Maintenance contract inked for fuel factory

Mien Trung (Central) Petroleum Construction Joint Stock Company and PetroVietnam Energy Technology Corporation (PV EIC) signed a contract on Friday for maintenance of the Dung Quat Bio-Ethanol Fuel Factory.

Under the contract, PV EIC will begin the factory's maintenance activities on December 1, including daily, periodical and general maintenance and repairs.

The VND2.2 trillion (US$105.7 million) factory, which is designed to produce 100 million litres of Ethanol per year, would come operational in early December.

Global labour trends to impact VN market

More women are entering the workplace and aspiring to advance into higher levels of leadership, HR (Human Resources) expert Nicola Connolly said last Wednesday.

This was one of several global labour trends that would impact the Vietnamese labour market in the coming years, she added.

Connolly was speaking at a media briefing held to announce the entry of global HR services firm Adecco into the Viet Nam market.

Switzerland-based Adecco Group said the opening of its office in Viet Nam was part of plans to extend its presence in the Asia Pacific region.

Ministry to revise tariffs for next year
 
The Ministry of Finance is gathering recommendations on a draft for import and export tariffs for 2012.

The changes related to export in the draft were minor so the country's exports would not be significantly impacted, the ministry said.

The ministry said it was looking into cutting the export tax on coal from the current 20 per cent. Although details about the reduction were not provided, the cut was expected to be modest because a high tax would help restrict exports to meet the country's rising demand for coal.

Export taxes on processed limestone are also expected to be cut from the current 17 per cent to 14 per cent. A 17 per cent tax rate will remain in place for unprocessed limestone.

The draft also calls for import taxes to be cut on more than 1,000 items to meet the country's commitments with the World Trade Organisation.

Import taxes on meat and by-products will be cut by 1-3 per cent from the current 12-26 per cent. The ministry said it expected the new rates, which were equal to the ceiling rates regulated by the WTO, would still help the domestic breeding industry develop.

"Import taxes on animal feed, which are low at 0-3 per cent and expected to remain unchanged next year, will help the breeding industry develop," the ministry said, adding that application of the new tariff would minimise the negative impacts on the industry.

City eyes stable prices, supply
 
The HCM City People's Committee has urged Government agencies and districts to take tougher measures to stabilise prices and supply in the next two months.

At a meeting to review socio-economic development in the year to date recently, People's Committee chairman Le Hoang Quan ordered district authorities and related agencies to ensure sufficient supply of materials and products to meet producers' and consumers' needs.

He called on businesses to expand their distribution networks for goods that were part of the city's price-stabilisation programme so that people can buy essential goods at reasonable prices.

Authorities would closely monitor the progress of public projects and their spending to ensure urgent ones got priority funding, he promised.

According to a report from the committee, in the first 10 months the city's exports were worth US$22.27 billion, a year-on-year increase of 19.3 per cent.

Retail spending on goods and services rose by 23.9 per cent while industrial production grew by 12 per cent.

Meanwhile, the volume of essential goods stocked under the price-stabilisation programme for Tet (Lunar New Year) early next year is expected to meet 85 per cent of HCM City's needs.

Addressing another meeting, this one to review the price stabilisation programme and prepare for the festive season, deputy director of the city Department of Industry and Trade Le Ngoc Dao assured that companies that had signed up for the programme had sufficient supply of essential goods for Tet, which falls on January 23.

They had enough stocks to meet 85 per cent of poultry meat needs, he said.

The figures were 65 per cent for eggs, 45 per cent for processed food and sugar, 43 per cent for cooking oil, and 32 per cent for livestock products.

An official from the Department of Finance assured that the prices of these goods would be at least 10 per cent less than market rates.

Nguyen Thi Hong, deputy chairwoman of the People's Committee, said concerned agencies would focus on expanding distribution networks to widen the reach of the programme.

The city now had 2,565 stalls selling food and foodstuff, 10 times the number in 2008, she said.

In November this network would be further expanded to sell food and foodstuff to workers' kitchens in industrial parks and remote areas, Hong said.

She ordered the Department of Finance to monitor the prices of essential goods, and relevant agencies to better manage the city's three wholesale markets which meet 50 to 70 per cent of the city's needs.

Fruit companies get wise with Chinese traders

While many Vietnamese fruit companies are still following the old risky way of transporting their fruits to China’s border gates to wait for customers, some have done differently.

