Travel and tourism have been identified by the Vietnamese Government as having a crucial role in the country’s socio-economic development, and the Government is committed to promoting investment in the travel and tourism sector.
Vietnam is experiencing strong growth in both international and domestic tourism and business travel, which is forecast to continue over the next decade.
In respect of domestic tourists, the young population, sharp increases in available spending money available, and an economy that has many years of growth ahead of it, are all factors which are contributing to the burgeoning and increasingly successful domestic travel and tourism industry in Vietnam.
Due to the strong rate of growth projected for the tourism sector, the concept of having a “sustainable” tourism industry has been introduced into Vietnam’s tourism development strategy. This recognises the need to manage the growing tourism industry responsibly, in order to avoid the problems that come with mass tourism (e.g. uneven development, pollution and the over-exploitation of natural and cultural resources).
Investment from the Government and from private investors is also being made into tourism infrastructure, including the availability of more quality hotel rooms, airport construction and upgrades, and investment into rail and waterway transportation system in Ho Chi Minh City.
The legal and regulatory regime in Vietnam remains challenging for foreign investors seeking to gain a foothold in the travel and tourism sector, but opportunities abound for those willing to take medium to long-term views.
Advising a Vietnamese travel company entering into a working partnership with an internationally operated travel company, on a cooperation contract which was drafted by the international party, with limited rights for the local partner and equally limited obligations for the international party.
Advising one of the largest hospitality companies in the world on land related documents and a management agreement between the client and a major Hanoi-based state-owned enterprise operating in the tourism sector on the management services for a new hotel in Hanoi, Vietnam.
Acting for one of the largest real estate funds in Vietnam on a complex deal involving the establishment of a multi-billion dollar joint venture to develop a 1,500 hectare integrated hotel and casino resort project in Vietnam.
Acting for a syndicate of foreign lenders with respect to the granting of debt facilities to a leading travel organisation in Vietnam.
Advising an international leisure travel group on the restructuring of its business in Vietnam by establishing a joint venture company to which the business shall be transferred.
Advising a global travel company on its successful, strategic investment in a high-end aquatic leisure and travel business, and the successful conversion of the form of the target company into a joint stock company.
Advising a leading travel company in Indochina on general operations, including reviews of various contracts and other documentation, and advising in relation to the personal income tax obligations of one if its employees.
Reviewing and advising a global hospitality company on various activities related to one of its hotels in Vietnam.
Providing on-going legal services to a leading hotel in Vietnam on various matters, including advising a loan facility; advising on a management agreement; and advising on the proposed placement of an international chain food and beverage outlet in the hotel.