Vietnamese yacht market enjoys tailwinds

With Vietnam’s growing affluence, many people, especially in HCM City, have begun to buy yachts.

Poor infrastructure keeps Vietnamese millionaires away from yachts
Great potentials in Vietnam’s yacht market

Vietnamese yacht market enjoys tailwinds

A Prestige 520 yacht handed over to a buyer from HCM City. The Vietnam yacht market is booming with people lining up to buy. 

Recently VietYacht Sai Gon, the sole distributor of Jeanneau yachts in Vietnam, sold the Prestige 520, a multiple award-winning model priced at VND36 billion (US$1.6 million).

It is 16.11m long and has three cabins, a galley and a lounge.

A study by Statista of Germany said Vietnam had some 12,330 millionaires last year, and the number would rise to 15,780 by 2023.

Global real estate consultant Knight Frank estimates that Vietnam has 142 people with a net worth of above US$30 million.

It forecasts the number of ultra-high net worth individuals in Vietnam to grow at the fastest rate in the world, increasing by 31 per cent in the next 5 years.

Pham Thi Bau, director of VietYacht Sai Gon, told Việt Nam News that people, especially in HCM City, have been buying yachts for over 10 years now, but often bought old ones since there were no authorised sellers in the country.

But now there are two companies selling them, she said.

 

Demand is strong, and her company has sold 20 yachts in just the last two years, she revealed.

In the next two months, one more Prestige 520 will be sold and an even more luxurious model would be unveiled in the next four months, she said.

Yacht traders said though the market is new, there has been huge demand, most of it for vessels costing VND800 million-2 billion ($34,500).

They attributed the demand to the usefulness of yachts.

Bau said they are now used to organise small business meetings and birthday and year-end parties, meaning people would not buy them to lease out.

It is easy to find yacht leasing services online especially since it is becoming popular among young people. — VNS

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