For a long time, local firms have transported their fruits to China through border gates and waited for their Chinese customers.

If they can’t find any customer, they simply waste thousands of tons of fruits.However, some, such as Tien Giang-based Long Giang Fruit Processing Co. has found a safer way to trade with China.

Director Nguyen Xuan Huy said he only brought the fruits to China after he had signed contracts with his Chinese customers.

Huy said since his business with Chinese traders had been done via direct contracts, he was no longer forced to sell at low prices, or to transport the fruits back when there were no customers.

The key, he said, is that his fruits have high quality. “My container trucks are now received by Chinese traders right at the border gates,” he said.

“Meanwhile, hundreds of trucks of other firms have to park there waiting to find buyers.”

He said many Chinese traders had come to his company in Vietnam to offer to buy his longans.

“Since our brand has become familiar to Chinese consumers, Chinese importers are willing to pay higher for it,” he said.

Huy said besides longans, Chinese traders also buy his bananas, sweet potatoes and blue dragons.

The current lucrative business of Long Giang Co. is completely different from 5 years ago, when the company sold fruits to China the old way.

Huy said he used to hire container trucks to carry longans to China via Tan Thanh and Lao Cai border gates and wait for buyers.

Vietnamese fruits companies could not sell directly to Chinese customers but often through brokers, who charged them a commission of CNY1 (US$0.15) on every basket of longans, he said.

Huy had to pay CNY3,000 for broker commissions on every container.

He said sometimes Chinese traders said his fruits had bad quality to bargain for a lower price.

“There were times when Chinese traders said they would only buy if we lowered our prices. Otherwise, we would have to carry our fruits back,” Huy said.

“So we often didn’t have any choice but sell to them at losses.”

Mekong Delta rice farmers boost production

Rice farmers in the Mekong Delta came in for much praise for increasing output by more than a million tonnes this year as targeted by the Government at a recent review conference.

Speaking at the conference on Oct. 28 in Hau Giang province which also discussed plans for the next rice crop, Deputy Minister of Agriculture and Rural Development Bui Ba Bong admitted: "Early this year, the target seemed hard to reach due to challenges like erratic climate."

However, output in the southern region was 25.2 million tonnes, with the delta accounting for more than 23 million tonnes, 1.52 million tonnes higher than last year.

The achievement had been due to the recent implementation of the large-scale rice field model in the delta, he said.

Under the model, land was pooled and hundreds of farming households and businesses co-operate to grow crops. In the delta, more than 6,400 households farmed a total of around 8,000ha to grow the winter-spring and summer-autumn rice crops this year.

The advantage of this model was that businesses help the farmers by providing them with seeds, fertilisers, irrigation, advanced technologies, and modern farming techniques, thus helping reduce production costs and improve productivity and quality, and by selling their products.

The businesses benefit by having long-term suppliers.

"Without large-scale paddy fields, the Mekong Delta farmers would continue to be poor," Bong said.

The model should be expanded to other regions while the delta needed to implement the model on an area of 50,000ha in 2012 and 100,000ha in 2013, he said, adding it would greatly enhance the Government's new rural development plan.

Pham Van Du, deputy director of the Cultivation Department, said the new model, which met VietGAP Good Agricultural Practices standards, attracted businesses and farmers.

Rice output and exports had been good, helping farmers earn profits. New high-quality rice varieties had been developed and used, increasing yields, he added.

Vietnam 's rice exports are likely to top 7 million tonnes this year.

But Pham Van Bay, deputy chairman of the Vietnam Food Association, said while Vietnam has the opportunity to overtake Thailand in rice exports next year, it is more important to make exports sustainable.

"The target is to develop a national trademark for Vietnamese rice and achieve GlobalGAP standards."

VFA estimates rice exports next year to be 6.5 – 7 million tonnes. But it worries that too many businesses have been licensed to export, making the domestic rice market chaotic.

The Ministry of Industry and Trade needs to carefully review the list of businesses registered for rice trading and export, Bay said.

Nguyen Van Dong, director of the Hau Giang Department of Agriculture and Rural Development, said many challenges still needs resolving, including poor preservation after harvest and lack of close ties between the Government, scientists, farmers, and businesses.

Petrovietnam bids for ConocoPhillips' Vietnam assets

State oil and gas group Petrovietnam has bid for $1.5 billion of ConocoPhillips oil assets in Vietnam's East Sea, a senior Petrovietnam official said, its first formal move for the stakes in the disputed waters.

