From Hanoi to High-End

Vietnam has emerged as one of Southeast Asia’s fastest-growing luxury markets, fuelled by a booming economy, a surge in high-net-worth individuals (HNWIs), and a cultural shift toward premium goods and experiences. While still smaller than Singapore's or Thailand’s luxury markets, Vietnam is developing at a remarkable speed and catching the attention of global luxury brands and investors.

Vietnam’s luxury goods market reached approximately $957 million in 2024, with a projected compound annual growth rate (CAGR) of 3.2–3.7% through 2028. Industry estimates suggest that the market could exceed $1 billion by 2025. This boom has sparked enthusiasm among distributors and retailers: for instance, Tam Son International and IPPG saw triple-digit profit increases in 2022 amid skyrocketing brand sales, particularly Chanel, Dior, Gucci, and Louis Vuitton.

Vietnam has experienced the fastest growth globally in its millionaires—between 2013 and 2023, its US‑dollar millionaire population nearly doubled. Current estimates indicate over 5,459 individuals have more than $10 million in liquid assets, placing Vietnam sixth in ASEAN. The country is predicted to have over 25,000 millionaires by 2025. This wealth surge is translating directly into rising demand for luxury goods, upscale real estate, private travel, and high-end services.

High-end real estate is booming, especially in Ho Chi Minh City and Hanoi. As of late 2024, luxury projects priced above VND 80 million/m², or roughly $3,100, accounted for 25% of new supply, with a 64% absorption rate. Prime apartments in central districts now sell for over  $2,400–2,600 per square metre. Luxury residential real estate is forecast to grow from  $4.1 billion in 2025 to $7.8 billion by 2030, at a CAGR of 13.7%. Branded residences are becoming increasingly attractive, with global luxury partnerships becoming more common.

Premium car imports have risen sharply, introducing brands like Lamborghini, Rolls‑Royce, Porsche, and Ferrari, priced at over  $700,000 in some cases. Meanwhile, the yacht market is maturing rapidly. Millionaires are now buying vessels over 30 to 100 feet, with some spending upwards of $1 million. The Ho Chi Minh City Nautical Show recently showcased international yacht brands, and several new marinas are under development, including a  $2 billion marina complex on Royal Island and a  $300 million project in Đà Nẵng. Private aviation is also expanding, with Gulfstream jets regularly landing in major cities.

Vietnam’s appeal to affluent tourists is strengthening. In early 2025, multiple Gulfstream private jets carrying global billionaires landed in Đà Nẵng. Luxury cruise ships now dock at Ho Chi Minh City, and destinations like Hạ Long Bay and Phú Quốc are hosting ultra-luxury weddings and private events. High-end travel companies report annual growth of 30% among wealthy clientele, offering bespoke experiences like private beach parties, seaplane tours, and high-end cultural immersion packages. The demand for privacy, customisation, and authenticity is rising sharply.

Vietnam now boasts seven Michelin-starred restaurants, with fine dining venues in Hanoi, Ho Chi Minh City, and Đà Nẵng. Culinary experiences are becoming more narrative-driven, with chefs offering immersive, locally rooted tasting menus that attract both elite locals and foreign visitors.

The Vietnamese government is actively supporting luxury expansion through improved infrastructure and policy. Major projects include the Long Thành International Airport near Ho Chi Minh City, targeted to open by 2026, the addition of over 1,000 kilometres of expressways, and clearer regulations for the growing yacht industry. Revised property laws are also encouraging foreign ownership in the real estate market. Additionally, tourism strategies are now focused on luxury travellers, offering VIP immigration lanes, curated hospitality experiences, and investment incentives in high-end resort development. These efforts are positioning Vietnam as not just a mass-market destination, but one ready for elite global travellers.

Vietnam’s wealthy consumers are increasingly young, educated, and globally connected. Millennials and Gen Z, with an average age around 32, are driving demand for experiences over possessions—luxury travel, yachts, and fine dining are becoming preferred status symbols. They are also highly active online, boosting the visibility and desirability of high-end brands. The country’s middle class is expected to reach nearly 95 million people by 2030. The pandemic further accelerated luxury consumption at home, as international travel restrictions forced the wealthy to shift spending to domestic brands and services.

While Vietnam’s luxury market is still smaller than that of Singapore or Thailand in absolute terms, it exhibits the highest growth rate in the region. Luxury brands, private investors, and hospitality groups are increasingly prioritising Vietnam as the next major Southeast Asian luxury destination.

Vietnam is rapidly transitioning from an emerging economy to a dynamic luxury destination. Its soaring wealth, experience-driven elite, expanding infrastructure, and welcoming policy environment are redefining it as Southeast Asia’s most promising luxury consumption hotspot. If current trends continue, Vietnam will soon join the region’s elite tier of luxury markets, offering both opportunity and excitement for brands and consumers alike.