Yachting and luxury yacht tourism are still relatively new concepts in Vietnam, largely because of the high costs associated with these services compared to the average income. However, Vietnam’s economy has been on an upward trajectory in recent years. Additionally, the number of millionaires in Vietnam has grown by an astounding 98% between 2013 and 2023, the fastest rate globally[1]. With this newfound wealth, there’s a rising demand for premium experiences, including yacht vacations, private yacht charters and purchasing yacht as a way of representing wealth. These factors are positioning Vietnam as an emerging hotspot in the global yachting industry, offering exciting opportunities for local and international investors.

Yacht Market in Vietnam Poised to Grow

The yacht market in Vietnam is most popular for commercial yachts, which are commonly used for sightseeing and leisure trips, parties, events, and short-term rentals, often catering to tourism. Another segment is private yachts for personal use or forward renting, but these are far less common due to the significant cost of ownership. Therefore, many people choose commercial yachts as an alternative option to experience luxury lifestyle for a much reasonable price and more accessible.

Ha Long Bay, Nha Trang, and Phu Quoc are among the top destinations for yachting enthusiasts, renowned for their breathtaking seascapes and diverse yacht tour options. These tours range from 41 USD to 275 USD per person, it also includes a range of exciting activities such as windsurfing, water skiing, kayaking, coral diving, and more, making them a favorite for both locals and tourists alike.

Some of the yachts included services

Source: Yacht Tourism

In 2023, Vietnam hosts the first international yacht exhibition as known as The Nautical Show, in Ho Chi Minh City featuring yachts from various global brands, namely: Azimut Yachts, Beneteau, Lagoon Catamarans, Saxdor Yachts, and the self-developed Kepler Boats[2]. Additionally, Tam Son Yachting – a popular company that offers many yacht services – made a remarkable milestone in this market by purchasing Lagoon Seventy 8 yacht, valued at nearly 6 million USD[3]. This cornerstone achievement is expected to further promote the yacht market to develop, open many opportunities for the yacht services and tourism services in Vietnam.

Moreover, several marina projects in Vietnam have been established and have attracted significant investment from both domestic and international sources:

– The marina project at Vinhomes Royal Island Vu Yen, with VinGroup as the main investor, has a total investment of up to 2 billion USD for the entire island[4]. The project boasts over 300 luxury and modern yachts, making it a standout in the region[5].

– In Da Nang, a project with a total investment of nearly 300 million USD aims to develop and construct 38 different marinas to promote yachts tourism, namely: Han River Marina, Da Phuoc Marina, Euro Village Dock, etc[6].

These large-scale projects, with their enormous funding and scope, have prompted the government to develop specific strategies, objectives, and plans to further accelerate the growth of this market. The goal is to position Vietnam as a potential hub for the yachting industry, attracting even more international investors in the future.

Government initiatives to promote market trending

The government is actively promoting the yacht market through strategic initiatives aimed at developing a robust yachting industry. In 2024, the Ministry of Transport approved the “Yacht Management Project” under Decision No. 1521/QĐ-BGTVT[7]. This Decision focuses on establishing and expanding yacht-related industries and services, including the development of marinas, to enhance Vietnam’s tourism identity.

The government also set forth objectives and plans for the short-term and long-term development of the market.

– In the short term (2025–2026), the Decision aims to attract investment in infrastructure and human resources, promote Vietnam’s yacht tourism internationally, and collaborate with global travel agencies to incorporate yachting into tour packages. Pilot management programs will be implemented in key coastal areas with significant tourism potential, prioritizing high-end yachts and services tailored to international tourists.

– Long-term strategies (2025–2030), integrating yacht-related definitions into maritime and inland waterway laws, formulating supportive policies, and updating marina development plans. Additionally, the Decision plans to establish formal training programs in yacht operation, maritime skills, and management to build a competent workforce for the burgeoning yacht industry.

Featuring Yacht Brands in Vietnam

The yacht market in Vietnam is still relatively new, with only a limited number of retailers operating in this sector. Most yachts sold are smaller models, typically accommodating 10 to 20 passengers, and are often designed with a sporty aesthetic.

Common Types of Yachts in Vietnam

Source: B&Company Complication

Conclusion

The government initiative will open opportunities for foreign investors that want to enter the Vietnam’s yacht market, especially when the number of retailers still fall short. Coupled with the rising in demand for buying and renting yachts, the surplus growth of tourism, and the massive investment from domestic to promote yacht market, will position Vietnam as a prominent player in the global yachting industry and an attractive hub for investors.

[1] VnExpress (2024). Millionaires in Vietnam Growing with the Fastest Rate Globally <Access>

[2]  The Vietnam News (2023). Vietnam First International Yacht Exhibition <Access>

[3] Open Asia Group (2023). Vietnam Frist Millions Dolar Personal Yacht <Access>

[4] Vinhomes Mong Cai (2024). Vinhomes Royal Island Vu Yen Project <Access>

[5] Vinhomes Vu Yen (2024). Luxury Marina in Vu Yen <Access>

[6] VnExpress (2024). Da Nang 300 million USD Investment in Marina Construction <Access>

[7] Vietnam Investment Newspaper (2024). Ministry of Transport of Vietnam Enact Decision to Promote Yacht Market <Access>

[8] Exchange rate in 24/12/2024: 1 USD = 25,461 VND

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