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The Grand Opening of TVP 2019 Opens the Themed Amusement Market

Asu SuShelly Liu
The Theme Park Expo Vietnam 2019 (TPV 2019) was grandly held at the Military Zone 7 Indoor Sports Complex in Ho Chi Minh on 20-21, August. Occupying an area of 2,000 square meters, the expo attracted 47 exhibitors from more than 10 countries including China, Canada, the United Kingdom, the Philippines, and India to name just some. Through this expo, both buyers and exhibitors could better understand the current situation of Vietnam's amusement market as well as grasp the development opportunities of the rise of the ASEAN region.

Surprising TPV 2019
The first TPV 2019 attracted many manufacturers who are interested in developing the Vietnamese market. Besides large international companies such as Vekoma, Polin Waterparks, Technical Parks, Antonio Zamperla S.P.A, Semnox Solutions Pvt. Ltd., there were also Chinese exhibitors including Superwing, ACE, Elephant Sculpture Art, Sea, Mecpower Electronics, Lily Toys, Daxin, Top, UNIS, Shiruan, Domerry, Guangzhou Mu Ma Ren, Kingbot, LS-Game, Ifun Park, Asia Inflatable, Kaifa, Unite Environmental Art, Hebei Zhipao, Guangzhou Lanchao, Haisan Entertainment, and Beijing Shibaolai, which made up nearly half of the total number of exhibitors. The exhibits covered large-scale amusement equipment, game and amusement products, water park equipment, designing of theme park, VR, inflatables, edutainment toys, education equipment, performance equipment, and venue management system among others, showing a variety of entertainment products and advanced technology to local buyers in Vietnam.
From the perspective of buyers’ purchasing intention, products for indoor parks such as water park and inflatables are most frequently consulted. What’s more, many exhibitors also left positive comments on the profession and purchasing power of the buyers. Although the number of buyers at the first expo is not very numerous, there are buyers from other countries like Turkey, India, Arab, which is a kind of surprise to the exhibitors. Some buyers who belong to theme parks and large chain park operators such as VinPearlLand, Darlsco, Allstate, and Vielopia, came to purchase products or make negotiations, while a number of independent investors looked for suitable indoor park products, because they were ready to invest in stores.
In addition, a number of industry experts and heads of well-known enterprise groups, including Sun World, Waterbom Bali, Intercard and Global Head CC Amusement Park & Leisure Industry, were invited to give speeches at the site of the themed amusement forum, so as to attract more professional industry buyers to communicate at the expo. Different from other overseas amusement expos where most of the exhibitors are from China, half of the exhibitors in TPV 2019 are from foreign countries, especially the exhibitors from water park like ProSlide Technology, Inc. from Canada. It seems that there must be a huge development potential for Vietnam's theme parks, especially the water park market.


A new dynamic market
According to the head of the organizer of Fireworks Viet Nam Co., Ltd, it is believed that there is a great development potential for the Vietnamese market for the following two main reasons. The first is people's increasing demand for entertainment with the constant improvement of living standards; the other is that the shortage of modern entertainment facilities such as roller coasters, bumper cars, bumper boats, pirate ships, motor boats, and sightseeing cable cars because of the inadequate development of most tourist attractions and parks. Foreign products account for 95% of the entertainment facilities market in Ho Chi Minh, while China's entertainment equipment occupies most of the market share due to its various types, attractive design, good quality and low price. At present, global entertainment equipment manufacturers are generally optimistic about the development potential of the Vietnamese market. Therefore, Chinese manufacturers should seize the opportunity to promptly increase their marketing efforts in Vietnam.
Most of well-positioned enterprises in Vietnam prefer to cooperate with foreign enterprises that can set up after-sales service stations in the local market, so as to ensure that malfunctioning equipment can be quickly dealt with and problems solved swiftly. Currently, there are only a few local agents of foreign game and amusement products in Vietnam, rather, most of the local companies will purchase products in bulk from foreign countries and resell products to earn profits. At the same time, the wooden cabinet and hardware manufacturing industry of game and amusement equipment in Vietnam has formed a mature industry chain, so many Chinese manufacturers will directly export motherboard kits and other core electronic parts and accessories to Vietnam. Afterwards, some Vietnamese companies will reassemble and sell to local people as well as distribute to other Southeast Asian countries taking advantage of "zero tariff" treatment. In the current severe situation of the Sino-American trade war, distributing game and entertainment equipment from Europe and the United States through Vietnam can better avoid the risk of imposing tariffs of the United States, which further expands the attraction of Vietnam to foreign investment.
From the perspective of demographic structure, there are 96 million people in Vietnam and 44.41% of the population is between 25 and 54 years old, so the current market labor force in Vietnam is sufficient. The proportion of the population aged 24 and below is 43.9%, suggesting that the supply of labor force will remain abundant for decades to come. According to Wikipedia, Vietnam is a country with a high penetration rate for higher education. For instance, Vietnam has reached a national literacy rate of 94.5% in 2015, and the rate of people who have a middle school diploma has reached 94%. Therefore, the labor force in Vietnam is highly malleable with a high acceptance of new things with obvious demographic quality and demographic structure dividends. These contributed to the rapid development of the labor-intensive manufacturing industry in Vietnam. In 2018, the total output value of the manufacturing industry increased by 13% year on year. In particular, industry and construction industry contributed the most to the Vietnamese economy, followed by the service industry, which accounted for 42.7% of the economy. The whole continuous growth of Vietnam's economy has benefitted from its strong export momentum and Foreign Direct Investment (FDI). Since 2010, Vietnam's total export amount has continued to increase as well as maintaining a trade surplus, rising to $244.72 billion by 2018. Thanks to the country's good foreign investment environment, FDI in Vietnam also has continued to grow since 2011, reaching $3.22 billion in the first quarter of this year. Since the government introduced the Foreign Investment Law in 1987, it has been amended four times to give foreign investors the same treatment as domestic investors by lowering market entry barriers, providing preferential tax rates and shortening various administrative procedures.
What is the situation about the income level of Vietnam's middle class? Let’s make a simple judgment from the level of house prices. In Ho Chi Minh City, the top mansion house prices in “Pudong New Area” -- Thu Thiem have risen to $7,000 per square meter and ordinary apartments also need $4,000 per square meter, while the real estate price in the “Puxi” North Bund Area is more than $10,000 per square meter. From the perspective of high house prices, we can realize that the strong purchasing power of the local middle-class people in Vietnam is beyond our expectation. Under the situation of slow economic growth domestically and the increased uncertainty of economic development because of the changing Sino-American trade relations, Vietnam -- the country with a high acceptance by China and has signed Free Trade Agreement (FTA) with many economies, becomes the new target of Chinese enterprises and capital that are seeking more business opportunities based on the current economic situation.


※The article is published in the GTI Magazine Issue No. 182 in December 2019

 
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