Thu Thiem New Urban Area – the new financial and economic hub of Ho Chi Minh City. Photo: Le Toan

In total, 11 plots covering 9.2 hectares in the Number 1 Functional Area will be used for the project in Thu Duc city.

The location was reported to the local Department of Telecommunications on March 11 to set up a plan to develop telecommunications and digital infrastructure for the centre.

​​Thu Thiem New Urban Area was approved in 1996 covering 930 hectares on the east bank of the Saigon River and opposite District 1. When completed, the area will have a population of 200,000 people.

The area will be divided into a central core, a northern residential area, a residential area along Mai Chi Tho Avenue, an eastern residential area, and a southern zone.

On January 4, Prime Minister Pham Minh Chinh chaired a conference to announce an action plan to implement a regional and international financial centre in Ho Chi Minh City.

At the conference, PM Chinh said that Ho Chi Minh City is located at the head of Southeast Asia, making it convenient for trade and financial connections with major markets such as China, Japan, South Korea, and ASEAN. Building a financial centre there will help reduce costs and transaction times for traders.

To accelerate the project, early this year, Ho Chi Minh City established a steering committee for the construction and development of the centre with 29 members. The establishment of the international financial centre is expected to create a foundation for the future growth of Ho Chi Minh City. This is also an opportunity for the city to attract international investors and increase foreign investment in various sectors.

Several ministries have been instructed to study appropriate visa policies and diversify exemptions for some countries, with an added target of enticing the ultra-rich to spend more time in Vietnam, as part of a 2025 tourism stimulus programme issued in January.

At a regular government meeting on March 5, Prime Minister Pham Minh Chinh directed the Ministry of Foreign Affairs to look at bilateral negotiations to expand visa exemptions and protection for Vietnamese citizens when travelling abroad, as well as to coordinates with authorities to simplify immigration procedures.

At the same time, the Ministry of Public Security, in particular the Vietnam Immigration Department and Department of Foreign Relations, are responsible for reviewing visas when entering the country.

The Ministry of Culture, Sports, and Tourism is tasked with further promoting the nation, attracting tourists, and managing hotels, services, and tourist agencies.

Pham Ha, CEO of travel company Lux Group, said implementing visa exemption policies could open up opportunities to attract investment from the upper class, contributing to promoting economic growth and developing luxury tourism in Vietnam.

“The tourism industry needs to have a strategy and tactics, such as the possibility of completely waiving visas for strategic partner countries like Australia, New Zealand, and the United States. Countries that have been granted visa exemptions also need to encourage stronger bilateral relations, and design and develop specialised products, such as heritage exploration products of national culture and territories worldwide,” Ha said.

Many countries have implemented so-called golden visa programmes by simplifying policies for investors and foreigners with high demand as a way to encourage investment.

Last month, the New Zealand government decided to simplify its Active Investor visa to support the recovery of its declining economy. To meet the requirements, investors must commit to have a minimum investment amount of $3.1 million into businesses in the country.

Starting from April 1, the Active Investor Plus visa programme will be simplified with an expanded scope of investment. The English language test for applicants will be abolished, while the requirement for minimum residency time for investors will also be reduced.

Last month, US President Donald Trump also put forward the idea of selling a “gold card” to wealthy foreigners, giving them the right to live and work in the US and offering a path to citizenship in exchange for a $5 million fee.

Those who own a gold card would be granted legal residency privileges similar to the green card issued to permanent residents of the US, with investment options including buying a house, establishing a company, or making contributions.

From March 1, the Vietnamese government had already begun visa exemption for citizens of Poland, Czech Republic, and Switzerland, to join 13 other nations that already enjoy the advantage. The newest exemption will initially last until the end of the year through tour programmes from Vietnamese travel companies with a temporary stay of 45 days, regardless of passport type.

Pham Hai Quynh, director of the Asian Tourism Development Institute, evaluated that 2025’s tourism stimulus strategy combined with additional visa exemptions will attract more people from new markets and increase access to potential markets for Vietnam’s tourism industry.

“Tourists from Poland, Czech Republic, and Switzerland are willing to pay for high-end resort services, and unique cultural experiences with a strong local imprint. Therefore, opening up to these markets can create many opportunities for the development of tourism and services,” Quynh said. “The decision is a positive step by the government in attracting international tourists, especially from countries with high spending potential.”

According to Vu The Binh, chairman of the Vietnam Tourism Association, investors from developed countries are also interested in coming to Vietnam to explore the market, seek partners, and participate in economic conferences combined with leisure tourism.

“Thanks to convenient visa policies, the trade connection between Vietnamese and foreign businesses will become stronger. Furthermore, this policy will likely pave the way for Vietnamese tourism to access more markets across Europe,” Binh predicted.

