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Straits Times
4 days ago
- Business
- Straits Times
Ultra rich turn Vietnam into new hot spot for luxury yachts
SINGAPORE – After making a fortune in coal mining and thermal power with his Dong Hai, Pham Van Toan wanted to try something different and shifted his investments towards luxury ventures three years ago. That includes investing in a hotel with nearly 600 rooms, acquiring a golf course and buying a superyacht, which has been his dream for two decades. The yacht, built by Italian shipyard Azimut and officially handed over to Mr Pham in a ceremony earlier in 2025, is the first-ever new 30-metre-plus superyacht sold in Vietnam, according to a spokesperson for the manufacturer. Mr Pham, 59, has a big ambition for his new yacht and the country's tourism. He, in partnership with Azimut's local dealer Tam Son Yachting, plans to develop a luxury marina in the heart of Unesco World Heritage Site Ha Long Bay and make the yacht available for private charters. 'Vietnam's yachting industry is still in its early stages, but the potential is immense,' Mr Pham said in an email. While it's still early, he's betting on the rising demand for yachts to be underpinned by the country's wealth boom. Vietnam's dollar millionaire population has grown at the fastest rate in the world, almost doubling between 2013 and 2023, according to a report from immigration consultants Henley & Partners. Yacht makers are now honing in on the relatively untapped market after China's push for common prosperity, and high taxes have posed challenges. While the number of Chinese rich is growing, the new generation of young, wealthy people tend to travel more and don't necessarily buy or use yachts in the country, according to Marco Valle, chief executive officer of Azimut Benetti Group. Vietnam has seen a rapid escalation in demand in recent years, according to Vu Tran, commercial and business development director at Ho Chi Minh City-based Tam Son Yachting. 'In 2018, we had a 60-foot yacht coming to Vietnam and it was considered a big one,' he said. 'Now the market started to have requested for yachts over 85 feet. We're at the state where we're ready to go in bigger scale.' Simpson Marine, which represents Italian yacht builder Sanlorenzo in Asia, expanded into Vietnam in 2024, working with local conglomerate S&S Group that distributes luxury brands such as Rolls-Royce and Lamborghini. The luxury market has matured to the extent that there are customers looking for 'more ultra-wealthy' experiences such as yacht ownership and private jets, according to Ewa Stachurska, chief marketing and sustainability officer at Simpson Marine. O2H2O, a yacht and jet sales brokerage firm, also opened an office in Ho Chi Minh City in 2024 seeing potential from high-net-worth people and the burgeoning middle class. The company currently has seven people in the country and plans to hire two more, said the firm's founder Alexandre Heng. Vietnam's rise as a manufacturing and commodity powerhouse has fueled its economic boom. Gross domestic product grew 7 per cent last year, one of the fastest growth rates in the region. Still, its economic expansion in the first quarter was slower than economists had forecast amid the threat of US tariffs. Asia-Pacific accounted for 18.2 per cent of global yacht sales of US$9.4 billion (S$12.1 billion) in 2023, and is the fastest growing regional market, according to research firm Grand View Research. China, Hong Kong and Singapore are the primary markets in the region. Still, Vietnam is gaining ground. Tam Son has so far sold nearly 40 yachts, ranging from 30 feet to 115 feet, since its start in 2017. 'The most luxury things in Vietnam you could buy before were items like cars or watches,' said Tam Son Yachting's Mr Tran. 'Now, it has changed rapidly. People are spending up to US$15 million on a yacht.' BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
26-05-2025
- Straits Times
Experts says Komodo island against eco-based tourism
