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Vietnam is a country situated in the eastern portion of mainland Southeast Asia. Today, the country is becoming increasingly popular as a tourist destination. In 2019, the country welcomed approximately 18 million international visitors, due to its beautiful beaches, exotic flora and fauna, delicious food, and amazing culture.
Besides attracting many foreign tourists, the country has also become increasingly popular as an expats destination. Many people are attracted by the country’s low cost of living, beautiful weather, steady improvements in infrastructure, and lively culture.
Vietnam’s fast-growing economy has transformed the country from one of the poorest in the world into a lower-middle-income country. It is now one of the most energetic emerging countries in Southeast Asia. With the nation’s tourism and economic boom, it is seen as a lucrative destination for foreign investors as well.
Learn more about the Vietnam apartment market through trends and average prices.
With a total area of approximately 329,500 square kilometers, Vietnam is a relatively small country. However, it is home to over 94 million people and 54 different ethnic groups. With a population of almost 9 million people, Ho Chi Minh City (Saigon) is the most populous city in the country. It is a popular tourist destination, especially for those who want to learn more about the country’s history. Jade Emperor Pagoda, the War Remnants Museum, and Ben Thanh Market are some of the most famous attractions in the country.
The capital of Vietnam, Hanoi, is also popular among international visitors. It is a metropolitan city that serves as the country’s major political center. It has a number of historical attractions, including One-Pillar Pagoda, Tran Quoc Pagoda, and a beautiful Old Quarter.
Many people also flock to Da Nang, which is a city situated on the coast of the South China Sea. Due to its location, it is the most important port city in the country. It is known as the tourist capital of South Central Vietnam thanks to its tranquil beaches, crystal clear ocean, beautiful pagodas, lush national parks, and beautiful French colonial buildings. Da Nang is experiencing a significant change as modern restaurants and hotels are being developed all across their area.
Apartment in Vietnam is divided into two main types, including old apartments that were built in the 1980s and 1990s and new modern apartments. Modern apartments in the country are rapidly increasing in number because more and more apartment towers and skyscraper projects are being built. Old apartments are usually made in mid-rise and low-rise buildings, while new and modern apartments can come in a high-rise, mid-rise, and low-rise buildings.
High-rise apartment buildings are mostly located in major cities, such as Hanoi, Ho Chi Minh, and Da Nang. They are usually the most luxurious. Mid-rise and low-rise apartments can be found in many parts of the country.
Modern apartments are now more popular than old apartments, especially for expats. Most modern apartments in the country offer top-notch amenities and facilities, such as swimming pools, gyms, clubhouses, and 24-hour security systems. They also come in a wide range of unit types, including a studio room, one- to three-bedroom, and penthouses. Studio apartments usually have the smallest size and are the least expensive. The size of studio apartments in the country ranges from 15 and 40 square meters. Luxury penthouse is available in some parts of the country. They are located on top of the apartment building, have more spacious rooms, and features upscale appliances and furniture.
Vietnam is one of the most inexpensive countries to live in. Most items in the country cost about 50% less than what they would cost in western countries. The cost of living in Ho Chi Minh City and Hanoi are typically more expensive than other areas in the country. Even so, most foreigners can still live a comfortable, middle-class lifestyle for about 18,600,000 VND (around 800 USD) to 27,900,000 VND (around 1,200 USD).
The official currency used in the country is Vietnamese Dong (VND) and 1 USD converts to 23,245 VND. ATMs are widely available and credit cards are accepted in many hotels. However, most restaurants and shops still accept cash only.
Vietnamese people are very friendly and love to smile. They value family over individuality and will go out of their way to help others. The major religions in Vietnam are Buddhism and Catholicism, but the major percentage of the population adheres to Vietnamese folk traditions or non-religious. The national language is Vietnamese and more people are interested in English. While English is not widely spoken yet, there are lots of people who can speak or at least understand the language in many areas of the country, particularly in tourist areas.
Different regions of Vietnam experience different types of weather. Northern Vietnam (including Hanoi) experience monsoonal climate with four seasons (spring, summer, autumn, and winter), and is generally colder than other parts of the country. In the summer, the average temperature hovers around 27.5°C, while in winter, the temperature can drop as low as 7°C.
The southern regions of the country experience a tropical climate with two seasons: dry and wet. The dry season starts from January to August, while the wet season lasts from September to December. The weather is generally nice all year round, but some cities are prone to typhoons in the wet seasons.
In order to be able to live in Vietnam, foreigners will need a visa. Most people who want to work in the country apply for a business visa then change their visa status and apply for an extension of their stay after they have arrived in Vietnam. Most expats in the country apply for a Temporary Residence Card, valid for one to three years.
1. Steady and rapidly growing economy – Vietnam’s economy is known as one of the fastest-growing in the world. Its real GDP grew by about 7% in 2019. The average GDP annual growth rate in the country is 6.43% from 2000 to 2020.
2. Attractive rental yield – the rental yields in Vietnam are among the highest in the region. Investors can expect to obtain 6% to 8% rental yields.
3. Affordable prices – while the rental yields are among the highest, the prices of apartments in the country are among the lowest in the region. This is especially true when compared to apartment prices in Thailand, Singapore, and Hong Kong.
4. High demand for rentals – Vietnam’s population is constantly increasing, particularly with the number of expats and retirees relocating to the country. The increasing population means that the demand for housing is high. Any smart investor would seize this opportunity to obtain the country’s attractive rental yields.