Phu Tho Tourist (DSP) Accumulated Loss Exceeds 400 Billion VND as Dam Sen Park Struggles

Overview

Phu Tho Tourist (DSP), the operator of Dam Sen Park in Ho Chi Minh City, reported a net loss of nearly 6 billion VND in Q2 2025, extending its accumulated losses to over 400 billion VND. Despite a 5% revenue increase, costs—especially land lease expenses—outpaced total income. The company is implementing a turnaround strategy targeting Gen Z and families, but near-term profitability remains elusive.

Key Facts

• Q2 2025 net loss of nearly 6 billion VND, narrowing 37% from the prior year’s loss.
• Accumulated losses reached approximately 402 billion VND, nearly half of shareholders’ equity.
• Q2 revenue rose 5% year-on-year to 46.4 billion VND.
• Land lease costs accounted for 30% of cost of goods sold.
• The company targets full-year 2025 revenue of 237.25 billion VND and a net loss of 28.2 billion VND; after six months, it achieved 41% of revenue target and 45% of the projected loss.
• DSP operates Dam Sen Park, Ngoc Lan - Phu Tho hotel cluster, Dam Sen Tourism Service Center, and Vam Sat mangrove ecotourism site, and holds stakes in Dam Sen Water Park (DSN) and two hotels.
• The stock closed at 10,900 VND on July 15, 2025, on the UPCOM exchange.

What Happened

According to its Q2 2025 financial statements, Phu Tho Tourist (DSP) recorded a net loss of nearly 6 billion VND, bringing its accumulated deficit to over 400 billion VND. Revenue increased 5% to 46.4 billion VND, and financial income surged 95% to 13.7 billion VND. However, total costs—including cost of goods sold and operating expenses—exceeded 66 billion VND, surpassing total income. Land lease costs were the primary driver, representing 30% of cost of goods sold.

The company noted that open public spaces such as urban parks, pedestrian streets, and integrated developments—many offering free or low-cost entry—have reduced visit frequency among local customers. DSP also faces competition from Suoi Tien, VinWonders Grand Park, Saigon Zoo and Botanical Gardens, and Amazing Bay.

Market Context

DSP shares on UPCOM closed at 10,900 VND on July 15, 2025, reflecting persistent investor concern over the company’s financial health. The tourism and entertainment sector in Vietnam has been recovering post-pandemic, but DSP’s legacy cost structure and competitive pressures have prevented a return to profitability. The accumulated loss of 402 billion VND is nearly half of shareholders’ equity, raising questions about the company’s ability to sustain operations without a strategic overhaul.

Strategic Significance

DSP’s turnaround plan focuses on revitalizing Dam Sen Park as a destination for Gen Z, Gen Alpha, and families. Initiatives include upgrading rides, adding VR and eco-adventure attractions, organizing weekend shows, and creating night food streets with music. The company also aims to resolve land-use rights and zoning issues. Success depends on execution and differentiation from well-funded competitors like VinWonders. If DSP can reverse the decline in visitor numbers and improve cost efficiency, it may stabilize earnings, but the high land lease burden and accumulated losses remain significant headwinds.

What to Watch

• Q3 2025 earnings release for signs of cost control and revenue momentum.
• Progress on land-use rights and 1/500 planning approval for Dam Sen Park.
• Visitor numbers and ticket revenue trends at Dam Sen Park.
• Any asset sales or capital restructuring to address accumulated losses.
• Competitive response from Suoi Tien and VinWonders Grand Park.