Indian hotel giant OYO eyes $50 mln investment in Vietnam

By Dat Nguyen   July 3, 2019 | 02:35 pm GMT+7
Indian hotel giant OYO eyes $50 mln investment in Vietnam
OYO has opened 90 franchised hotels with 1,500 rooms in the last three months in Vietnam. Photo courtesy of OYO.

India’s largest hospitality company OYO plans to invest $50 million in Vietnam, looking to benefit from the country’s tourism boom.

The company has opened 90 franchised hotels with 1,500 rooms in the last three months in six localities including Hanoi, Ho Chi Minh City and the central Da Nang City, it said in a statement.

It plans to expand to 10 localities with 20,000 rooms by the end of next year, a move that will create about 1,500 jobs, said Dushyant Dwibedy, OYO’s country head for Vietnam.

Anil Goel, OYO’s chief technology and product officer, said that Vietnam’s tourism growth in recent years was the reason for the company’s investment in the country. "In 2019, Vietnam is expected to host 103 million visitors which means that a great opportunity lies ahead of us to build a strong and sustainable hospitality ecosystem in the country."

In Vietnam, the company focuses on hotels with less than 100 rooms and charges about VND400,000 ($17) per night.

Established in 2013, OYO is a chain of hotels that works under leased and franchised model in India and overseas. 

Vietnam welcomed 8.48 million international visitors in the first six months of 2019, up 7.5 percent over the same period last year, according to the Vietnam National Administration of Tourism.

The country’s tourism revenue in the first six months this year is estimated at VND338.2 trillion ($14.5 billion), up 8.4 percent year-on-year.

 
 
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