Vietnam tourism businesses still face difficulties in the second quarter, despite the increase in international visitors
- duyenthu.vietdata
- 3 days ago
- 6 min read
Although the number of international visitors to Vietnam in the first half of the year increased by 21%, especially from Europe, thanks to the visa exemption policy and the peak of the April 30 holiday in Ho Chi Minh City, the business results of tourism enterprises on the stock exchange in the second quarter of 2025 were still not very bright.
18 enterprises in the tourism industry recorded revenue of VND 5.98 trillion, down 27% over the same period; net profit was only over VND 264 billion, less than half. The main impact came from VPL when losing real estate revenue.
Even the strong increase in international visitors or the festival season in Ho Chi Minh City did not create a clear boost. Of the 18 enterprises, 10 units reported a decrease in profits, many names turned from profit to loss, such as VNG, DSP, DAH or VTG; other enterprises, such as VTR, DSN, VTD, also narrowed their profits.
Bright spots only appeared in a few units that took advantage of their own advantages such as NVT, RIC, TCT or DSD.
The “big guy” of accommodation is out of breath
Vinpearl (HOSE: VPL) continues to lead the industry, but its revenue is only 2.9 trillion VND, down 41% due to no more real estate sources. However, the core hotel-entertainment segment increased by 31% to more than 2.7 trillion VND, and gross profit margin improved from 11% to 24%. Thanks to a sudden interest income of 477 billion VND, net profit stopped at 166 billion VND, down 50%.
Meanwhile, Thanh Thanh Cong Tourism (HOSE: VNG) lost 48 billion VND due to a 19% decrease in revenue to 176 billion VND, interest expense of 64 billion VND, and no more unusual investments. The report shows that many branches in Da Nang, Vinh Long, Dong Thap, and Lam Dong have temporarily suspended operations.
At the annual general meeting of shareholders in April, VNG leaders admitted that although Ho Chi Minh City and Hanoi have grown strongly, the company has not yet taken advantage of the room. The trend of frugal spending, escalating input costs from 2024, and the growth of international visitors concentrated in Hanoi, Ha Long, and Ho Chi Minh City - where VNG is not yet present - has caused key destinations such as Nha Trang to grow very modestly.
Provincial hotels have not escaped difficulties
Operating a hotel in Thai Nguyen, Dong A Hotel Group (HOSE: DAH) turned from profit to loss of nearly 1 billion VND, and revenue decreased due to no longer consolidating subsidiaries.
Phuong Dong Petroleum Tourism (UPCoM: PDC) with Phuong Dong Hotel in Nghe An had a profit of 931 million VND, down 56%.
Revenue of the owner of Huong Giang Resort & Spa in Hue City - Huong Giang Tourism (UPCoM: HGT), reached 10.2 billion VND, down 34% but narrowed the loss to 260 million VND thanks to dividends from joint ventures.
Although revenue increased slightly to 8.1 billion VND, Ba Ria - Vung Tau Tourism (UPCoM: VTG) had a net loss of 3.6 billion VND due to no longer having the compensation of more than 22 billion VND as last year. VTG is still struggling after ceasing business operations at Bai Sau City. Vung Tau (old), revenue is not enough to cover financial costs.
A few rare bright spots
Ninh Van Bay Tourism Real Estate (HOSE: NVT) benefited from the peak season in Khanh Hoa and Lam Dong with revenue of VND116 billion, up 16%; profit of VND5.2 billion, reversing the loss in the same period. According to the Enterprise, the strong recovery in tourism demand has increased both revenue and profit at resorts managed by its subsidiaries.
Saigon Hotel (HNX: SGH) also showed a recovery thanks to the 50th anniversary of the Liberation of the South in late April. Revenue reached VND12.4 billion, up 20% and the highest level since COVID-19. Revenue from rooms - the main pillar - increased by 18% to VND7.3 billion, while the cost of goods sold remained almost unchanged, helping to earn a profit of VND2.7 billion, up 37%.
