Thien Minh Group

What Thien Minh Group does

Thien Minh Group (TMG) is a privately-held Vietnamese travel and hospitality conglomerate founded in 1994 and headquartered in Hanoi. Operating across Vietnam, Cambodia, and Laos, TMG runs four business pillars—Destination Management (Vivu Journeys), Hospitality (Victoria Hotels & Resorts and EMM Hotels), Online (iVIVU.com), and Aviation (Hai Au Aviation)—and has grown from 3 founding employees to more than 2,500 worldwide. The group positions itself as Asia's leading customer-centric travel group and serves hundreds of thousands of tourists annually with luxury cruises, seaplane tours, eco-friendly adventures, and integrated online bookings.

TMG's product portfolio spans luxury cruises (Emeraude in Halong Bay, Victoria Mekong Cruises across Vietnam-Cambodia, Song Xanh Sampan in the Mekong Delta, L'Azalee and Sayuri Cruises), boutique hotels with authentic Indochine architecture (Victoria Can Tho, Victoria Chau Doc, Victoria Nui Sam, Victoria Hoi An, Victoria Xiengthong Palace in Luang Prabang, Mai Chau Lodge), urban hotels (EMM Hotels in Hue, Hoi An, Saigon), Hai Au Aviation seaplane operations using Cessna Caravan C208B-EX aircraft for scenic and scheduled flights over Halong Bay, regional restaurants (Spice Viet, Bassac, Alamea, Le Longanier), and the iVIVU.com online travel booking platform. Hai Au Aviation has held the World Travel Awards "Asia's Leading Seaplane Operator" title for six consecutive years (2019-2024).

TMG monetizes through transaction-based pricing across all four pillars: per-cabin cruise bookings (e.g., VND 17.3M / ~$700 for an Emeraude Premium private cruise), per-room hospitality stays, per-flight aviation fares (VND 2.5M for a 25-minute scenic flight), and marketplace commissions via iVIVU.com. The customer base is predominantly international tourists plus Vietnamese consumers, distributed through direct branded websites (victoriahotels.asia, haiauaviation.com, emeraude-cruises.com, vivujourneys.com, ivivu.com), its own OTA, and B2B channel partnerships such as the PONANT ultra-luxury cruise alliance (bookings up to AUD 40,050).

Name

Thien Minh Group

Legal name

Thien Minh Group

Website

https://tmgroup.vn

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Thien Minh Group (TMG) is a privately-held Vietnamese travel and hospitality group operating four pillars—Destination Management, Hospitality, Online, and Aviation—serving hundreds of thousands of international and domestic tourists annually across Vietnam, Cambodia, and Laos.

Ownership category

akta.pro rank

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Supply Chain, Infrastructure

Revenue model

1. Destination Management (Vivu Journeys): Tour operator services providing experiential travel experiences across Vietnam, Cambodia, Laos, and Southeast Asia. Services include guided tours, cultural experiences, and luxury travel arrangements.
2. Hospitality (Victoria Hotels & Resorts, EMM Hotels): Hotel and resort operations including Victoria Can Tho Resort, Victoria Chau Doc Hotel, Victoria Nui Sam Lodge, Victoria Hoi An Beach Resort & Spa, Victoria Mekong Cruises, EMM Hotels, and Victoria Xiengthong Palace in Laos.
3. Online Platform (iVIVU.com): Online travel booking platform serving as Vietnam's homegrown travel platform, increasing revenue by 50% compared to pre-pandemic numbers.
4. Aviation (Hai Au Aviation): Seaplane operations offering scenic flights over Halong Bay and scheduled flights between Hanoi and Halong Bay.
5. Cruise Operations (Emeraude Cruises, Victoria Cruises): Luxury cruise services on Halong Bay (Emeraude Classic, Emeraude Premium, L'Azalee Cruises, Sayuri Cruises) and Mekong Delta (Victoria Cruises, Victoria Mekong, Song Xanh sampan).

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

Core offering

Thien Minh Group (TMG) is a Vietnamese integrated travel and hospitality conglomerate operating four business pillars: Destination Management (Vivu Journeys), Hospitality (Victoria Hotels & Resorts and EMM Hotels), Online Travel Platform (iVIVU.com), and Aviation (Hai Au Aviation seaplane services). It sells luxury hotel accommodations, Halong Bay and Mekong river cruises, seaplane scenic flights, experiential tour packages, and curated dining experiences across Vietnam, Cambodia, and Laos.

