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Vinpearl JSC (VPL) will officially commence trading on the Ho Chi Minh Stock Exchange (HOSE) on May 13, 2025. In this note, we provide a summary of the company's background (Pages 2-3, 7-10), management’s guidance and expansion plans (Page 4), peer comparisons (Pages 4-5), and historical financial performance (Pages 5-6).
Vinpearl, the hospitality arm of Vingroup (VIC; effective ownership of 85.55% at end-Q1 2025), operates across three core businesses: 1) hotels and resorts, 2) amusement parks/entertainment complexes, and 3) golf courses, along with other business activities such as convention center operation and property sales. At end-2024, VPL owns and/or manages a total of 31 hotels/resorts with over 16.1 thousand rooms, 12 parks and entertainment complexes, 4 golf courses, and 1 convention center under operation across Vietnam.
Vinpearl has been a pioneer in Vietnam’s tourism industry and a leader in five-star and integrated hospitality projects. Vinpearl holds a competitive edge through its integrated cluster strategy and access to VIC/VHM’s land bank, offering a one-stop leisure experience that combines accommodation, entertainment, and services. It has a proven track record in executing large-scale projects, with capabilities across development, operations, and management. As a market leader, Vinpearl is well-positioned to capitalize on Vietnam’s tourism growth and shaping emerging industry trends, particularly through its VinWonders amusement park brand, which offers substantial room for expansion.
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