1) The occupancy rate for the hotels owned by OSCVN was 80% in year 2015. The occupany rate for the current year was affected due to the decrease in oil price and this had caused withdrawal and delay of projects related to the O&G industry. For example, the biggest joint venture O&G company in Vietnam namely, PetroVietnam which owned and operated ten (10) oil rigs had reduced their operations to three (3) oil rigs. 2) OSCVN had diversified their business in order to attract more tourists to their hotels and had achieved an occupancy rate of 53% for the last nine (9) months as compared to the Company which offered service apartment only. 3) OSCVN had anticipated and prepared for the current economy challenges. The employees of OSCVN suffered slight decrease in their salaries and bonuses as compared to the employees from the O&G companies and business owners of related O&G activities, who suffered decrease in salaries of approximately 34% or unemployment.
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