Theme Parks – Vinpearl’s “Money Printing Machine” and the Race to Regional Prominence

On May 13, 2025, CTCP Vinpearl listed 1.79 billion VPL shares on HOSE, setting a record with a market capitalization of 150 trillion VND, becoming one of the top 10 companies in Vietnam in the tourism and entertainment sector. Vinpearl leads the market with 31 five-star hotels, accounting for 20% of the total number of equivalent rooms. The VinWonders theme park system is rated highly, enabling the company to stand out in tourist attraction competition. The entertainment park market in Vietnam reached $1.6 billion in 2023 and is expected to grow to $2.5 billion by 2028. Vinpearl holds 35% of the market share, with plans for expansion in new locations, increasing hotel capacity by 40% and amusement park area by 65%. The number of international visitors to Vietnam has rebounded, surpassing Thailand, indicating strong growth in the tourism industry. Vinpearl parks provide an EBITDA margin of 60-70%, much higher than international competitors. With an “All-in-one” strategy, Vinpearl anticipates reaching around 10 million visitors per year by 2030, leveraging competitive advantages from Vingroup.