Unlocking the Potential: Unveiling the Secrets Behind Vinpearl’s Success in Surpassing VPBank, MB, and ACB’s Market Capitalization

Vinpearl’s Impressive Performance: A Closer Look at its Rising Value

Vinpearl (VPL) stock has soared by nearly 28% to 91,400 VND per share after two consecutive dramatic sessions. Consequently, the market capitalization has also surged by 36 trillion VND since its IPO, reaching almost 164 trillion VND (6.4 billion USD). This remarkable performance propels Vinpearl into the top 10 most valuable listed companies on the Vietnamese stock exchange.

As a newcomer to the stock market, Vinpearl’s market capitalization has already surpassed that of established names such as VPBank, PV Gas, MB, Vinamilk, and ACB. But what makes this hospitality business under the VinGroup umbrella so highly valued?

Industry Leadership and Vingroup Ecosystem Advantage

Firstly, Vinpearl is a member of the VinGroup (VIC) ecosystem, with the parent company holding 85.55% of its shares. This affiliation gives Vinpearl a competitive edge with its development model and access to VinGroup/Vinhomes’ land bank, offering guests a seamless blend of accommodation, entertainment, and services in a single visit.

Vinpearl operates across three core segments: (1) hotels and resorts; (2) amusement parks/entertainment complexes; and (3) golf courses, along with other businesses like convention centers and real estate sales. As of 2024, Vinpearl owns and/or operates a total of 31 hotels/resorts with over 16,100 rooms, 12 amusement and entertainment parks, 4 golf courses, and 1 convention center across Vietnam.

Vinpearl plans to open three new hotels in Vinh, Bac Ninh, and Tuyen Quang in 2025, each with a capacity of 250-300 rooms. By 2027, the company aims to add five more hotels, totaling ~2,100 rooms.

Additionally, VinWonder Vu Yen, spanning nearly 50 hectares, is set to open in June 2025. Vinpearl intends to launch 1-2 new VinWonders annually during 2026-27, including VinWonders Tuyen Quang, VinWonders Can Gio, and VinWonders Ha Long Xanh.

For 2025, Vinpearl targets net revenue of 14,150 billion VND and net profit of 1,750 billion VND. Looking ahead to 2026, the company forecasts net revenue of 16,400 billion VND and net profit of 2,300 billion VND, representing growth of 16% and 31%, respectively, compared to this year’s plan.

Notably, core revenue (from hotels & resorts, amusement & entertainment parks, and golf courses) is expected to increase by 34% year-over-year in 2025 and by 9% in 2026, contributing approximately 80% and 76% to total revenue, respectively.

According to Vietcap, the difference in growth rates between revenue and net profit in 2025 is mainly due to lower revenue from non-core real estate sales and financial income. In contrast, the improved profitability in 2026 may reflect higher operating margins.

Tourism Recovery and the Billion-Dollar Amusement Park Market

A recent Vietcap report highlights Vinpearl’s industry leadership and its ability to leverage Vietnam’s tourism growth and shape new trends, particularly through its VinWonders amusement park brand, which holds significant expansion potential.

VNDirect’s updated report underscores the strong recovery of Vietnam’s tourism industry, outperforming other ASEAN destinations like Thailand, Singapore, Indonesia, Malaysia, and the Philippines. In recent years, Vietnam has been closing the gap with Thailand, emerging as a top choice for international travelers.

Strategically located in the heart of the populous Asia-Pacific region, Vietnam is expected to be a growth hotspot in the coming decade. VNDirect anticipates that the domestic market will reach 130 million visitors in 2025, driven by the ongoing recovery in travel and consumer demand, the development of new destinations catering to diverse preferences, and technology enhancements that simplify booking processes.

Meanwhile, the amusement park and experience market in Vietnam is projected to reach 2.5 billion USD by 2028, with visitor numbers to amusement parks growing at a CAGR of 30% from 2022 to 2028. According to VNDirect, this underscores the significant demand and growth potential, yet the number of internationally-standardized amusement parks in Vietnam remains modest. This presents a lucrative opportunity for VinWonders, a key pillar of Vinpearl’s business.