Monday , April 22 2024

Tourism firms recovering from Covid woes

Many tourism and hospitality companies seemed to recover in Q4 of 2021 from the nearly two-year slump due to Covid-19.

Vietnam Travel & Marketing Transports JSC (Vietravel) reported a profit of VND228 billion (US$10 million), the first in five quarters.

Thanh Thanh Cong Tourist JSC, part of the TTC Group conglomerate, reported earnings of VND1.2 billion compared to a VND21-billion loss in the third quarter.

Dong A Hotel Group JSC, which operates hotels in Thai Nguyen and Nha Trang, announced profits of VND25 billion, a 70 percent increase from Q3.

Restructuring, redirecting operations, cutting costs, and resuming travel activities have contributed to the recovery.

To cut losses, Ben Thanh Tourist cut sales costs by 41 percent and administrative costs by 34 percent.

Dong A Group expanded into construction and trading, and focused on providing accommodation for experts at industrial zones.

Tourism firms are expected to continue with the recovery as domestic and international travel resumes.

KB Securities Vietnam said the hospitality and tourism sectors yet to return to pre-pandemic levels of business.

The country, which expects to receive five million foreign visitors under the vaccine passport program in 2022, has received more than 9,000 since reopening in November, 2021.

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