Vietnam Eyes Tourism Boost with New 10-Year Golden Visa Proposal

In an effort to compete with other travel destinations, Vietnam's Tourism Advisory Board has suggested a golden visa scheme that would be in effect for five to 10 years.

The board said that although while Vietnam's tourist industry is getting close to pre-pandemic recovery levels, it still runs the risk of lagging behind Thailand and Malaysia in its suggestion to Prime Minister Pham Minh Chinh. Foreign nationals can now apply for long-term visas in both of their bordering nations.

Three visa choices are included in the proposal: a five-year talent visa with streamlined renewal processes, a ten-year investor visa that offers the possibility of permanent residency after five years provided the applicant maintains the investment, and a ten-year golden visa.

The board suggests testing these initiatives in popular tourist destinations including Phu Quoc, Da Nang, Hanoi, and Ho Chi Minh City. The present system for investor visas in Vietnam would not be the same as this golden visa. Capital commitments for the current DT-class visas (DT1–DT4) range from VND 3 billion for a one-year DT4 visa to VND 100 billion for a five-year renewable DTI visa. DT visas require active business activity in Vietnam, in contrast to golden visas, which normally permit passive investment.

In this area, regional rivals have already made progress. Capital-based residency schemes are now available in Malaysia, Indonesia, and Thailand. In order to increase tourism and establish Vietnam as a friendly travel destination, Prime Minister Chinh asked departments to broaden their visa regulations.

The plan supports Vietnam's objective of drawing more visitors and inhabitants to the nation. The Prime Minister has instructed ministries to think about introducing visa exemptions for travelers from Europe, the Middle East, and Latin America, while the government has extended visa exemptions for nationals of twelve nations until 2028.