 "OYO expands Vietnam footprint with over 90 hotels; to invest $50 million")
Hospitality firm OYO Tuesday said it has forayed into Vietnam with over 90 hotels across six cities as it expands presence in South East Asia.
The company will invest $50 million over the next few years in Vietnam and create 1,500 direct and indirect jobs in the country, OYO said in a statement.
Starting with over 90 franchised hotels, spread across cities, including Hanoi, Ho Chi Minh, Da Nang, Phu Quoc, Vang Tau and Nha Trang, OYO Hotels plans to expand its footprint to 10 cities in Vietnam by 2020-end, it added.
"We aim to grow to 10 cities and 20,000 rooms by 2020-end, while becoming a household name for both local and international travellers in Vietnam," OYO Vietnam Country Head Dushyant Dwibedy said.
The company's growth in the country will be fuelled by strong local leadership and a team of hundreds of young hospitality enthusiasts, he added.
"Vietnam offers an attractive market with sizeable internet and mobile presence, which complements our approach," Dwibedy said.
Launched in 2013, portfolio of OYO Hotels & Homes currently comprises more than 23,000 hotels and 46,000 vacation homes.