YY Group announces strategic entry into Vietnam’s dynamic Hospitality Industry

May 3, 2024

YY Group Holding Limited, a Singapore-based data and technology-driven company specialising in creating enterprise intelligent labour matching services and smart cleaning solutions, has announced its entry into Vietnam’s thriving hospitality industry, which is worth US $5.16 billion in 2024. This underscores YY Group’s commitment to supplying skilled manpower to meet the growing demands of Vietnam’s dynamic hospitality sector.

Following its successful entry into the Malaysian market last year, YY Group is leveraging its sophisticated technology and scalable digital platform to penetrate the growing hospitality sector in Vietnam. With a robust presence in Singapore, YYGH currently supplies skilled manpower to major hotels such as Ritz-Carlton, Hilton, and Shangri-La Hotels and Resorts. Building on this success, YYGH aims to adopt the same innovative approach in Vietnam, tapping into the growing demand for high-quality hospitality staff in the region.

The YY Circle Super App (YY App) is a one-stop intelligent manpower outsourcing platform that simplifies and streamlines the staffing process for customers across diverse industries, including luxury hotels, food and beverage outlets, clubs, and retail outlets. YY App, as an online marketplace for manpower outsourcing has recorded approximately 400,000 downloads and 150,000 total active users as of June 30, 2024. The YY App has proven its effectiveness in connecting businesses with qualified talents.

Vietnam, known for its vibrant tourism industry and bustling hospitality sector, represents a significant growth opportunity for YYGH. Vietnam National Administration of Tourism predicted that by 2025, the number of international tourists would climb to 32 million and domestic tourists would reach 110 million. According to Mordor Intelligence, the market size of hospitality industry in Vietnam is projected to reach US $9.91 billion by 2029, with a compound annual growth rate (CAGR) of 13.94% from US $5.16 billion in 2024. With a sizable addressable market and a robust CAGR, Vietnam offers immense potential for YY Group to establish a strong presence and deliver innovative manpower solutions tailored to the needs of the hospitality industry.

Mike Fu, Founder and Chief Executive YY Group enthused “we are thrilled to bring YYGH’s innovative solutions to the vibrant hospitality market in Vietnam. With our proven track record and advanced technology, we are confident in our ability to drive positive change and deliver exceptional value and quality talents to our clients in Vietnam and beyond,” said Mike Fu, Founder and Chief Executive Officer of YY Group.

For more information on YY Group Holding Limited

Image. Credit: YY Group

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