Dam Sen is under competitive pressure from commercial centers

In documents prepared for the annual shareholder meeting at the end of June, the board of directors of Phu Tho Tourism Services Joint Stock Company (Phu Tho Tourist – DSP) said that the total revenue of Dam Sen Cultural Park (also known as Dry Dam Sen) reached more than 134 billion VND last year. This level is down nearly 17% compared to 2024 and only 80% completed compared to the assigned plan.

In particular, the game ticket sales department – the main source of revenue for this park – had more than 303,900 visitors, equal to 78% over the same period.

DSP’s leadership gave many explanations for not completing the business plan. Competitive pressure from products outside the industry is the first factor mentioned.

According to owner Dam Sen, they are facing competition from large commercial centers in Ho Chi Minh City. They evaluate the strong development of the shopping – entertainment – culinary center model, which is becoming an alternative to outdoor entertainment areas.

In addition, free or low-cost attractions in the city center also attract a large number of tourists such as Nguyen Hue walking street and Bach Dang wharf. According to statistics from the Ho Chi Minh City Department of Tourism, central areas such as walking streets can attract tens of thousands of people every day on weekends and festivals.

“Inner-city visitors tend to choose free or low-cost entertainment activities, dispersing the number of visitors to ticketed entertainment areas,” Phu Tho Tourist commented.

Along with the explosion of digital consumption, the younger generation of customers prioritize new, emotional experiences with stories and unique spaces such as pop-up models, themed festivals or short-term events. Entertainment consumption behavior tends to be fragmented, reducing the frequency of visits and the ability of local visitors to return multiple times a year.

In addition to commercial centers or public attractions, the company also finds itself competing with competitors in the same industry, such as Suoi Tien, or Saigon Zoo and Botanical Garden. These tourist areas and parks benefit from metro line No. 1, and often have products that “hit” the emotional needs of customers, especially family groups and young people, when developing activities around educational elements and evoking love for animals.

The owner of Dam Sen said they also face competition from amusement parks in neighboring localities, such as Son Tien – Amazing Bay in Dong Nai. This park focuses on modern entertainment activities that easily attract young people.

Facing competitive pressure and changing customer tastes, Phu Tho Tourist identifies product and service innovation as one of the focuses this year. They plan to “revive the icon” of Dam Sen with key customers being GenZ, Gen Alpha and family groups.

The company will upgrade the games and invest in small-scale games with high technology such as virtual reality (VR), movement games combined with environmental education (eco-adventure)… combined with organizing periodic weekend shows, night street cuisine and music. Landscape improvement and check-in points will also be emphasized.

Obstacles such as applying for land use rights, 1/500 planning for Dam Sen… will also be resolved by the leadership this year. According to the management, this is the biggest difficulty that prevents them from investing in large-scale construction projects.