Experts have warned that allowing visitors to have close encounters with Komodo dragons would reduce reproductive fitness of the ancient lizards. ST PHOTO: WAHYUDI SOERIAATMADJA LABUAN BAJO – A small seaside town known as the gateway to the land of the dragons – specifically the Komodo kind – has roared to life over the past decade, after it was first positioned as one of Indonesia's '10 New Balis' in a 2016 tourism push by the government. Located at the western tip of Flores Island in East Nusa Tenggara, Labuan Bajo is most famous for being the stepping stone to the famed Komodo National Park, a Unesco World Heritage Site that is the largest habitat of its namesake reptile, the Komodo dragon. But amid the buzz of a busy airport runway and waters studded with hotel boats and modern vessels, experts warn that it must avoid falling into overtourism, overdevelopment and environmental negligence – issues that affect tourist hot spot Bali. The '10 New Balis' strategy targets specific locations such as Labuan Bajo to receive funding for infrastructure development. The aims are to alleviate overtourism in Bali and spread tourist revenue and boost regional economies within South-east Asia's most populous country . Other locations include Lake Toba in North Sumatra, Mandalika in Lombok and Likupang in North Sulawesi. The focus on these new areas has led to significant changes, such as the construction of an international motorcycle racing track in Mandalika that has hosted the FIM Superbike World Championship since 2021 and MotoGP Grand Prix motorcycle races since 2022. But Labuan Bajo, which is a three-hour flight from Singapore and 2½ hours from Jakarta, stands out as it booked the largest incremental gains in terms of foreign tourist visits. Its main attraction, the Komodo National Park, welcomed 334,206 visitors in 2024, two-thirds of whom were foreign tourists. In 2016, it saw about 100,000 visitors. Almost all tourists going to Labuan Bajo visit the Komodo National Park. In the past decade, Labuan Bajo has seen the rise of new roads and amenities such as shopping centres, brand-name hotels and food courts, all built by the national government. Its main marina and airport have also been refurbished and revamped in the past four years, with the latter's runway being extended by 100m. Hotel operator Marriott International has built a luxury resort there and will soon be joined by another by the InterContinental Hotels Group. In 2024, Labuan Bajo's Komodo Airport was declared an international airport, allowing the operation of direct flights to and from foreign cities. Previously, most overseas visitors would have to fly through Jakarta to get to Labuan Bajo, which is part of the West Manggarai Regency. The national focus on developing the small fishing village has propelled Labuan Bajo on a rapid phase of development, Mr Stefanus Jemsifori , the most senior bureaucrat overseeing tourism affairs in the regency, told The Straits Times. 'Investment growth has since been growing tremendously fast, evidenced by the spawning of five-star hotels and 'pinisi' vessels offering luxury rooms on board,' he said , adding that tourism revenue has also contributed to economic growth. A pinisi vessel is a traditional Indonesian watercraft that typically carries seven to eight sails on two masts. Puncak Waringin viewing point offers a picturesque sunset in Labuan Bajo. ST PHOTO: WAHYUDI SOERIAATMADJA According to visitor surveys in 2024, an individual foreign tourist to the town spends an average of 8 million rupiah (S$632) daily, staying an average of four to five days, while a domestic tourist spends about 2.7 million rupiah daily, spending an average of three days there. During a visit to Labuan Bajo in early May, ST spoke to several Chinese and Singaporean tourists there. 'We get both the exercise and breathtaking scenery,' said a Singaporean man named Wilson, in his early 20s. He spoke to ST during a short visit to Labuan Bajo with his family, which included a hiking trip. Mrs Shana Fatina, who runs a tour agency in Labuan Bajo, said the town has become popular with foreign tourists in the region. 'Singaporean tourists like to take a weekend getaway trip, staying in resorts or sailing vessels. They like shopping and enjoying food here,' said Mrs Shana, who noted that many foreign tourists in Labuan Bajo also travel there through Singapore. While Labuan Bajo has benefited from a push to increase tourist footfall in the past decade, Professor Azril Azhari, a tourism expert from the Trisakti University in Jakarta, said that going forward there must be less emphasis on mass tourism. This is especially because the trend and behaviours for global travellers have now shifted towards ecotourism. Prof Azril said that the '10 New Balis' strategy was developed some time ago, based on mass tourism models and a thorough evaluation of the programme has not been done. Although these models typically draw tourists and investment, there are instances where local communities do not reap these benefits . Bali, often regarded as Indonesia's crown jewel of tourism, saw 6.33 million foreign tourist arrivals in 2024, an increase from 5.27 million in 2023. Before the Covid-19 pandemic, it had 6.28 million visitors in 2019. Although Bali frequently ranks as a top holiday destination, the problems of overtourism have become more