The Hanoi-based group plans to do its utmost to acquire the assets, Nguyen Tien Dung, Petrovietnam's Deputy Chief Executive Officer, told Reuters on Monday.

"The investment is in our country, so we are determined, with our largest possible efforts, to buy," Dung said.

Barclays Capital is the adviser for the bid, a source with knowledge of the deal said.

ConocoPhillips owns a 23.25 percent stake in a complex of four fields in block 15-1.

The three oilfields and one gas field include the Su Tu Den and Su Tu Vang oilfields and two other fields that have not begun operations, according to Korea National Oil Corp (KNOC), one of the owners of the block.

Petrovietnam already owns 50 percent of block 15-1. KNOC has 14.2 percent, South Korea's SK Corp 9 percent and Monaco's Geopetrol 3.5 percent.

The U.S. company also owns 36 percent of the Rang Dong oilfield in block 15-2 in the Cuu Long basin and 16.3 percent in the Nam Con Son gas pipeline project.

In July, Petrovietnam's CEO said the company may buy the ConocoPhillips oil and gas interests in the disputed seas to help protect Hanoi's territorial claims, adding that the U.S. energy firm may sell the assets as it was scaling back its presence, possibly as part of a restructuring.

Energy assets are a touchy subject in the disputed waters. U.S. oil giant Exxon Mobil Corp recently said it had discovered hydrocarbons in August off central Vietnam, in an area also claimed by China.

China on Monday warned foreign energy firms against exploration in the disputed waters.

WB warns of increasing private debt in Vietnam

The total credit debt balance of the private sector (private debts) in Vietnam is equal to 125 percent of GDP.

World Bank statistics show that Vietnam’s private debts are the highest in the region, leading to warnings about banks’ bad debts.

The rate has increased sharply from 35 percent in 2000 to 71.2 percent in 2006, 93.4 percent in 2007, 90.2 percent in 2008, 112.7 percent in 2009 and 125 percent in 2010.

Experts say that this is due to the real estate bubble and the rising price of land and credit used for real estate.

Some analysts say that there is an increase in the number of credit ogranisations, driving up total credit. In addition, Vietnam’s growth in recent years has depended primarily on investment.

Economist Bui Kien Thanh said banks should pay more attention to businesses’ bad debts to have suitable solutions.

Vietnam’s GDP is now around US$106 billion, which means private debt is more than US$131 billion. With current interest rates, businesses have to pay more than US$20 billion in interest on loans each year and they find it difficult to clear both debts and interest payments on time due to the current difficult economic situation.

Promoting financial cooperation between Vietnam and Japan

Japan is currently Vietnam’s largest ODA donor and its projects have significantly contributed to Vietnam’s socio-economic development.

Vietnam’s Minister of Finance Vuong Dinh Hue made the statement at a working session with Japanese counterpart Jun Azumi in Tokyo on October 31 within the framework of Prime Minister Nguyen Tan Dung’s visit to Japan.  

Minister Hue briefed Minister Azumi on Vietnam’s socio-economic situation, macroeconomic policies, development orientations and restructuring of some key economic sectors in the future.

He urged his counterpart to support increasing loans for Vietnam under the Poverty Reduction Support Credit (PRSC) programme from 3.5 billion yen to 10 billion yen in the second phase of this fiscal year.

He proposed providing new loans according to budget support, PRSC and the Support Programme to Respond to Climate Change (SP-RCC).

Minister Hue expressed his hope that Mr Azumi will provide further support for public-private partnership (PPP) investment and modernization of the Vietnamese banking system.

At the working session, Minister Azumi was pleased at the effective use of Japanese ODA in Vietnam and pledged to consider raising ODA for Vietnam and supporting new investment methods.

The two ministers agreed to strengthen cooperative relations between the two finance ministries and help develop the strategic partnership between the two countries.

Haiphong attracts nearly US$290 million in FDI

The northern port city of Hai Phong has drawn an additional 25 foreign direct investment (FDI) projects worth about US$290 million in the past ten months of this year.

Another 21 projects have also registered to increase their existing capital to expand production.

The city now has 316 FDI projects with a total capital investment of more than US$4.89 billion.

Duong Anh Dien, Chairman of the Haiphong Municipal People’s Committee, said the city will continue to create favourable investment environment, reform administrative procedures and focus on attracting Japanese investors operating in support industry, manufacture, electronics, high-tech and research and development.

