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Luxstay signs investment cooperation agreement

Released at: 14:35, 30/11/2019

Luxstay signs investment cooperation agreement

Photo: Luxstay

Home-sharing platform signs deal with Intracom Group, CenGroup and M-TP Entertainment.

by Ngoc Lan

Home-sharing platform Luxstay signed an investment cooperation agreement with the Intracom Group, CenGroup, and  M-TP Entertainment on November 29 in Ho Chi Minh City, marking a new milestone in long-term investment to boost Vietnam’s tourism market.

Mr. Nguyen Thanh Viet, Chairman of the Intracom Group, said Luxstay combines technology, tourism, and real estate, and like other tech startups in Vietnam needs support from leading investors to reach out to the world. “With Intracom’s real estate infrastructure, the two sides can cooperate to develop together,” he added.

He also believes in Luxstay’s journey to become a unicorn Vietnamese startup in the future.

The decision to invest in Luxstay also confirms the long-term direction taken by M-TP Entertainment in promoting Vietnam’s image and tourism. Chairman Mr. Nguyen Thanh Tung said Luxstay is a pioneer in the home-sharing field. “This is entirely in line with M-TP Entertainment’s criteria and operational orientations,” he added. “The cooperation can take advantage of the strengths both hold to make significant changes to Vietnam’s tourism market.”

The cooperation between M-TP Entertainment and Luxstay is the first in Vietnam combining entertainment and tourism and a startup. This can create breakthroughs and become a new trend between Vietnamese celebrities and startups.

Mr. Steven Nguyen, CEO of Luxstay, said the agreement creates values and strategies to combine effectively. “We called on them to invest and jointly build Luxstay into a successful startup of regional stature,” he added.

Launched in 2017, Luxstay is focusing on developing its customer base and integrating with partners in countries and territories whose citizens visit Vietnam in large numbers, such as South Korea and Japan. This also differentiates Luxstay from Airbnb, which is a global platform that does not have a specific focus on Vietnam. On November 20, Luxstay officially announced trial operations of its Luxcar luxury car rental service. Starting at VND99,000 ($4.2) for a one-way airport shuttle, Luxstay uses high-end VinFast Lux motor cars.

Luxstay has built a network of nearly 20,000 homes in 48 cities and provinces in Vietnam country with more than a million users, and aims to develop quickly and lead the market in Southeast Asia.

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