apparent in recent times. Large amounts of Bali's groundwater are channelled to hotels, pools and golf courses, leaving local residents to struggle for access to clean water. Meanwhile, its iconic padi fields are vanishing as the land is transformed into commercial or residential property. Prof Azril warned about the risks of Labuan Bajo following in Bali's footsteps, especially when it comes to balancing conservation, development and tourism. As Komodo National Park and its ancient lizards gain popularity, Prof Azril emphasised the need to manage both visitor numbers and interactions with the reptiles. Failing to do so could lead to stress for these endangered animals. The Komodo National Park, welcomed 334,206 visitors in 2024, two-thirds of whom were foreign tourists. ST PHOTO: WAHYUDI SOERIAATMADJA Mrs Shana said that perhaps a no-visitor season should be implemented annually to reduce overtourism. 'Good communications with the tour operators to carry out such an endeavour must be done because many sell trip packages a year ahead,' she said. The national government had earlier planned to limit the number of visitors to Komodo National Park to 219,000 a year to conserve the ecosystem and protect the wildlife. It also planned to raise the price of entrance tickets to the park to 3.75 million rupiah each for international visitors starting on Aug 1, 2022, from as low as 250,000 rupiah now. B ut the plan did not proceed due to opposition by the local residents and tourism businesses, arguing that the move would reduce their income. Labuan Bajo's natural landscapes and waters rich with marine life are precisely what will keep tourists returning. Chinese tourist Yang Guang Li, 25, said that his final stop at Labuan Bajo was the highlight of his seven-day trip through multiple places in Indonesia, as he had the chance to encounter a reef manta ray during a diving tour. 'I was most satisfied with my Komodo National Park trip. Unfortunately, we were only brought here for one night. I still want to go back to Komodo (Labuan Bajo) ,' said Mr Yang. Wahyudi Soeriaatmadja has been Indonesia correspondent at The Straits Times since 2008, and is based in Jakarta. Join ST's WhatsApp Channel and get the latest news and must-reads.
Sydney Morning Herald
19-05-2025
- Entertainment
- Sydney Morning Herald
The ‘unethical' travel-hack trend hotels hate
Gemma Davies*, 33 and from Manchester in the UK, caught the honeymoon upgrade bug on a trip to Vietnam in 2024. Davies had been sent an advance questionnaire from a cruise she had booked with her girlfriend in Hạ Long Bay, a Unesco World Heritage Site famed for its limestone islands and emerald waters. Davies had noticed Tripadvisor reviewers who were on their honeymoon had been given generous upgrades on the two-night riverboat cruise. 'The questionnaire asked me if we were celebrating anything and I thought: why not say we're on honeymoon too? Although to be honest we have zero intention of getting married!' When the couple arrived, their cabin had been upgraded and their bed was adorned with towels folded into swan shapes and scattered rose petals. 'That was lovely,' Davies recalls. The trouble came when the pair arrived for their seating at dinner and found staff had flanked their table with a 'ginormous' illuminated heart and a banner reading 'happy honeymoon'. 'Everyone started cheering and clapping, which I found hilarious,' Davies recalls. 'My girlfriend, who is an introvert, said: 'Oh my God, what have you done?'' Despite the 'challenge' of spending two days posing as honeymooners, Davies reprised the freebie-hunting tactic at two further hotels in Vietnam, where the couple enjoyed room upgrades, free cakes and champagne and more towel swans and petals – and left glowing reviews after their stays. 'I don't see it as taking the p--- at all,' Davies argues. 'It's more a way of amplifying your experience as a hotel guest.' Advice pieces on how to blag perks such as hotel and flight upgrades have been a staple of travel magazines since the 1990s. What's new these days is a subculture of unabashed social media 'travel hacks'. When, on Apr 20, TikTokker @ wrote the post: 'Unethical travel hack: fake a honeymoon at check-in!', superimposed on a picture of the sea-view balcony of his upgraded suite in Greece, it received half a million views and tens of thousands of likes. But not everyone celebrated Rod's 'win'. Italian hotel receptionist Leila Al Azawi responded: 'If you are on a REAL honeymoon and don't get special attention you can say thank you to all these liars who try every other day!', while Greek hotelier Panos weighed in: 'As a hotel worker, we know your tricks; don't be so sure!'.