According to the Haiphong Department of Planning and Investment, the city is boosting the implementation of some large projects including Haiphong international seaport, upgrade Cat Bi international airport, Hanoi-Haiphong highway, Tien Lang international airport and Dinh Vu-Cat Hai economic zone.

A number of economic zones such as Dinh Vu, Trang Due and Vietnam Singapore Industrial Park (VSIP) are now calling for foreign investment projects.

Recently, a city’s delegation has paid a working visit to some key Japanese groups like Panasonic, Hitachi and Nikkei to learn from their experiences in developing and managing their industrial parks.

After the visit, Haiphong also received many Japanese businesses seeking business opportunities in the city.

However, poor transport infrastructure and slow progress of land clearance have prevented the city from attracting more FDI investment.

Encouraging businesses to fulfill social responsibility

Businesses, including foreign ones, should take part in social activities to help reduce poverty in Vietnam.

Deputy Prime Minister Vu Van Ninh made the statement at a reception for Tidjane Thiam, Chief Executive and Director-General of Prudential Group in Hanoi on October 31.

Mr Ninh highlighted the group’s important contributions to Vietnam’s socio-economic development, particularly its efforts to reduce poverty.

Thiam said the fulfillment of social responsibility is one of Prudential’s criteria and the group has decided to allocate US$2 million for social activities each year aside from its long-term investment in Vietnam.

Korean company builds fibre factory in Binh Duong

Kyung Bang Vietnam Co. Ltd, wholly invested by the Republic of Korea’s Kyung Bang Group, broke ground on a large-scale fibre factory in the southern province of Binh Duong on October 31.

In the first phase, the project, located in Bau Bang industrial zone, Ben Cat district, has investment capital of US$40 million. It covers an area of 160,000sq.m and has a capacity of 6,000 tonnes of fibre per year.

The factory is scheduled to be put into operation in 2013.

In the past ten months, Binh Duong’s export turnover reached nearly US$1.2 billion, up 14 percent compared to the same period last year.

Vietnam to open trade doors in SE Asia for Kazakhstan

Vietnam Government is willing to create the most favourable conditions for Kazakh enterprises to do business in the country, Deputy Prime Minister Vu Van Ninh told a business conference in Hanoi on Dec. 31.

Entering Vietnam , a market with approximately 90 million consumers, Kazakh businesses will also have the opportunity to access other large Southeast Asian markets, the deputy PM said.

However, bilateral relations between the two countries, especially in trade and investment, are yet to match the potential and desires of the two countries, he noted.

He called on businesses to seek new co-operation opportunities in a move to further develop the two nations' relationship.

Kazakhstan has paid great attention to cementing relations with Southeast Asian countries, including Vietnam , said Kazakh Deputy PM Asset Issekeshev.

He outlined oil and gas, mining, textiles and garments, agriculture, transport and tourism as promising sectors for future bilateral co-operation between the two business communities.

Businesses will play a leading role in raising the level of economic and commercial ties between the two countries, said the Vietnam Chamber of Commerce and Industry vice chairman Vu Tien Loc.

The Vietnam- Kazakhstan Business Council, which was also launched on Oct. 31, will help businesses exchange information and form reliable trade partners as well as explore opportunities for co-operation on trade and investment, Loc said.

Two-way trade reached a modest $44 million last year and $26.3 million in the first eight months of this year, but Kazakhstan does not have any investment projects in Vietnam .

The forum witnessed a memorandum of understanding inked between PetroVietnam and the Kusto Group of Kazakhstan . The MoU is expected to facilitate the two companies' co-operation in exploring and exploiting oil and gas in Vietnam , Kazakhstan and other countries.

During the event, Vietnam 's Astana Thai Son Co also signed a contract in-principle with Satra Thai Son Joint Stock Co. Under the contract, the two companies will join hands in exporting agricultural and seafood products to Kazakhstan .

Carriers look to wing it into aviation

Foreign and local air carriers are trying hard to get a slice of Vietnam’s air aviation market.

In mid October 2011, Asia’s largest low-cost air carrier AirAsia unveiled its decision not to purchase 30 per cent stake in Vietnam-based VietJet Aviation Joint Stock Company (VietJet)’s VND600 billion ($29 million) chartered capital. The deal dropped because the two partners could not reach an agreement on AirAsia brand usage in commercial activities.

