Ho Chi Minh City has been awarded the title of “Asia’s Leading Business Travel Destination” within the World Travel Awards 2024, beating out renowned cities comparable to Singapore, Bangkok and even Beijing. This is the third yr in a row that a Vietnamese city has won the title.
According to VN Express, Ho Chi Minh City was also recognized because the “Best Destination for Festivals and Events in Asia” attributable to its modern infrastructure that may accommodate a wide range of large business events. With 16,542 three- to five-star hotel rooms spread across 116 properties, town recorded a 6% increase in comparison with last yr.
The World Travel Awards, often called the “Oscars of the travel industry”, have been presented since 1993, with winners chosen by a vote of travel industry professionals and most people.
Ho Chi Minh City’s growing popularity as a business travel destination reflects Vietnam’s growing position within the Asian economy and its growing importance on the earth.
According to Boston Consulting Group, Vietnam has demonstrated impressive economic performance lately, with consistently higher GDP growth in comparison with other ASEAN countries. Despite global economic challenges in 2012, Vietnam managed to take care of economic stability due to solid growth and controlled inflation.
The country can be one of the crucial attractive destinations for foreign direct investment (FDI) in Southeast Asia, with an annual FDI growth rate of 6.4% in 2015–2022. In the longer term, Vietnam is predicted to take care of strong economic momentum and achieve the best projected growth amongst ASEAN-6 countries.
With global change in supply chains, especially within the manufacturing sector, Vietnam has the potential to overtake many regional competitors by way of exports. Moreover, the country is predicted to see significant growth in the center and affluent classes over the following decade, especially in emerging cities.
According to Boston Consulting Group, the Vietnamese government has implemented administrative reforms and provided legal and tax incentives to create a pretty investment climate. The country offers a variety of tax incentives for key sectors comparable to high-tech, large-scale manufacturing and social projects.
In the high-tech sector, Vietnam offers a company income tax (CIT) rate of 10% for 15 years, a four-year corporate income tax exemption, and a 50% reduction in corporate income tax payable for 9 years for projects in fields comparable to information technology, biotechnology and other.
Large-scale production projects with a minimum investment of VND6 billion will receive similar incentives. Additionally, social projects in the sector of education, health and environment are subject to a ten% CIT rate throughout all the project implementation period, with a 4-year CIT exemption and a 50% reduction for five years.
