Saigontourist Holding Company will launch more products for upper-class guests and those coming to Vietnam for MICE and shopping purposes in the next five years as part of its plan to achieve higher revenue.

Saigontourist general director Nguyen Huu Tho said in addition to product and service restructuring, new resorts, hotels and MICE facilities, the company was joining forces with Imex Pan Pacific (IPP) to exploit a luxury shopping venue comprising the world’s leading brands at Rex Hotel with total capital of over US$40 million.

Tho stressed the point at the grand opening of the first Cartier Boutique in Vietnam on Friday evening at the shopping venue on the ground floor of the five-star hotel overlooking Nguyen Hue and Le Loi boulevards in downtown HCMC.

Tho said the shopping venue would meet increasing demand in HCMC, particularly of high-class international visitors. This is one of the bases for Saigontourist to realize its revenue target for US$1 billion by 2015.

Saigontourist posted revenue of VND9.4 trillion (more than US$482 million) in 2010, including profit of over VND3 trillion. Tho told the event that the company had registered average annual growth of 15% in the 2005-2010 period.

Michael Guenoun, export director of Cartier Far East, told the opening ceremony that the French jewelry and watch maker inaugurated the first boutique in Vietnam because of positive indicators, including economic growth and rising demand for luxury goods.

The boutique retailed all the product designs as any other Cartier boutique worldwide, Guenoun said. He furthered the boutique offered a full range of Cartier products including jewelry, watches and accessories imported from France and Switzerland.