Vietnam is the latest Southeast Asian country to enter the golden visa market.
Before COVID, Vietnam was a relatively easy destination for foreign residents. Many used a 90-day “visa run” to live in the country for years.
During the pandemic the government instructed most foreigners to leave immediately, uprooting thousands of lives. Since then, there haven’t been any options for long-term residency except investment visas.
In April, Vietnam’s tourism board proposed three new types of long-term visa:
A 5- to 10-year golden visa requiring a minimum investment in approved real estate projects.
A 10-year investment visa in exchange for capital investments in Vietnamese companies or contributions to government funds. Or contributions to government funds.
A 5-year visa for skilled professionals in IT, education, and healthcare.
All three categories include spouses and dependent children as well as unlimited entry and exit to and from Vietnam. Work is allowed for foreign employers or clients, and if you start your own company, you can run it.
Investment criteria have not yet been announced. Reports suggest real estate spending of $250,000 to $400,000, and business investment of $100,000 to $300,000.
The new visas may require some adjustments to other regulatory frameworks. Foreigners cannot own land in Vietnam, but may own structures built on it. The land itself is leased for up to 50 years, with a possibility of a one-time extension of another 50 years. This allows foreigners to lease, mortgage, or transfer their properties during that period. Foreigners are limited to 30% of the total number of units in a condominium, and 10% of houses in a given ward, to a maximum of 250. Presumably some of this will need to be changed to encourage property investors.
The tourism board is frank about their rationale: competition from neighbours. Thailand, Malaysia, and Cambodia all offer residency by investment programmes, which are becoming popular as Europe becomes more restrictive. Vietnam still hasn’t recovered from the hit its tourism sector took in 2020, so it could do with a bit more popularity.
Based on press coverage, it appears the potential new visas are being marketed heavily in South Asia, especially India and Pakistan. By contrast, the Chinese market is relatively saturated with migration opportunities—and there is a long history of enmity between Vietnam and that country.
Those who know it will need no introduction to Vietnam. I visited a decade ago. The country is spectacularly beautiful, the people are friendly, and the food is exceptionally tasty.
But what impressed me above all was how western-style capitalism had succeeded in transforming colonial Saigon into a gleaming modern city. Given the country’s communist government and long struggle against imperialism, it was jarring to see billboards advertising western luxury brands on the way into town from Tan Son Nhat Airport.
Vietnam’s cost of living is low, even when compared to its neighbours. Many expats report living comfortably on $1,000 to $1,500 a month. Beaches, mountains, and rural landscapes are in easy reach of cities like Ho Chi Minh, Da Nang, and Hanoi. The climate is warm and humid with little temperature variation, but an annual monsoon season.
On the downside, Vietnamese bureaucracy is opaque, unsympathetic, and slow. Urban areas are crowded and noisy, especially with their ubiquitous scooters. Their two stroke engines contribute to significant air pollution. Private healthcare is good, but public hospitals leave much to be desired. English isn’t widely spoken except in cities and towns.
So if you're the type that enjoys a tropical climate, an exotic culture in cuisine, and the opportunity to travel from one of the most central locations in Southeast Asia, give me a shout, and I'll help you explore the opportunity of a life in Vietnam.
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