Saigontourist posts all-time high losses

By Tat Dat   June 5, 2022 | 06:36 pm PT
Saigontourist posts all-time high losses
A Saigontourist office in HCMC. Photo courtesy of the company
Tour operator Saigontourist reported a loss of VND534 billion (US$23.02 million) last year, its highest ever, as Covid-19 wrecked the tourism industry.

Its revenues halved from the previous year to VND1.14 trillion, a fifth of average pre-pandemic levels.

In 2020 it had reported losses of VND359 billion.

Saigontourist also reported losses of VND160 billion at its 19 joint ventures and associates, double the previous year's figure.

The company's chairman, Pham Huy Binh, said 2021 was a difficult time for the tourism industry globally, and Saigontourist was "severely affected by Covid-19."

It runs travel agencies, hotels, resorts, restaurants, and even a cable TV company.

KBSV Securities expects the tourism industry to recover this year following the resumption of international travel in March.

A VnExpress survey of tourism companies found that domestic travel has returned to 90 percent of pre-pandemic levels.

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