This was AirAsia’s second trial to team up with a local partner to make inroads in Vietnam’s low-cost aviation market. In August 2007, the Malaysia-based airline intended to join hands with Vinashin to open a low-cost aviation joint venture.

AirAsia is making constant efforts to raise its share in low-cost aviation market segment against regional rivals such as Australia-backed Jetstar Pacific Airlines, India-based GoAir and Philippines-based Cebu Pacific.

From December 16, 2011 AirAsia will open a new route flying directly from Kuala Lumpur to Danang city four times per week.

For its part, VietJet Air, still confirmed it has finalised technical and human resources preparations to get its first proposed commercial flights up in the air from late 2011.

At the inception, VietJet Air will fly some local routes including Hanoi-Danang, Hanoi-Ho Chi Minh City and Danang-Ho Chi Minh City. In the next step, the low-cost airline will expand its wings to other locations in South East and Northeast Asia such as Bangkok, Singapore, China, South Korea and Japan, according to the low-cost airline’s executives.

However, since its foundation in 2007, the airline regularly backed down on promises to start flying.

Besides, according to Vietnam Civil Aviation Administration of Vietnam’s deputy chief Lai Xuan Thanh, VietJet Air was yet to procure the air operator certificate (AOC) or give reports on its aircraft leasing plan to relevant state agencies.
Jetstar Pacific is the only foreign-backed airline operating in Vietnam. Jetstar Pacific is also Vietnam’s first low-cost airline whose 30 per cent stake is held by foreign shareholder Australia-based Qantas Airways.

Besides VietJet Air, another local private airline Air Mekong reportedly wanted to team up with US-based Sky West through selling its 30 per cent stake to the foreign partner, but it has not been green-lighted by the government.

Nissan Vietnam champions customers

Nissan Vietnam is offering its customers the chance to get ahead.

Nissan Vietnam has launched a “Test drive, get prizes” promotion campaign which runs from November 1 to December 31, 2011 at all Nissan authorised dealers nationwide.

Customers are invited to test drive Nissan Grand Livina and get chances to win state-of-the-art devices from Apple Stores.

The campaign is divided into as lucky draw entries programme open to customers.

Lucky draw entries programme will be drawn on December 15, 2011 and January 12, 2012 at the Nissan Vietnam offices.

Nissan Vietnam general director Choo Hong Chow said: “Since its launch in April 2010, Grand Livina has received positive feedback from customers. This test drive campaign offers a chance for our potential customers to experience, by themselves, this international award-winning vehicle which has captured the Vietnamese customers’ trust since last year.”

In December 2008, Nissan Vietnam began operations to import and distribute Nissan vehicles, parts and accessories, and in 2010 Nissan Vietnam commenced the local assembly of Nissan vehicles plus the development of a nationwide network of new dealerships in Vietnam.

Land lot projects save property firms

As the condominium market has been frozen with prices falling steadily over the years, many property project owners have shifted to the land lot market as a new approach in their strategies to diversify housing products and to seek customers.

Thu Duc Housing Development Corporation (Thuduc House) and Pacific Property and Infrastructure Development JSC (PPI) are going to offer the land lots belonging to Long Hoi City project in Ben Luc District, Long An Province.

The project covers 54 hectares with 424 land lots, including 382 units for street houses, semi-detached houses and villas and others for resettlement.

Some 100 land lots of the total 300 in the project’s second phase will be offered at the price from VND3-5 million per square meter. Earlier, the first phase was rolled out with 27 hectares and the land lots were sold out in 2006.

Similarly, Anh Tuan Investment Joint Stock Corporation has planned to sell the land lots at the Anh Tuan Garden project in Nha Be District, HCMC. The project worth VND120 billion in total capital includes 119 land lots for street houses sold at the price of VND8.2-8.5 million per square meter.

Meanwhile, Phu My Hung Co. said in mid-November it would launch into the market the Chateau villa project, also known as the company’s final house land lot project in grade A segment.

Phu My Hung Co. plans to offer the first phase of the project with 47 products, comprising 35 villas and 12 semi-detached houses with gardens covering 510-770 square meters. However, the offering price has not yet been revealed.

Other firms with land lot projects have also launched their products to attract homebuyers from HCMC and neighboring provinces.

Commenting on the market trend, Nguyen Vu Bao Hoang, deputy director of Thuduc House, said investors are eyeing the emerging market in Binh Duong, Dong Nai, Long An and Ba Ria-Vung Tau where the property price is cheaper.

