A leading Vietnamese tourist operator has announced plans to acquire an office building in a major American city to promote tourism, investment and trade in the US.

HCM City-based Saigontourist will invest around US$5mil in buying the building in San Francisco; the process is already underway and the company is now completing the legal formalities.

The location of the building will be revealed later this month, Saigontourist Deputy General Director, Nguyen Huu Tho, said.

An official from the company's administration division explained that the project was a joint venture with an American company, but declined to name the partner or put a figure on their share of investment.

The HCM City government will support the project with a preferential loan of $1.5mil. This is the biggest project undertaken yet in the US by Saigontourist which, besides a representative office, also has a restaurant in the US.

It plans to launch a second restaurant in that country later this year. All the three facilities are located in the capital, Washington, DC.

Saigontourist will also take part in a road show in San Francisco between August 12 and 22. The show, which aims to promote Vietnam's tourism, trade and investment, is being organised by the Vietnam National Administration of Tourism, the Ministry of Trade, Vietnam Airlines and a number of Vietnamese travel agencies.

(Source: Viet Nam News)