by Daan Duijm
2006 and 2007 marked the start of a theme park development race, the likes of which have not been seen outside of China. It has been mostly unnoticed by Western media or tourists until recently. It’s even impressed industry experts who’ve not visited Vietnam in years. This is the visual story of how Vietnamese developers are changing the country and developing theme park complexes rivalling some of the world’s best parks in scale and vision.
Vietnam’s largest amusement park developers
When you search for theme parks in Vietnam, it’s not always easy to find accurate information in English or to gauge the size of the industry and parks.
The two largest theme park developers Sun Group and Vin Group, with their respective brands Sun World and Vin Wonders (previously Vin Pearl), have English Wikipedia pages of a few sentences. But ask any Vietnamese person, and they know both groups.
The founders of both companies studied in Russia. The founder of Sun Group was a partner in Vin Group in its early years before he separated and started Sun Group.
Vin Group
Vin Group is the largest non-state-run company in Vietnam. It is led by the richest person in the country, Phạm Nhật Vượng (4.6 billion USD – Forbes 2023).
Vin Group operates in a variety of markets, from supermarkets, and real estate to hospitals and cars. Its electrical car brand VinFast has recently started selling electric cars outside of Vietnam (NASDAQ listed in August 2023). In 2006 Vin Group opened Vin Pearl Land Nha Trang, consisting of a water park and a theme park on the island of Hon Tre. Visitors can reach this by cable car or ferry.
Vin Pearl Land Hoi An opened in April 2018 and now consists of a water park and theme park. In 2020 the Vin Pearl parks were rebranded to Vin Wonders. Vin Wonders Phu Quoc opened in 2020 and includes a theme park, water park and Safari park. As of early 2024, Vin Groups has three properties; Hoi An, Nha Trang and Phu Quoc. Another Vin Wonders park will be developed on Hai Phong’s Vu Yen Island.
Sun Group
Elsewhere in the Vietnam theme park industry, Sun Group is one of the country’s largest integrated hospitality, entertainment, infrastructure and real estate companies. It was founded by Le Viet Lam. In 2007 it opened its first themed entertainment property in Da Nang at Ba Na Hills with its first record-breaking cable car. Continuously being developed, Ba Na Hills is home to a themed French village and multiple cable cars. In 2018, it garnered international attention with the opening of the Golden Bridge.
See also: Kiss the Stars: bringing a ground-breaking new show to Vietnam
Sun World is the Entertainment Brand of Sun Group, operating seven properties as of early 2024. From North to South, these are Fansipan Legend, Ha Long Bay, Cat Ba, Ba Na Hills, Asia Park, Ba Den Mountain and Phu Quoc.
Six out of seven Sun World locations have cable car cars. Three are mountaintop cable cars and one is an ocean-crossing cable car. Certain locations consist of multiple parks and cable cars which serve as both attractions and transportation. For example, Ba Na Hills (seven cable cars), Ha Long Bay (one cable car, water park and theme park split between two locations), or Ba Den Mountain (three cable cars).
The next Sun World park is expected to open in Sam Son (Thanh Hoa province). This will consist of a theme park, water park and RD&E area, which will open in phases.
Other amusement park developers
The third largest operator in the Vietnam theme park industry, in regards to total parks operated, is likely Novaland, with its Nova Dreams parks. There are two parks located in the south. These are Ho Tram (small water park) and Phan Thiet (theme park and water park).
Vietnam’s newest large park is Amazing Bay Water Park, in Ho Chi Minh City. This opened in April 2022 and contains all ProSlide attractions.
Not a theme park, but a unique natural attraction can be found in Da Lat. This has multiple ziplines and a high ropes course by Datanla High Rope Course.
Other independent theme/water parks in Vietnam
- A large Buddha-themed theme park and water park in Ho Chi Minh; Suoi Tien Theme Park
- A small theme park and water park in Nghe An province; Muong Thanh Park
- A mid-size water park in Ho Chi Minh City; Dam Sen Park
- A mid-size water park opened in 2000 in Hanoi; Ho Tay Water Park. Next to Ho Tay Water Park is also a small theme park
- A mid-size water park opened in 2023 in Hanoi; Bảo Sơn Paradise Park.
- A tourism complex with a safari, temples and water park in Bình Dương Province (two hours from HCMC); Lac Canh Dai Nam Van Hien
- Bảo Sơn Paradise Park in Hanoi
Not all parks are successful, unfortunately. Thanh Ha Water Park, now demolished, is an example of how not to operate a water park.
Bim Group announced a future water park in 2019 at the Phu Quoc Marina water park project.
Key characteristics of the Vietnam theme park industry
- Two main operators: Vin Group and Sun Group. These companies are developing highly themed large parks.
- Many theme parks are part of larger real estate developments. Especially in recent years, most parks have opened as part of a larger development. These usually feature hotels, resorts, villas and shophouses.
- Complexes with cable cars, taking visitors to unique or culturally relevant destinations are very popular. Millions of visitors take cable cars to Fansipan or Ba Den mountain.
- Most parks either use no intellectual property (IP), develop their own, or use generic IP (pirates, dinosaurs). No official foreign IP is in use in parks currently.
- People in Vietnam are slowly developing a taste for more thrilling rides, especially the younger generation. But a significant amount of local visitors bring their extended family on holidays and all generations appreciate beautiful theming and picture opportunities.
An outlook on the market
As of January 2024, the market in Vietnam is still feeling the effects of a recent real estate market decline. This which started in October 2022, when the chairwoman of Van Thinh Phat (one of the largest property developers in Vietnam) was arrested for alleged fraud. In February 2023, Novaland Investment Group defaulted on a US43 million-dollar bond issue.
Monetary tightening in 2023 to control inflation and a falling currency, further attributed to the slowdown. As per Asiatimes.com; credit rating analysts see an upside to the government’s actions. These may help the Vietnam property market progress towards more sustainable growth in the long term.
S&P’s Xavier Jean says Vietnam’s long-term prospects are more positive, as a younger population and an expanding middle class are set to keep demand for property high. With strong long-term fundamentals, the key players in the Vietnam theme park industry, Vin Group and Sun Group, both have projects in the pipeline. We expect to see more amusement parks & experiences opening in the future.