Some localities are catering to well-off groups who come for sightseeing, relaxation, or lavish weddings, photo Le Toan

A month ago, two American millionaires from the financial sector, Jeff Grinspoon and John Thomas Foley, participated in a three-day, two-night tour of Halong Bay as part of an exclusive tour programme for the ultra-wealthy being promoted by the northeastern province of Quang Ninh.

On the first day, the pair enjoyed relaxation, dining, and entertainment on a cruise, kayaking around Cong Do and Tra San areas. On the second day, they visited the fishing village of Vung Vieng, explored the Tien Ong area, and kayaked on Ba Ham Lake.

On the final day of the journey, the guests admired the landscapes of Bai Tu Long Bay and Halong Bay before moving back to Tuan Chau Port to conclude the trip.

To cater to such travellers, Quang Ninh has prepared conditions to ensure their satisfaction, including expeditiously developing the beaches Soi Sim, Hang Co, and Trinh Nu as well as identifying seven pristine island areas and exclusive beaches for the super luxury segment.

At the same time, the province is focused on enhancing the tourism experience through connecting private cruise services to islands or helicopter transfers, and researching the holding of art performances combined with cocktail parties in well-equipped caves to create a unique experience.

Quang Ninh Department of Tourism understands that several wealthy groups from around the world will visit Halong on special tour programmes in May. In June, around 200 other wealthy people from various countries are expected to visit the destination as part of the Art for Climate Festival Halong.

According to Deputy Minister of Culture, Sports, and Tourism Ho An Phong, the global luxury tourism market reached over $2.18 trillion in 2024 and is forecasted to exceed $3 trillion by 2032. “Vietnam has one of the new seven natural wonders of the world, three UNESCO world natural heritage sites, 15 intangible cultural heritage sites, over 40,000 historical and scenic sites, a rich folk music tradition, and diverse cuisine. It has many advantages to develop luxury tour products,” Phong said.

One successful example is the Son Doong cave expedition in the central province of Quang Binh. Although the tour is expensive and has a limited number of guests, it is typically sold out as soon as bookings are opened, said DM Phong. “This is an opportunity for Vietnam to enhance its exploitation of the luxury market, a huge revenue source for Vietnamese tourism,” he added.

Prof. Pham Hong Long, head of the Tourism Department at Hanoi University of Social Sciences and Humanities, stated that to exploit the potential of high-end products, Vietnam’s tourism industry must focus on developing culture, cuisine, customisation, community, and content.

“Traditional cultural values need to be preserved and promoted, combined with modern experiences to create trips rich in identity,” Long said. “Investment in premium culinary experiences, service design based on each tourist’s individual needs, opportunities for tourists to immerse themselves in local life, and continuous innovation of new tourism products – ranging from golf and helicopter sightseeing to cruises and wellness – are necessary to meet the diverse demands.”

The Vietnamese tourism industry also needs to focus on infrastructure, improving services, and building policies to support businesses, he added.

“Airports, highways, and marinas need to be well-invested to ensure convenient connections between high-end destinations, and luxury resorts must meet international standards in terms of design, amenities, and services,” Long said. “At the same time, simplifying entry procedures will help luxury tourists easily choose Vietnam as a destination.”

Ngo Thi Huong, vice general director of Business and Marketing at Vinpearl, said that the high-end customer segment demands unique and personalised products.

“To attract high-end tourists, the tourism industry needs to build products related to healthcare, green tourism, and sustainable tourism. Depending on the target customer, tailored products are required. For instance, South Korean tourists who enjoy golf tourism need high-quality related products, supported by specific promotional policies,” Huong advised.

According to Vietravel chairman Nguyen Quoc Ky, trips taken by ultra-wealthy individuals are typically tightly controlled in terms of their personal information and schedules.

However, the impact of these trips still gradually spreads within the network of entrepreneurs and high-level relationships, opening up opportunities to welcome more guests from elite circles.

“An ordinary product can still become a high-end one if managed properly,” Ky said. “The perception of the customer will determine whether the product is considered high-end or low-end tourism. A hotel with 5-star facilities but an unprofessional staff and poor service will not be perceived as one by tourists.”

All Asia Vacation CEO Nguyen Duc Hanh said that travelling to Vietnam is becoming a trend among the ultra-wealthy. “Among individuals with total assets over $30 million, the company has served about 100 different clients travelling to Vietnam in 2024, a 12 per cent increase from the previous year,” Hanh said. “Many destinations around the world have become outdated for ultra-wealthy guests. Vietnam also has the advantage of being a relatively new tourist destination, so there is a demand for unique experiences here.”

According to World Ultra Wealth 2024, in the next five years, the global ultra-wealthy population is projected to increase by 38 per cent, reaching 587,600 individuals with a total wealth increase of $19 trillion.