Vietnam has become a popular destination for billionaires and super-rich individuals seeking vacations in recent times. To attract professionals, artists, and the ultra-wealthy to Vietnam, the Vietnam Tourism Advisory Board (TAB) in a letter to the government suggested three distinct visa categories.
The 3 new visa categories proposed are:
Vietnam Golden Visa with a term of 5-10 years, with the possibility of extension, longer than the current term of 1-2 years
Investor Visa with a term of 10 years, with a roadmap to become a permanent resident after 5 years
Talent Visa with a term of 5 years, with a simple renewal process.
Vietnam is introducing a 10-year golden visa designed to bring long-term tourists, investors, and foreign professionals into the country.
Vietnam’s golden visa plan is expected to offer long-term, renewable residency to those who make significant contributions to the country’s economy, tourism, or innovative sectors.
The Vietnam Tourism Advisory Board has further suggested that some towns or provinces with favorable conditions, such Phu Quoc, Ho Chi Minh City, Hanoi, and Da Nang, could host pilot programs for these initiatives.
Vietnam’s current DT-class visas (DT1 through DT4) demand significant cash investments and direct commercial activity; the one-year DT4 visa costs VND 3 billion (US$120,000), while the five-year DT1 visa costs VND 100 billion (US$4 million). For foreign investors who favor passive or portfolio-based residency routes, these visas are sometimes viewed as restrictive.
Earlier, the government asked key industries to devis appropriate visa policies in order to boost tourism, particularly among international visitors from established economies as well as super-rich and billionaire groups.
Visa exemption for key markets, effective visa processing procedures, reducing immigration costs are some other areas the government is looking at.
Vietnam currently exempts visas for nationals of 30 countries. On March 7, the government issued a visa exemption for nationals of 12 countries who can stay in Vietnam for 45 days from the date of admission, regardless of passport type or purpose of entry.
Vietnam’s golden visa is expected to offer Indian professionals and Southeast Asian enterprises more opportunities for living and working in Vietnam.
