Master plan needed to develop theme parks as demand grows

VietNamNet Bridge – A master plan to develop theme parks is needed as living standards improve and demand for entertainment grows, speakers said at a conference yesterday, June 11.

Children play on Thong Nhat Park’s international standard playground in Ha Noi. More theme parks are needed to meet entertainment demand for children.

Addressing the first official forum on the topic, titled "Solutions for theme parks investment and development", Tong Van Nga, vice chairman of the Viet Nam Real Estate Association, said: "Entertainment demand has sharply increased and policymakers should define how to develop the market."

The conference attracted policymakers, local real estate companies and international entertainment construction and advisory firms from 20 nations including the US, Italy, France, Russia, Austria, Turkey, Singapore and Hong Kong.

The international businesses included firms that built well-known attractions like Universal Studios Singapore, Macau Venetian’s Grand Canal Shops, Universal Studios Japan, Disney’s California Adventure, Star Mountain Resort&Theme Park, and Mississippi and Hollywood Adventures Theme Park.

"The conference is a good opportunity for international theme park investors, funds, design and equipment suppliers to meet with leaders of localities and policy-makers to create a favourable environment for the subject," Deputy Minister of Construction Nguyen Tran Nam said.

"Theme parks play a very important role in boosting tourism," said Nguyen Van Tuan, head of the Viet Nam National Administration of Tourism.

He said the lack of theme parks had affected the length of stay and spending by tourists in Viet Nam. The current, limited-scale theme parks in the country were not of international standards, he added.

According to the Ministry of Planning and Investment, as of last month, there were 121 registered theme park projects with an investment of US$3.5 billion.

HCM City leads the list with 27 projects, followed by Ha Noi with 19, Ba Ria – Vung Tau Province with 11, Binh Thuan Province with 10 and Khanh Hoa Province with eight.

"To encourage investment in the field, the Government has promulgated a decree in May 2008 that says investors in the sector will pay a corporate income tax (CIT) of 10 per cent," said Nguyen The Hung, director of the Ministry of Planning and Investment’s Foreign Investment Agency.

"They will also enjoy tax exemption for the first four years and half the rate for the next five."

Hung also suggested that the Government expedite the development of a master plan and issue incentive policies covering the import of equipment and technology.