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Last updated: Monday, March 25, 2019

 

Song Hong Thu Do Group JSC Partners with Local Government for Mutual Development

Posted: Thursday, March 07, 2019



In 2018, Song Hong Thu Do Group celebrated 15 years of development alongside Vinh Phuc provincial high socioeconomic growth.

Working for the group since it invested in tourism business in Vinh Phuc, Mr. Ta Duc Cuong, Deputy General Director of Song Hong Thu Do Group Joint Stock Company, said, in 2004, when Song Hong Thu Do Group invested in Vinh Phuc, tourism activities here were still called untapped potential. At that time, tourism service activities were still mostly managed by the state, resulting in ineffective outcomes and unconnected operations.

Shared thinking

Facing that reality, Dr. Nguyen Van Nien - Chairman of Song Hong Thu Do Group Joint Stock Company, a man from Lam Thao district, Phu Tho province and Russian overseas Vietnamese who had 20 years of business experiences in Russia - decided to invest in his hometown with a 4-star resort in Dam Vac, Vinh Yen City.

At that time, when Song Hong Resort was built and put into operation, many doubted the success of this tourism investment in Vinh Phuc. And, the current success in this industry in this market came from the vision and the will of this experienced entrepreneur, who had meticulously analyzed local development potential and prospects. But, the key to the project’s success was the strong and resolute vision and strategy of investment attraction of Vinh Phuc leadership at that time. Therefore, it seemed predestined to turn Board Chairman Nien’s ideas and Vinh Phuc leaders’ resolutions into common strategic thinking.

Moreover, when the group proposed the Song Hong Resort investment project, executed relevant paperwork, and received location, and carried out construction, it was supported and facilitated by all tiers of authorities to bring the project into operation in 2010. Especially when the Department of Culture, Sports and Tourism of Vinh Phuc province sent a request for recognition of Song Hong Resort as a 4-star facility to the Vietnam National Administration of Tourism (VNAT), Vietnam almost had no 4-star resorts and the VNAT General Director had to visit the resort to have right certification. Indeed, he was surprised at what he saw. “I can’t believe that a midland province like Vinh Phuc has such a 4-star facility like Song Hong Resort,” he said.



Therefore, despite undergoing twists and turns of the economy, Song Hong Thu Do Group has achieved a successful investment in this resort which employs 346 local workers who receive an average monthly income of VND5 million each. This showed that customers to Song Hong Resort have been on the continuous rise over the past years. In 2018, it served 43,188 customers and kept a room occupancy rate of 80%. Tourism revenue amounted at VND62.855 billion on total revenue of VND199.33 billion. These impressive figures are admirable for a tourism company, particularly in a midland province like Vinh Phuc. Therefore, Song Hong Thu Do Group is always highly appreciated by the Vietnam National Administration of Tourism for its tourism business. At the same time, tourism is also a breakthrough for the group to further expand into many other effective fields.

With US$30-40 million investment capital and covering 10 ha, Song Hong Resort is considered the “Dragon descends on Dam Vac Lake” and a boost to tourism development of Vinh Phuc province. The 4-star resort, specifically featured with combined Western - Eastern architecture, consists of 7-story hotel (100 rooms), villas, Song Hong Restaurant, Hoang Gia Restaurant, conference rooms and four continuous tennis courts.
Expanding operations


Speaking further of the tourism business, Deputy General Director Ta Duc Cuong added that the group will build a 4-star world-class hotel (about 300 rooms) on the northern bank of Dam Vac Lake inside a 50-ha urban area, expected to be invested in 2019 - 2023. Song Hong Thu Do Group is also working with Sungroup to build Tam Dao 2 ecological tourism complex, kicked off in December 2017.

In addition to tourism development, the group expanded into other business fields such as investment, construction, real estate and construction materials. In construction, the group built many important projects in Vinh Phuc province like Ho Chi Minh Square, Vinh Yen Market and some roads (completed in 2018 as celebratory works for the 20th founding anniversary of the province).

With respect to real estate business, Song Hong Thu Do Group basically completed its nearly 40-ha urban area in the south of Dam Vac Lake. All plans match the overall development picture of Vinh Phuc province. This success is supported by easier administrative procedures from grassroots to provincial levels.

Administrative reforms, especially administrative procedure reforms, made headway to provide better support for businesses. Thus, all companies, irrespective of operating scale, have positively contributed to local development, including Song Hong Thu Do Group.

Nevertheless, Vinh Phuc province also exposed existing weaknesses, particularly ground clearance. For example, the construction on the 4-star international hotel is scheduled to be commenced in 2019 but this progress will be slowed down if site clearance is not as fast as expected. Song Hong Thu Do Group has spared no effort to clear the ground, which has reached 60% of the work. The group reported to the provincial government and received very good support, but this work has not been sped up. The site clearance was expected to be accelerated in 2019 to add growth momentum for the group and create growth catalysts for local development.

Song Hong Thu Do Group actively takes part in social and charitable activities like presenting gifts and providing financial aid for employees, local poor people, patients and outstanding students with a total value of nearly VND2 billion.

Ha Thanh









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