Germany-based DEG on Monday cut a deal with Thien Minh Travel Joint Stock Company to provide a loan of US$17 million assisting the sustainable tourism development in Vietnam.
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This loan will be used to invest in three- and four-star hotels of Thien Minh which follow social, environmental and safety requirements. Such hotel projects aim to meet the increasing demand in Vietnam, especially of domestic and regional tourists.
According to Philipp Kreutz, member of DEG’s management board, the loan is part of the plan supporting a private firm in the hotel-travel sector boost the sustainable tourism in Vietnam.
To ensure the human resource supply in the future, Thien Minh is building a plan of establishing an internal training center for hotel business which will be carried out in association with a hotel in An Giang Province’s Chau Doc Town and with the sponsorship of DEG. Staff will be equipped with working skills and knowledge through internship right at the hotel.
DEG (Deutsche Investitions-und Entwicklungsgesellschaft mbH) through US$17 million provided for Thien Minh will help boost Vietnam tourism growth.
Established in 1994, Thien Minh started with the brand Buffalo Tours and mainly operates in travel operation, hotel development and management and online booking with major brands such as Buffalo Tours, the Victoria hotel and resort chain and the booking website www.ivivu.com.
DEG, a member of the German development bank KfW, is one of the biggest financial institutions in Europe. DEG has invested in projects in several sectors such as agriculture, infrastructure, production and services.