Vingroup quits Saigon Safari Park to venture into public transport
By Hua Phuong
May 10, 2019 | 11:10 AM GMT+7
The multi-business giant has expressed keen interest in providing public transport in Ho Chi Minh City.
The Saigon Safari Park project has long been delayed. (Photo: VIR)
The Ho Chi Minh City Department of Planning and Investment has revealed that Vinpearl, a subsidiary of Vingroup, has withdrawn from the Saigon Safari Park project to focus on other lines of business, including public transport.
Vingroup initially planned to develop Saigon Safari Park in Ho Chi Minh City’s Cu Chi district in 2016, with a total estimated investment of some $500 million.
Saigon Safari Park is now in the portfolio of 210 key projects Ho Chi Minh City authorities are calling for investment.
Vingroup has established its VinBus Transport Service Co., Ltd., with a chartered capital of nearly $43 million, aimed at serving the local public and help reduce environmental problems.
The group expects to launch its transport services in March 2020, starting in the five big cities of Vietnam including Hanoi, Ho Chi Minh City, Haiphong, Danang and Can Tho.
Vingroup is currently working with Ho Chi Minh City Department of Transportation to prepare for the launch of a pilot public transport programme. The city authority is also collaborating with a Swedish firm to carry on this project.
In the coming time, the first bus route will be operated on a trial basis on the Pham Van Dong route running across districts of Thu Duc, Binh Thanh and Go Vap.
Such programme, according Tran Quang Lam, director of the Ho Chi Minh City Department of Transportation, will help resolve the overburdened transportation infrastructure.
Currently, Ho Chi Minh City has more than 3,000 buses operating on over 200 routes and half of which are subsidised by the government.
Each year, the city budget spends nearly $43 million on subsidising its bus transport system, which merely meets over 10 per cent of the transport demands of the local residents.
Michelin has been selected by NASA to participate in the research team for phase 1 of the Artemis project. The company's task involves researching and developing specialized airless wheels intended for lunar rovers.
Bcons Group has been leaving a lasting impression on the southern Vietnam’s real estate market. At the core of its achievements lies a single principle - “Trust” - the foundation that has propelled the company toward success and accelerated its transformation into a multi-industry conglomerate.
Vietnam's marketing technology landscape is evolving rapidly, propelled by a niche group of "whale" users who are driving a large portion of in-app purchases.