Product overview

Thien Minh Group (TMG) is Asia's leading customer-centric travel group providing all-inclusive travel services through four business pillars: Destination Management (Vivu Journeys), Hospitality (Victoria Hotels & Resorts and ÊMM Hotels), Online (iVIVU.com), and Aviation (Hai Au Aviation). The portfolio includes luxury cruise operations (Emeraude Cruises on Halong Bay, Victoria Mekong Cruises, Song Xanh Sampan), hotel and resort properties across Vietnam and Laos (Victoria brand with distinctive Indochinese architecture,ÊMM urban hotels, Mai Châu Lodge), aviation services (seaplane flights over Halong Bay), and curated restaurants showcasing regional Vietnamese and Lao cuisines (Spice Viet, Bassac, Alamea, Le Longanier). TMG serves hundreds of thousands of tourists annually with luxury cruises, seaplane tours, eco-friendly adventures, and seamless online bookings across Vietnam, Cambodia, Laos, and Southeast Asia.

Differentiator

Problem solved

Functional benefit

Brands

• Vivu Journeys: Destination Management company providing experiential travel and tours across Vietnam, Cambodia, Laos
• Victoria Hotels & Resorts
• EMM Hotels
• Victoria Mekong Cruises
• Emeraude Cruises
• Hai Au Aviation
• iVIVU
• Spice Viet

Products and services

• Vivu Journeys Destination management company providing experiential travel and tours across Vietnam, Cambodia, and Laos, including cultural experiences, guided tours, and luxury travel arrangements for B2B and B2C customers.
• Victoria Hotels & Resorts Hospitality brand offering Indochinese-inspired hotels and resorts across Vietnam and Laos, featuring distinctive colonial architecture and cultural experiences, including Victoria Can Tho Resort, Victoria Chau Doc Hotel, Victoria Nui Sam Lodge, Victoria Hoi An Beach Resort & Spa, and Victoria Xiengthong Palace.
• EMM Hotels

Quantifiable outcome

• iVIVU.com increased revenue by 50% compared to pre-pandemic numbers
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• PONANTcoreStrategic or Co-development Partner · 23 February 2024French luxury cruise line partnership where PONANT operates 5-star cruise ships (Le Jacques Cartier, Le Laperouse) bringing high-end international tourists to Vietnam. Vivu Journeys, a subsidiary of TMG, provides destination management services including tours to Con Dao, Phu Quoc, Ho Chi Minh City, Cai Be, Cu Chi, Halong, Nha Trang, Da Nang, and Chan May. Tours on these ultra-luxury cruise ships cost up to AUD 40,050 per booking.

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Sun Group: Vietnamese conglomerate with integrated hospitality, entertainment, real estate, and aviation operations. Closest peer to TMG by business model and geography, including hotels, resorts, cable cars, and tourism attractions.
• Saigontourist Group: Vietnamese state-owned tourism and hospitality group operating hotels, tour services, and travel agencies across Vietnam. Directly comparable to TMG's destination management and hospitality pillars.
• Vietravel: Vietnamese tour operator and travel services company with both inbound and outbound travel operations. Closely comparable to TMG's Vivu Journeys destination management business.
• Banyan Tree Holdings: Singapore-based luxury hotel and resort operator with strong presence across SE Asia including Vietnam. Comparable premium positioning, integrated resort experience, and sustainability ethos.
• Six Senses (IHG): Luxury hotel and resort operator under IHG with properties in Vietnam, Cambodia, and Thailand. Comparable luxury positioning and focus on experiential, sustainability-led hospitality.
• Aman Resorts: Ultra-luxury hotel operator with iconic Amanoi in Vietnam and Aman properties across SE Asia. Comparable premium pricing tier, heritage-architecture sensibility, and experiential travel focus.
• Centara Hotels & Resorts: Thai hotel group operating across SE Asia including Vietnam. Comparable integrated hotel brand portfolio with properties at varying price tiers.
• Halong Bay Cruise Operators (Bhaya Cruises): Vietnamese overnight cruise operator in Halong Bay. Direct competitor to TMG's Emeraude, L'Azalee, and Sayuri cruise brands on the same waters.

Broad incumbents

• Vingroup (Vinpearl/VinHolidays): Vietnam's largest private conglomerate with Vinpearl (luxury hotels/resorts), VinWonders (theme parks), and VinHolidays. Larger and better-capitalized than TMG, operating in adjacent tourism segments within Vietnam.
• Minor International (Anantara): Thailand-based hospitality conglomerate operating Anantara, Avani, Oaks, and NH Collection brands across Asia and globally. Comparable luxury hospitality positioning and integrated hotel/restaurant/spa model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCzIJ3SO8SA9S94pcx4Iv_0Q
• Facebookfacebook.com/tmgroup.vn
• LinkedInlinkedin.com/company/tmg---thien-minh-group
• Instagraminstagram.com/tmg_idarewedare
• TikToktiktok.com/@tmg_thienminhgroup

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries12 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Thien Minh Group