Vinpearl’s Historic Listing on HOSE: Unveiling Vietnam’s Leading Hospitality and Entertainment Enterprise
On May 13, 2025, over 1.79 billion VPL shares of Vinpearl Joint Stock Company officially listed on the Ho Chi Minh Stock Exchange (HOSE) at a starting price of 71,300 VND per share, equating to a market capitalization of nearly VND 130,000 billion (approximately $5 billion). Soaring to the upper limit of 20%, VPL concluded its first trading session at 85,500 VND per share, pushing its market capitalization beyond VND 150,000 billion and securing a spot among the top 10 listed companies on the stock exchange.
This remarkable feat underscores Vinpearl’s unparalleled stature in Vietnam’s hospitality, tourism, and entertainment landscape. As of now, Vinpearl’s portfolio encompasses 31 five-star hotels and resorts, boasting over 16,100 rooms, which accounts for nearly 20% of Vietnam’s total five-star hotel rooms.
However, what truly sets Vinpearl apart is its “All-in-one” model, featuring theme parks managed by VinWonders. These theme parks offer high-profit margins and are deemed the key growth drivers for Vinpearl as Vietnam vies with other countries to attract tourists.
The Billion-Dollar Theme Park Market
According to Vinpearl, Vietnam’s entertainment park industry reached $1.6 billion in 2023 and is projected to climb to $2.5 billion by 2028. A recent report by SSI Securities Corporation reveals that visitor numbers at leading theme parks and entertainment parks in the APAC region grew by 4% during 2023-2024, with significant contributions from China and Southeast Asia.
Benefiting from favorable demographics and a burgeoning middle class, Vietnam’s entertainment park visitors are expected to expand at a CAGR of 2.7% annually from 2025 to 2028, while average customer spending is forecast to rise by 5% per annum during the same period (as per Roland Berger).
Vinpearl recognizes the substantial demand and growth potential, especially in provinces lacking modern entertainment options. Moreover, the robust recovery of the tourism industry serves as a pivotal catalyst for theme parks.
In the first quarter of 2025, international visitor arrivals to Vietnam not only rebounded but surpassed pre-pandemic levels. For the first time, Vietnam outpaced Thailand in attracting Chinese tourists, receiving 1.6 million visitors, a 78% surge compared to the previous year. In contrast, Thailand witnessed a 24% decline in Chinese arrivals during the same period.
Previously, in 2024, Vietnam surpassed Singapore to become the third most visited country in Southeast Asia by international tourists, after Malaysia and Thailand.
However, Vietnam’s number of premium hotel rooms per million people is lower (0.2) than the Southeast Asian average (1.0). The options for entertainment parks, particularly large-scale and modern ones, remain limited.
According to the International Association of Amusement Parks and Attractions, out of the 20 largest theme parks in the Asia-Pacific region, 14 are located in China, and most of them attract fewer than 6 million visitors (as of 2023). Vinpearl’s 7 million visitors in 2024 rivaled that of Hongkong Disneyland in 2023, highlighting the significant potential for Vinpearl to attract more visitors as Vietnam cements its position as a tourism hotspot.
The Surprising Profitability of Vinpearl’s Theme Parks
Currently, VinWonders holds a 35% market share in Vietnam’s major urban markets, operating 12 facilities in prominent cities and tourist destinations, including Hanoi, Nha Trang, and Phu Quoc. With its super-complex development strategy, Vinpearl has established 12 parks and entertainment venues, including 4 large-scale theme parks ranging from 35 to 50 hectares, 5 entertainment and career orientation centers, a nearly 500-hectare wildlife conservation and care park, the largest water park in North Central Vietnam, and an equestrian academy.
Among Vinpearl’s distinctive entertainment parks are VinWonders Nha Trang, dubbed the “record-breaking” entertainment and amusement park; VinWonders Nam Hoi An, a cultural, architectural, and traditional arts experience complex that also serves as a wildlife rescue and conservation center, having rescued nearly 1,300 individuals of nearly 50 rare species; and Safari Phu Quoc, Vietnam’s largest wildlife conservation center for semi-wild animals.
Vinpearl discloses that its entertainment park segment contributes approximately 40% to its core business revenue, with a remarkable EBITDA margin of 60-70%. Comparable companies in the industry report significantly lower EBITDA margins, such as Oriental Land (operators of Tokyo Disney Land) with a 35% EBITDA margin.
Vinpearl’s superior profitability stems from lower energy and personnel costs compared to global peers, enabling faster capital investment recovery. Moreover, there is significant room for improvement, given that ticket prices are relatively affordable compared to other regional theme parks.
SSI remarks on Vinpearl’s ability to create an all-encompassing holiday destination that appeals to a broader international audience through the convenience of diverse attractions in a single location.
In this strategy, Vinpearl leverages Vingroup’s extensive experience in managing large-scale projects, a dynamic and highly skilled workforce, a robust ecosystem of premium products and services, and the reputable Vingroup brand.
According to BrandFinance, Vinpearl is the only hotel brand ranked among the Top 100 brands in Vietnam and the Top 3 strongest brands in ASEAN.
By offering hotel and entertainment park management services, Vinpearl’s hotels are often the preferred choice for all-inclusive travel packages.
Leveraging its first-mover advantage, Vinpearl possesses a vast portfolio of tourism real estate in desirable locations, catering to diverse customer needs, from affordable family vacations to luxurious resort experiences. Vinpearl consistently achieves superior occupancy rates and growth compared to the market.
In the third quarter of 2024, Vinpearl’s tourism, resort, and entertainment clusters in Nha Trang witnessed a 90% surge in international visitors (compared to a 36% market growth), while the Phu Quoc cluster experienced a remarkable 101% increase in international arrivals (against a 91% market growth), as per Vinpearl’s data.
Ambitious Expansion Plans
Vinpearl ambitiously targets the expansion of its large-cluster strategy to destinations such as Can Gio (Ho Chi Minh City, approximately 3,000 hectares) and Ha Long (Quang Ninh province, approximately 5,000 hectares). The company aims to increase its hotel capacity by 40%, expand its entertainment park area by 65%, and quadruple the number of 18-hole golf courses by 2028.
Beyond traditional markets like South Korea, China, and CIS countries, Vinpearl sets its sights on emerging markets, including Mongolia, India, the Middle East, long-haul markets, and Southeast Asia.
SSI forecasts that, for the entertainment park segment, revenue from existing facilities is expected to grow at a CAGR of 6% (2025-2030), attracting approximately 10 million visitors annually, with an EBITDA margin ranging from 60-65% (excluding new development projects). Given the high EBITDA margins, these entertainment parks are anticipated to break even within 1-2 years.
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Local Governments Unite to Secure Material Supplies for Public Investment Projects
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The Longest City Name in Vietnam Will Soon Be No More
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The Billionaire’s Vision: Revolutionizing Vietnam’s Transport with High-Speed Rail
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