“If in our daily life we can smile, if we can be peaceful and happy, not only we but everyone will profit from it. This is the most basic kind of peace work.” Thich Nhat Hanh, Being Peace.
The country, which held one of the most infamous wars in world history, has rebounded through the decades since. Located in Southeast Asia at the rim of the Southeast China Sea, Vietnam sees an average of 10 million visitors per year since 2016. As a former war torn country, Vietnam’s infrastructure budget is 10 percent of its GDP–indicating it has serious focal point on expanding tourism to the country.
HALONG BAY: The islands of towering limestone and spectacular caves
500 million years ago through geological formation, towering limestones pillars were formed that mostly remains uninhabitable to humans to this day. However, the bay has caves and more caves. The Sung Sot is the most popular cave to tourists. It has 10,000 square meters of space that holds thousands of stalactites and stalagmites. The Thien Cung Cave is called “heaven” due to the colorful stalactites and stalagmites hang from the ceiling.
DIVERSE FINE DINING CUISINE
French cuisine dominates the high end palates (shockingly to the outside eyes) with Vietnamese and Chinese gaining in the rear view mirror. The southeastern region of the country’s cuisine has wide spread use of coconut milk. Seafood is an abundant stable for those who reside near the coast.
AIRBNB
According to http://www.airdna.com article on June 3, 2019, Vietnam was named the fastest growing destination internationally by the United Nations World Tourism Organization, after recording a 29% year-over-year. From 2016 – 2018 the country’s home listing on Airbnb and HomeAway increased an astounding 452%, while rest of the rentals globally amounted to 140%. The southeast Asia nation had 15 million annual visitors in seven years.
One of the reason for the explosive short term rental market is that the Vietnam has a large population under 35–bringing technology to everyday life. 2025 market for short term rental will be $2-4 billion dollars, accounting 10-20% of the rental accommodation market in Vietnam.
Most of the countries rental market are located in the urban markets. The capital Ho Chi Minh City (Southern section) accounts for nearly 40% of the market. Entire homes represents over half of the demand; and private room rentals are just under 44%. The average daily rate for home is $69 USD (considered a deal compared to international standards) with private room going for $31 USD.
Top cities for rentals following Ho Chi Minh City: Hanoi (Northeast), Da Nang (Central East Coast), Khanh Hoa (Southeast Coast), Quang Nam (Central East Coast), Lam Dong (Southeast), Thue Thien (Central Coast), and Vung Tau City (Southeastern Edge).
Months when the demand are highest: January, March, April, July, August, and December. Sixty percent (60%) of the renters are globally coming from London, NYC, Seoul, Sydney, Singapore, and Melbourne. But most of the single source home based comes from the nation’s capital Ho Chi Minh City.
Rural Vietnam is attempting to get in on the abundance with host earning more per night due to there aren’t many options in the rural sections.
RIDESHARING
In Southeast Asia, Uber has a fraction of the rideshare market. Here is a list of the top ones in Vietnam.
- Grab, who took over from Uber, rakes in around 73% of the rideshare trips according to the global tech research firm ABI Research. The company will invest $500 million in Vietnam over the next decade. 4 out of 5 stars on Google Play and Apple Store. More pricey than most other app during big demand times; surcharges not reflective; often drivers cancel rides. However, the app does have different car options, English support, travel subscriptions, point reward system, multiple payment options. http://www.grab.com/vn.
- BE comes in second with 16%. 3.5 out of 5 stars on Google Play. The vehicles are spottable, reasonable prices, and support English. The drawbacks are frequent cancellations, lack of customer support, and surcharges are not reflective. http://www.be.xyz/index.
- Go-Viet comes in third with 10.3%. 4 out of 5 stars on Google Play. Low prices, more services, professional drivers. Cons: Cash only, services only in Vietnamese, and poor customer care. http://www.go-viet.vn.
CONCLUSION
Vietnam has made leaps and bounds since one of the most bitter wars in world history. According to the World Economic Forum’s Sept 11, 2018 article, 30 years ago Vietnam was one of the poorest countries in the world. It’s economic growth of 6-7% growth rivals China. The reason of the incredible turnaround? “There are few spare workers and few facilities left,” Sheng Lu, as assistant professor at the University of Delaware stated in the Financial Times. The country embarked on aggressive trade and deregulated businesses i.e. money has to keep circulating so workers can keep working, etc, etc.
Along with the astounding growth has came the fine dining climate that has gained traction but isn’t on the forefront of the minds in the culinary world–at least not just yet. The amazing natural attractions of limestone pillars formed 500 million years ago that are uninhabitable by humans. The lush forest and coastlines has brought the Airbnb sector a solid presence in the country with some of the best rates globally. The ridesharing companies have tremendous upside potential which should top off your top notch Vietnam destination.
Hope this post has assisted you in your research for your next destination,
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