With advantages of low prices and traffic infrastructure connectivity, Hoang expected the land lot projects will become favorable to small individual investors.

Meanwhile, market observers predicted poor business results in the apartment segment until the year’s end and a price drop in both primary and secondary markets.

Thailand flood hits local auto industry

The worst flood in Thailand’s history has heavily affected not only its car manufacturing, but also stricken the automobile industry in nearby countries including Vietnam due to a sharp fall in Thai supply of components and vehicles.

According to some local auto manufacturers, Thailand is regarded as an auto production center in the Asian region with an overwhelming presence of numerous part factories. In fact, most auto-assembly joint ventures in Vietnam have also relied on components supply from Thailand.

Honda’s plant in Thailand must stop production as it has been submerged under flood, while Toyota Motor Thailand continues to suspend production for at least one more week as its part plants are struggling with flood.

Akito Tachibana, general director of Toyota Motor Vietnam (TMV), said that the shortfall of components from Thailand prompted reduction in production output in a number of plants worldwide including Vietnam.

TMV and Toyota Motor Thailand and Toyota Group are working together to assess impacts on TMV, as Innova and Fortuner popular in Vietnam are mostly made of parts imported from Thailand, revealed Akito.

Meanwhile, Honda Thailand has closed it factory since October 4 and the ability to resume operation was still under consideration as of October 25, reported Akira Makino, director of automobile division of Honda Vietnam Co. (HVN)

The fact that Honda Thailand has to close its manufacturing center in Asia and Oceania has discontinued supplies to many regional markets including Vietnam. This means Honda Vietnam has no choice but to adjust its production plan from next month to adapt to such a circumstance, Akira said.

The same woe occurred at Ford Vietnam, whose most parts have been imported from Ford plant in Thailand.
 
QEC opens electrical equipment plant in Binh Duong

Quartz Electrical Equipment Corporation (QEC) on Saturday put into operations an electrical equipment factory in the southern province of Binh Duong’s Vietnam – Singapore II industrial park to manufacture transformers.

The VND155-billion factory is a joint venture between two local partners named Quartz Mechanical & Electrical Corporation (QMC) and Tien Phong Group (ITD), with the foreign firm Arteche Group serving as the strategic partner. The factory covering more than 2.1 hectares has an annual designed output of 50,000 products.

Thai Don Thanh, director of QEC, said that key products included medium current transformers and voltage transformers that would replace products that QMC imported from Arteche Group’s factory in Spain over the past five years.

He added the products would also be exported next year.

The factory is the fruit of a cooperation agreement signed between QMC and ITD Group early last year to manufacture medium current transformers and medium voltage transformers.

Arteche Group, ITD Group and QMC started their cooperation more than five years ago with a commercial relationship through QMC in the local market. This partnership has grown along the years before the foreign partner decided to participate in this project as a technological and strategic partner.
 
First Hyatt Regency resort opens in Danang

Indochina Capital and Hyatt Hotels Corporation have announced the opening of Hyatt Regency Danang Resort and Spa in the central coast city of Danang as the first property in Vietnam bearing the luxury brand of the global hospitality company.

Peter Ryder, chief executive official of Indochina Capital Vietnam as the project owner, told reporters in Danang on Saturday that the 5-star seaside resort had been put into service after some three years of construction at an investment cost of more than US$130 million.

With contemporary design and Vietnamese-style architectural elements, the Hyatt Regency Danang boasts 200 guestrooms, 182 luxurious residences and 27 private ocean villas each with a private pool.

The resort features a Regency Ballroom able to accommodate up to 400 people for meetings and seven function rooms that cater to between 40 and 80 guests, all fitted with modern equipments and amenities.

Other resort facilities include dining and drinking venues, a fitness center, swimming pools, tennis and badminton courts, and a Camp Hyatt offering a wide range of activities for children and younger guests.

Ryder said families were one of the target groups of guests for the new resort, which is about 15 minutes by car from Danang International Airport.

Anthony Gain, general manager of Hyatt Regency Danang Resort and Spa, explained at the press conference that this is the second property with the Hyatt brand in Vietnam after the Park Hyatt Saigon, which was put into operations more than five years ago.

Willi Martin, area vice president of Hyatt Hotels & Resorts, said in a statement released last weekend that the company believed the Hyatt Regency Danang Resort and Spa would further strengthen its brand portfolio in South East Asia.

PV