Vietnam – where saving money is a costly sport

Tran Minh Phuong
Tran Minh Phuong

In Vietnam, cash is king and customers are tight.

“Consumers are very money conscious – everything is about price,” said Tran Minh Phuong  – CEO and Co-Founder of Chudu24, a hotel booking site.
“They can spend three hours in the office (comparing prices) and at the end save just $10.
He said internet business penetration remains very low. Of an estimated 3000 hotels, “only about 300 are active.” Consumers prefer to pay by cash and “talk with someone”.
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