Entertainment and leisure groups are mixed
The April 30 effect in Ho Chi Minh City is not enough to offset the trend of tightening spending and new competition. Dam Sen Water Park (HOSE: DSN) reported revenue of VND68 billion, down 21%, the lowest level since 2017, if excluding the two years of COVID-19. DSN said that tourism and entertainment spending decreased, while many new entertainment venues opened to share market share, directly affecting the number of visitors.
Phu Tho Tourism Service (UPCoM: DSP), the operator of Vam Sat Eco-tourism Area in Can Gio, lost VND9.2 billion due to the loss of land lease incentives, although revenue decreased insignificantly.
On the other hand, DHC Suoi Doi (UPCoM: DSD), which operates Nui Than Tai Tourist Park in Da Nang, reported revenue of VND76 billion, up 11%. Gross profit margin increased from 10.8% to 15.2%, helping profit increase by 37% to VND32 billion.
Tay Ninh Ba Mountain Cable Car (HOSE: TCT) also prospered with revenue of VND8.8 billion, up 122% thanks to a sharp increase in the number of cable car and sled passengers; net profit of VND5.5 billion, up 128%. Accordingly, the profit of the parent company, Tay Ninh Tourism - Trade (HNX: TTT) also increased by 105% to nearly VND6 billion.
Travel business profits shrink
Vietravel Tourism (UPCoM: VTR) maintained revenue of VND2 trillion, but gross profit margin decreased from 5.4% to 5.1%, financial expenses increased by nearly 50% due to exchange rate fluctuations, causing net profit to only VND1.3 billion, down 78%.
Vietourist Holdings (UPCoM: VTD) was not much better with revenue of VND45 billion, down 32% and profit of only VND264 million, down 77%.
In contrast, Hanoi Service Tourism (UPCoM: TSJ) recorded profit of VND59 billion, up 21% thanks to joint venture dividends, despite a sharp decline in revenue, especially from the tourism operation segment, which was halved.
Bright spot from the prize game operator
Royal International (UPCoM: RIC), which operates the Royal Hotel in Quang Ninh, including the prize game business for foreigners, reported revenue of VND47 billion, up 31% and profit of VND10 billion, ending the loss streak since 2019.
This is considered an early signal that the increase in international visitors, especially from Europe, after the visa exemption policy, has spread to high-spending models.
Customer receivables increase
Signs of recovery in the tourism industry are also shown through the short-term receivables index from customers at travel companies, which has increased after many years since COVID-19.
VTR had receivables of nearly VND397 billion at the end of the second quarter, a sharp increase compared to the level of around a hundred billion in 2020-2021. The same is true for VTD.
TSJ's receivables were over VND12 billion, an increase compared to the pandemic years but not as high as the peak of 2018-2019. Meanwhile, BTV's receivables peaked at VND211 billion.
Positive expectations for the second half of the year
According to the General Statistics Office, in the first 6 months of 2025, Vietnam welcomed nearly 10.7 million international visitors, an increase of nearly 21% and reaching nearly 49% of the annual plan. Visitors from Europe increased by 27%, along with China, South Korea, the US, and Japan, creating a foundation for the industry to enter the final stage.
Major domestic markets are also bustling. Ho Chi Minh City welcomed 4.6 million international visitors in 7 months, an increase of nearly 48%, 21.7 million domestic visitors, an increase of more than 8%; tourism revenue was more than 140 trillion VND, an increase of nearly 30% with the highlight being the 50th anniversary of the Liberation of the South at the end of April.
Da Nang recorded a summer room occupancy rate of 75-80%, and many coastal hotels were fully booked on weekends. In the first 7 months of the year, the city welcomed 10.7 million overnight visitors, up 18%; of which 4.2 million were international visitors, up 21%; total industry revenue was VND33.8 trillion, up 23%.
To reach the target of 22-23 million international visitors, the tourism industry needs an additional 11.3 million visitors in the next 6 months. The 90-day e-visa policy applies to the entire country, and visa exemption for 24 countries, especially Europe, is expected to become a lever to attract long-term, high-spending visitors.
(TẠP CHÍ ĐIỆN TỬ TÀI CHÍNH VÀ CUỘC SỐNG)