On February 6th, Hanoi Haseco Entertainment Services Joint Stock Company (UPCoM: HES) issued a Resolution of the Board of Directors regarding the assignment of company operations to renew the business cooperation contract for the exploitation of assets and infrastructure with Sen Trading and Service Company Limited (Sen) with the following main contents:
Hanoi Entertainment Services Joint Stock Company (Party A) and Sen Trading and Service Company Limited (Party B) will utilize the existing assets and infrastructure of Party A and the financial capacity and business experience in the food and beverage sector of Party B to conduct food and beverage, entertainment activities including a 2,000-seat buffet area, conference facilities, banquets, wedding services, and children’s play area.
The contract value is VND 1,051,830,000 per month, with a contract duration of 10 years, starting from April 1st, 2024.
Sen Trading and Service Company Limited is the operator of the Sen West Lake buffet restaurant. Haseco has been cooperating with Sen since 2008 and renewed the contract once for a period of 10 years on April 1st, 2014.
Sen West Lake restaurant
Sen West Lake is the largest facility in the Sen buffet system
Sen West Lake restaurant was launched in February 2009 and is one of the first buffet restaurants in Hanoi, situated on a 12,000 m2 area on Lac Long Quan street, Nhat Tan ward, Tay Ho district (Hanoi).
In addition to Sen West Lake, Buffet Sen has other locations, but Sen West Lake boasts the largest area, open space, and beautiful architecture. The large complex includes various spaces with architecture ranging from antique to modern – Sen West Lake stands out with 3 main buffet areas: International, Hanoi, and Star Palace.
Despite being 15 years old, Sen West Lake still maintains its popularity with customers despite having numerous competitors. The current buffet prices at Sen West Lake range from VND 370,000 to 430,000 for adults and from VND 260,000 to 300,000 for children.
Sen West Lake restaurant
Regarding the cost of over VND 1 billion per month paid to Haseco, there are opinions commenting that, with its prime location, large area, spacious and beautiful space, close to West Lake, the cost is reasonable.
However, on the contrary, Sen West Lake itself is a well-performing business entity, maintaining efficient and stable operations. Haseco stated that, in 2021 and 2022, despite operating in a field directly affected by the pandemic, Sen Company continued to cooperate with Haseco with an unchanged contract value. This is a source of revenue that helps Haseco maintain its operations during the pandemic.
After 15 years, Haseco’s Board of Directors identified Sen Company as a strategic partner, contributing to the development of the company as well as beautifying the park and the Tay Ho district. Therefore, before the contract between the two parties expires on March 31st, 2024, Haseco’s Board of Directors has submitted a document requesting the shareholders’ opinions on renewing the cooperation contract with Sen Company for another 10 years, starting from April 1st, 2024.
