Saigontourist eyes overseas properties

TN News

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Vietnam's leading tourism company Saigontourist said Wednesday it will expand its business abroad to achieve a revenue target of US$1 billion in 2015.

The company will boost cooperation with partners both overseas and in Vietnam over the next five years, it said.

Deputy General Director Tran Hung Viet said Saigontourist was working with Van Thinh Phat Investment Corporation to buy a $42 million four-star hotel in San Francisco, the US.

"We are waiting for an overseas investment license so that we can proceed with the deal," Viet said. He said negotiations are still ongoing.

Saigontourist is also interested in several other hotels in Germany, Japan and Hong Kong, but plans to buy them will be considered only after the US deal is closed, Viet said.

The Ho Chi Minh City-based company posted total revenues of VND8.2 trillion last year, up 6.9 percent from 2008. It is targeting a 10 percent increase in revenue this year.

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