Vinhomes was up 0.8 percent, and VRE of retail arm Vincom Retail added 0.2 percent.

In oil and gas, GAS of energy giant PetroVietnam Gas and POW of electricity generator PetroVietnam Power both kept their opening prices, while PLX of gasoline distributor Petrolimex shed 0.4 percent.

In the other direction, the biggest losers included ROS of construction firm FLC Faros, down 0.9 percent, KDH of real estate developer Khang Dien House, down 0.7 percent, and FPT of IT services firm FPT, with 0.4 percent.

The HNX-Index for the Hanoi Stock Exchange, home to mid- and small-caps, climbed 0.83 percent, but the UPCoM-Index for the Unlisted Companies Market jumped 1.36 percent.

Foreign investors continued to be net buyers to the tune of nearly VND420 billion on all three bourses, with buying pressure mostly on VNM of Vinamilk, and the FUEVFVND, an exchange-traded fund replicating the performance of stocks on the VN Diamond Index, a bag of 14 stocks, most of which are blue chips.

Source: https://e.vnexpress.net/news/business/economy/vn-index-back-in-the-green-after-single-red-session-4199351.html

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Golden Brand Awards launched in HCMC

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The launch ceremony of the HCMC Golden Brand Awards held at the headquarters of The Saigon Times Group on December 1 – PHOTO: THANH HOA

HCMC – The HCMC Department of Industry and Trade and The Saigon Times Group jointly launched the HCMC Golden Brand Awards this morning, December 1, aimed at honoring businesses in the city for their efforts in building their brands.

Addressing the launch ceremony, Bui Ta Hoang Vu, director of the HCMC Department of Industry and Trade, said HCMC is the country’s economic hub where many businesses have been established and running.

The HCMC Golden Brand Awards is expected to help raise the awareness of businesses operating in the city over the importance of building their brands and encourage them to accelerate innovation, creativity and development, thus helping them improve their competitive capacity in local and international markets.

The organizers will give priority to businesses active in four key industries and nine major services of the city. Selection will be based on their efficiency in building their brands, innovation, creativity, the quality and safety of their products and their corporate social responsibility.

“The success of an enterprise relies not only on the popularity of its brand but also on its efficient business model. The assessment over the health of a brand is no longer based mainly on communication or marketing strategies but on the brand platform, which is the foundation that helps businesses develop sustainably and maintain their competitiveness in the long term,” said Tran Minh Hung, editor-in-chief of The Saigon Times Group.

According to Nguyen Dong Phuong, deputy director of the HCMC Department of Industry and Trade, businesses eligible for the awards are those that comply with all the prevailing regulations on production and trade. They must be based in HCMC and must not commit copyright infringement or trade fraud. Their brand should have been developed for at least two years.

The jury will comprise experts in building brands. The award winners will be announced in January 2021.

Registrations can be submitted to The Saigon Times Group, 35 Nam Ky Khoi Nghia Street, Nguyen Thai Binh Ward, District 1, HCMC, or the HCMC Department of Industry and Trade, 136 Hai Ba Trung Street, Ward 6, District 3, HCMC.

The registration form can be downloaded from http://thuonghieuvang.thesaigontimes.vn.

Source: https://english.thesaigontimes.vn/79616/golden-brand-awards-launched-in-hcmc.html

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