RoK company invests $1.2 million in Vietnamese startup Luxstay

Monday, May 27, 2019 15:00

GS Home Shopping invests $1.2 million in Luxstay. — Photo businesskorea

GS Home Shopping, a leading shopping channel operator in the Republic of Korea, announced on Sunday that it has invested US$1.2 million in Luxstay, a Vietnamese home-sharing platform.

This is the company’s second investment in an e-commerce start-up based in Viet Nam.

Earlier in January, it poured $3 million into the e-commerce venture firm, Leflair, which focuses on premium-branded products for women, men, children and homes.

Viet Nam is considered one of the fastest-growing countries in the tourism industry, and a favourite destination for Korean tourists thanks to its low costs and diverse tourist attractions.

The number of Korean visitors to Viet Nam rose by 24 per cent in the first three months of the year, exceeding the one-million mark for the first time in the period.

The figure is expected to surpass four million for the whole year. After topping the one-million level for the first time in 2015, the annual number of Korean tourists to Viet Nam rose to 2.42 million in 2017 and 3.44 million last year. — VNS

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