By Tyler Rizzo, Storyland Studios
Vietnam, a country known for its rich cultural heritage and breathtaking natural landscapes, has a long history shaped by dynastic rule, colonialism, and resilience through many wars. Over the past few decades, Vietnam has emerged as a dynamic economy in Southeast Asia. It is renowned for its hospitality, historical landmarks, and thriving tourism sector.
With a population of over 100 million and accelerating growth rates, Vietnam is the 16th most populated country on the planet. One area of interest for location-based entertainment is the rapidly growing urbanization rate. Today, roughly 40% of the population lives in an urban area. By 2040, projections have the country reaching over 57%.
As this beautiful nation continues to modernize, its entertainment and leisure industries are growing rapidly. Theme parks and attractions are playing a pivotal role in attracting both domestic and international visitors.
As we examine the evolving theme park industry in Vietnam, it’s clear that the sector is on an upward trajectory. Vietnam’s tourism landscape has seen remarkable growth, with domestic tourism on the rise and international arrivals steadily increasing. From a strategic investment perspective, the potential for expansion in the Vietnamese theme park market is compelling, as the country is not yet saturated with leisure offerings compared to its regional neighbors.
Top performers in Vietnam’s theme park industry
While the theme park market in Vietnam has not seen the volume that some of its Asian counterparts have, as shown by the TEA/AECOM Theme Index report in partnership with Storyland Studios, the current market is sizeable and growing.
Vietnam has several top-performing theme parks, with VinWonders Phu Quoc leading the way with nearly 4 million annual visitors. This park offers a unique island destination and cultural attractions, showing a robust model for drawing local and international tourists.
Similarly, Sun World Ba Na Hills, attracting 3.2 million visitors, showcases the successful integration of breathtaking landscapes and entertainment offerings. These parks demonstrate the viability of theme park investments when combined with compelling destinations, cultural narratives, and local appeal.
The other major players include VinWonders Nha Trang, Sun World Ha Long Park, and Suoi Tien Theme Park. Each draws 1.5 to 2.5 million visitors annually. This reinforces the demand for entertainment options in various geographic locations nationwide.
Cultural tourism as a growth lever
In addition to its theme park market, cultural and natural attractions in Vietnam continue to be significant draws for tourism. Sites like Ha Long Bay (2.9 million visitors annually) and Hoi An Ancient Town (2 million visitors) show the strong interplay between cultural experiences and visitor numbers. These attractions bolster Vietnam’s tourism and present an opportunity to incorporate or enhance theme park elements in proximity to these culturally significant sites.
Storyland Studios has hands-on experience designing real-world opportunities in developing markets. With the Kebulania Film City, Storyland helped design, master plan, and attract mixed-use investment for a first-of-its-kind city development that recently broke ground.
With significant tourist influxes from key markets such as China, South Korea, Japan and the US, parks that integrate cultural narratives and immersive experiences will likely have greater appeal and longevity.
Room for growth: opportunities and trends
Despite VinGroup and Sun Group’s strength in the Vietnamese market, there is still considerable room for new entrants. The success of parks like Hong Kong Disneyland (6.4 million visitors) and Universal Studios Singapore (4.5 million visitors) demonstrates the appeal of international brands. In addition, Vietnamese tourists are increasingly exploring regional parks, highlighting an appetite for international-level experiences at home.
This trend in the Vietnam theme park market presents a unique investment opportunity. As the Vietnamese middle class continues to grow and disposable income also increases, there will likely be greater demand for high-quality, globally recognized entertainment brands. Furthermore, the government’s pro-tourism policies and ambition to become a leading regional tourism destination provide a favorable backdrop for strategic investments.
The integration of resorts and theme parks
A growing trend in Vietnam is the integration of theme parks with resorts and cultural attractions. These cater to tourists seeking an all-inclusive experience. Sun Group has exemplified this approach with projects like Sun World Ba Na Hills. Here, visitors enjoy rides and stunning views, cable car rides, and French-inspired architecture.
As two new Sun Group projects—Sun World Sam Son and Sun World Mau Son—come online, we can expect further developments in this space. These will offer experiences that blend entertainment, relaxation, and cultural enrichment.
For investors, this shift toward multi-faceted entertainment hubs means that the business models for new developments can capitalize on extended guest stays and higher spending per visitor. Future projects may benefit from partnerships with hospitality brands or cultural institutions, further enhancing their competitive edge.
Conclusion: investing in the potential of the Vietnam theme park market
Vietnam is poised for continued growth in its theme park industry, with untapped opportunities across various regions. The combination of rising domestic tourism and increasing international interest, as well as the success of existing operators, creates an attractive environment for strategic investment. By focusing on creating differentiated, culturally immersive, and multi-experience destinations, investors can position themselves at the forefront of Vietnam’s burgeoning entertainment sector.
Vietnam’s journey in tourism and entertainment is just beginning. With careful planning and strategic foresight, the country is set to become a significant player in Asia’s theme park landscape.
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