HK Stock Market Move | China Tourism Group Duty Free Corporation (01880) rose nearly 5% in early trading, signing a memorandum of cooperation with Vietnam's IPP Group to jointly operate duty-free shops in Vietnam.

China Tourism Group Duty Free Corporation (01880) rose nearly 5% in early trading and, as of the time of writing, was up 4.94% to HK$59.4, with a trading volume of HK$31.55 million. On the news front, China Duty Free Group announced that it has signed a memorandum of cooperation with Vietnam's Imex Pan Pacific Group (IPP Group) to officially establish a strategic partnership. The collaboration between the two companies aims to expand business opportunities in the tourism and tourism retail industries, as well as to promote economic and trade cooperation between the two countries. China Duty Free Group and IPP Group will jointly operate duty-free shops at strategically important locations in Vietnam, including airports and major tourist destinations. IPP Group will provide crucial local support, including logistics and facilitating approval processes, to ensure the smooth operation and management of the joint venture. In order to enhance customer experience and increase sales, the two companies will collaborate with hotels, banks, and digital platforms to implement a more comprehensive marketing strategy. By exploring new business development opportunities in tourism retail and tourism industry, China Duty Free Group and IPP Group aim to enhance services and customer experience through cooperative investments, development projects, integrated marketing, and customer loyalty programs. Both parties are expected to attract and retain a larger customer base.