To make Vietnam a retirement "paradise" for foreign visitors

International tourists visit downtown Ho Chi Minh City by cyclo. (Photo: Hong Dat/VNA)

In an article published earlier this week, Russia's Sputnik news agency said that in the context of rising living costs and healthcare costs in many countries, many retired foreigners are looking to Vietnam to live.

The article quoted market analyst Vuong Lam as saying that Vietnam has many ideal factors for foreign retirees: Vietnam not only has a cheaper cost of living than their home country but is also a place where people are friendly, helping the elderly feel comfortable.

According to Mr. Vuong Lam, foreign seniors often choose Ho Chi Minh City and coastal cities such as Da Nang , Nha Trang... as their destinations because these destinations have warm, sunny weather and are convenient for traveling to other countries in the region.

Nearly four years ago, the American media also mentioned Vietnam as a "paradise" to enjoy in old age.

In the list of 12 best countries for retirees published in the New York Post at the end of December 2019, Vietnam ranked first.

At the same time, the Los Angeles Times commented that the rapid growth rate in Vietnam and neighboring Southeast Asian countries has brought about things “unthinkable in the past.”

“Aging Americans are living a lifestyle “reminiscent of Florida, Nevada and Arizona, but in Vietnam” — at a low cost. “Monthly expenses here rarely exceed $2,000 even for a large apartment… including the costs of maids who cook and clean.”

The newspaper quoted John Rockhold, an American veteran who married a Vietnamese woman and lives with his children in a four-bedroom, 170-square-meter apartment for about $250,000 (nearly VND6 billion - at the time of purchase in 2011), in a 20-story apartment building overlooking the Saigon River; saying he was satisfied with the friendly neighbors and the cost of living "much lower than in the US" in Ho Chi Minh City.

Vietnam - an emerging "retirement" destination

Ms. Hoang Minh Phuong, Sales and Marketing Director of Joymark Travel Limited Liability Company, said that Vietnam is an emerging "retirement" destination for foreigners, however, Vietnam's attractiveness compared to some countries in the region still needs to be improved.

“In Southeast Asia, most foreigners choose to buy houses near the sea in places like Thailand, Indonesia and the Philippines. These people often sell their houses and move to buy real estate and live in Southeast Asia.

Currently, the number of elderly retirees in Vietnam is still low compared to other countries in the region, but this number will increase in the future," said Ms. Hoang Minh Phuong.

In the ASEAN region, Thailand is famous for its open visa policy for foreign tourists , this country has a "retirement visa" policy for retired foreigners. As long as they are 50 years old or older and own a bank account opened in Thailand - with a balance of over 800,000 baht (nearly 550 million VND) - foreigners can apply for a Thai visa for a period of one year.

Last September, Thailand extended this period to 10 years, with certain conditions.

Other Southeast Asian countries including Indonesia, Singapore, Cambodia, Malaysia and the Philippines all have visa programs specifically for foreign retirees, offering many attractive benefits to make their country a “second home” or “second homeland” for tourists.

Meanwhile, Vietnam has no such policy.

Coastal cities such as Da Nang and Nha Trang... with their warm and sunny weather have great appeal to foreign tourists. (Photo: Tran Le Lam/VNA)

Currently, Vietnam only has a visa exemption policy for citizens from 25 countries around the world with a stay of 15 to 30 days. Countries on this list include Chile, Panama, Cambodia, Indonesia, Kyrgyzstan, Japan, South Korea, Germany, Denmark, Norway, etc.

For visitors from countries outside this list, Vietnam only issues e-visas valid for one month.

According to Ms. Hoang Minh Phuong, most foreign visitors who want to retire in Vietnam can only choose a tourist visa.

“For some people whose spouses are Vietnamese, the visa procedures are not much simpler. Because of this barrier, many elderly foreigners want to retire in Vietnam but hesitate because they are not sure about the visa issue,” Ms. Hoang Minh Phuong shared.

According to Ms. Phuong, in the context of considerable competition among ASEAN countries in attracting foreign retirees, if Vietnam has good policies to create conditions for "suitable" foreigners to "retire", it will be a significant economic benefit - a good source of foreign currency for the national budget.

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