The Age
19-05-2025
- Entertainment
- The Age
The ‘unethical' travel-hack trend hotels hate
Gemma Davies*, 33 and from Manchester in the UK, caught the honeymoon upgrade bug on a trip to Vietnam in 2024. Davies had been sent an advance questionnaire from a cruise she had booked with her girlfriend in Hạ Long Bay, a Unesco World Heritage Site famed for its limestone islands and emerald waters. Davies had noticed Tripadvisor reviewers who were on their honeymoon had been given generous upgrades on the two-night riverboat cruise. 'The questionnaire asked me if we were celebrating anything and I thought: why not say we're on honeymoon too? Although to be honest we have zero intention of getting married!' When the couple arrived, their cabin had been upgraded and their bed was adorned with towels folded into swan shapes and scattered rose petals. 'That was lovely,' Davies recalls. The trouble came when the pair arrived for their seating at dinner and found staff had flanked their table with a 'ginormous' illuminated heart and a banner reading 'happy honeymoon'. 'Everyone started cheering and clapping, which I found hilarious,' Davies recalls. 'My girlfriend, who is an introvert, said: 'Oh my God, what have you done?'' Despite the 'challenge' of spending two days posing as honeymooners, Davies reprised the freebie-hunting tactic at two further hotels in Vietnam, where the couple enjoyed room upgrades, free cakes and champagne and more towel swans and petals – and left glowing reviews after their stays. 'I don't see it as taking the p--- at all,' Davies argues. 'It's more a way of amplifying your experience as a hotel guest.' Advice pieces on how to blag perks such as hotel and flight upgrades have been a staple of travel magazines since the 1990s. What's new these days is a subculture of unabashed social media 'travel hacks'. When, on Apr 20, TikTokker @ wrote the post: 'Unethical travel hack: fake a honeymoon at check-in!', superimposed on a picture of the sea-view balcony of his upgraded suite in Greece, it received half a million views and tens of thousands of likes. But not everyone celebrated Rod's 'win'. Italian hotel receptionist Leila Al Azawi responded: 'If you are on a REAL honeymoon and don't get special attention you can say thank you to all these liars who try every other day!', while Greek hotelier Panos weighed in: 'As a hotel worker, we know your tricks; don't be so sure!'.
New Straits Times
15-05-2025
- Business
- New Straits Times
Anwar to wrap up Moscow leg, heads to Kazan for strategic talks
KAZAN: Prime Minister Datuk Seri Anwar Ibrahim begins the third day of his official visit to Russia with a prestigious public lecture at the Moscow State Institute of International Relations (MGIMO). Anwar is also scheduled to receive an honorary doctorate from MGIMO, Russia's premier diplomatic academy, in recognition of his leadership and contributions to international engagement. The event marks the final stop of his Moscow leg before departing for the Republic of Tatarstan. From the Russian capital, Anwar will fly to Kazan, the capital of the Muslim-majority region, for a full day of high-level meetings and halal economy diplomacy. He is scheduled to meet the Rais (head) of Tatarstan, Rustam Minnikhanov, at the historic Kazan Kremlin, where discussions are expected to focus on expanding cooperation in halal certification, agrotechnology, Islamic finance and education, among others. The prime minister is accompanied by five senior ministers, including Foreign Minister Datuk Seri Mohamad Hasan and Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani. Anwar is also expected to tour the Kazan Kremlin complex, a Unesco World Heritage Site, before visiting two major exhibitions at Kazan Expo, the Technology Exhibition and the Russia Halal Expo 2025. Both exhibitions are seen as strategic platforms for Malaysia to explore new partnerships in halal trade, digital innovation and resilient supply chains. The day will conclude with a gala reception in conjunction with KazanForum 2025, where Anwar is set to deliver a keynote address during the plenary session the following day. The Kazan leg of the visit underscores Malaysia's growing commitment to Islamic economic diplomacy, while reinforcing Anwar's broader foreign policy emphasis on multipolar cooperation and South-South engagement. Anwar is on a four-day official visit to Russia, which runs until May 16.
