What to expect from VPL on HoSE?

This is one of the core companies within the "VinGroup" ecosystem, with Vingroup holding 85.55% of VPL’s capital, comprising 85.51% direct ownership and 0.04% indirect ownership through two wholly-owned subsidiaries: Vincom Security Services Co., Ltd. and VinBus Eco Transport Services Co., Ltd., as of the end of the first quarter of 2025.

VPL is a leading player in Vietnam's tourism sector, particularly dominating the five-star hotel and resort market with integrated amenities. The company is expected to further strengthen its land bank advantage as access to capital improves following its listing on HOSE. VPL operates across three main business lines: hotels and resorts, amusement and entertainment complexes, and golf courses.

In addition, it also engages in conference center operations and real estate sales. By the end of 2024, VPL owned and/or operated a total of 31 hotels and resorts with more than 16,100 rooms, 12 amusement parks and entertainment areas, 4 golf courses, and 1 convention center located across Vietnam.

Operating under a cluster development model alongside its parent group Vingroup — which already has a presence in most of Vietnam's tourism hotspots and potential destinations — VPL possesses unique competitive advantages and land access capabilities unmatched by any other domestic enterprise.

Moreover, the company has entered into strategic partnerships with two major international hotel brands, Meliá Hotels International and Marriott International, to manage several of its hotels and resorts. These collaborations enable VPL to access global customer bases, capitalize on strong brand reputations, and deliver diverse service experiences. Currently, 23 of VPL’s hotels and resorts are operated under these partnership arrangements.

Of particular note is VPL’s branding strategy, centered around attractions like Vinpearl Safari and especially the increasingly popular VinWonders amusement parks. These offerings, with substantial potential for expansion, are backed by VPL’s comprehensive capabilities in development, operation, and management. As a result, the company has become a premier destination for experiential travel, luxury retreats, MICE (Meetings, Incentives, Conferences, and Exhibitions), and music tourism for both domestic and international travelers.

Established in 2001 with an initial charter capital of VND 60 billion, VPL has grown its charter capital to over VND 17,933 billion. According to its prospectus and consolidated financial statements for 2023 and 2024, VPL’s total assets rose from VND 44,828 billion in 2023 to VND 74,381 billion in 2024. Shareholders’ equity also increased, from VND 16,267 billion in 2023 to VND 33,067 billion in 2024. Net revenue saw a slight decline from VND 6,178 billion in 2023 to VND 6,092 billion in 2024, representing a 1.39% decrease.

However, its net profit after tax rose sharply from VND 530.4 billion to VND 1,183 billion, boosting the return on equity (ROE) from 3.81% in 2023 to 4.79% in 2024. Notably, audited financial results showed that revenue from real estate sales reached VND 5,890 billion in 2024, making a substantial contribution to the company’s gross profit.

Upon listing, VPL plans to offer 1.79 billion shares with a reference price of VND 71,300 per share and a ±20% price band on the first trading day. This would place its market capitalization at approximately VND 128 trillion, making it the 12th largest listed company on HOSE.

Vietnam’s tourism sector is seen as having significant growth potential, thanks to supportive government policies and the country's ability to diversify its tourism offerings.

In this context, VPL has set ambitious business targets. For 2025, the company aims to achieve net revenue of VND 14.15 trillion and post-tax profit of VND 1.75 trillion. In 2026, it projects net revenue of VND 16.4 trillion and profit after tax of VND 2.3 trillion. Revenue from core business segments — hotels and resorts, amusement and entertainment parks, and golf courses — is expected to increase by 34% in 2025 and 9% in 2026, contributing approximately 80% and 76% of total revenue in those respective years.

The slight decline in revenue share is attributed to a projected decrease in non-core real estate sales and financial income, while the expected improvement in 2026 profits may reflect higher operating margins. This shift in revenue structure is seen as a positive development, especially given the continued challenges facing Vietnam’s real estate market.

Due to limited disclosure, Vietcap analysts estimate that the hotel and resort segment under Vingroup will continue to generate strong revenue and profit through 2025 and 2026. Based on existing operational assets alone, they value this business at around VND 52 trillion, not accounting for future expansions or land reserve contributions.

Meanwhile, SSI, the consulting firm for VPL’s listing, assesses the company’s competitive advantages as stemming from Vingroup’s strategic support, VPL’s leading market position, and long-term growth prospects. With its strategy to expand large-scale integrated complexes and enhance operational efficiency, VPL is well-positioned for sustainable growth in the context of Vietnam’s transforming tourism industry.

VPL’s development strategy through 2028 includes a 40% increase in hotel room capacity, a 65% expansion in amusement park areas, and a fourfold increase in the number of 18-hole golf courses. Revenue from real estate sales is expected to reach around VND 21.5 trillion between 2025 and 2027, contributing significantly to profit growth.

During 2025 and 2026, SSI forecasts continued growth in VPL’s hotel segment, supported by increasing numbers of international tourists, particularly from key markets such as China and South Korea, along with the opening of the VinWonders Vu Yen complex. VPL is projected to achieve VND 13 trillion in revenue and VND 1.68 trillion in net profit in 2025. In 2026, revenue is expected to rise to VND 15.4 trillion, a 16% year-on-year increase, while net profit is forecast to reach VND 2.59 trillion, representing a 59% rise. These projections align closely with those provided by Vietcap.

 Many analysts believe that VPL share will continue its uptrend after it was listed on HoSE.