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By launching a 10-year Golden Visa to entice international investors, talented workers, and long-term tourists, particularly those from developing countries like India, Vietnam is planning to shift its reputation from that of a transitory tourist destination to that of a permanent centre for international visitors. The Golden Visa program is an aspect of Vietnam's larger plan to become a regional hub for international trade, tourism, and cultural exchanges in Southeast Asia.
Vietnam golden visa- the reason behind its implementation
Many people are flocking to Vietnam as a vacation spot, and Indians in particular are getting the buzz. Vietnamese officials reported a 231% increase in Indian visitors in 2023 over the previous year. The golden visa is an aspect of Vietnam’s larger plan to shift its image from that of a transitory tourist destination to that of a hub for responsible tourism and global cooperation. Vietnam seeks to strengthen cultural and economic links with global talent and capital by providing long-term, renewable residence to those who make significant contributions to the country's tourism, innovation, or economics. Direct flights from major Indian cities, including Delhi, Mumbai, Chennai, and Kolkata, have increased, leading to a surge in the number of Indian visitors to Vietnam.
Prospective long-term resident permits for investors and talents are part of the plan. Anyone looking to invest in Vietnam may do so with the investor visa, which grants a 10-year resident visa with the possibility of permanent residence after five years, as long as the investment is maintained. The talent visa would streamline the renewal process for highly skilled individuals in key growth areas, to promote long-term employment and retention. Tourist arrivals, cultural exchanges, and commercial collaboration have all seen significant increases recently as a result of the long-standing diplomatic connections between Vietnam and India.
Three separate Vitenam golden visa alternatives that you should know about
- An extensive 10-year visa program for eligible foreign nationals
- A 10-year investor visa that, after five years, may lead to permanent residence, provided the investment is sustained.
- Skilled persons may apply for a 5-year talent visa that has streamlined renewal processes.
The board has proposed that Phu Quoc, Ho Chi Minh City, Hanoi, and Da Nang—all of which are important tourist and business hubs—begin test projects. The decision is in response to mounting demands that the government update its visa laws in order to remain competitive as neighbouring nations increase their investor migration programmes.
Vietnam golden visa- a refreshing change from the past system
- Currently, Vietnam is accepting applications for business-related stays with DT-class visas (DT1–DT4). These are subject to stringent specifications:
- The minimum investment required to get a one-year DT4 visa is VND 3 billion, or about $120,000 USD.
- A DT1 visa, valid for five years, costs a whopping VND 100 billion, or almost $4 million.
- Major investors will love these choices, but regular people who wish to invest passively, work from home, or retire in Vietnam will find them much too limiting. The purpose of the recently proposed Golden Visa is to address this gap.
As mentioned earlier, only major commercial and tourist centres, including Ho Chi Minh City, Hanoi, Da Nang, and Phu Quoc, are anticipated to test the programme first. These areas attract foreign inhabitants due to their reputation for safety, affordability, and the availability of international schools, hospitals, and housing alternatives.
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Okay, what should you know before applying?
No trips to embassies will be necessary for the application process; dependent visas will allow family members to apply as well. If you want to apply, you'll need to bring a few things: your passport, proof of income, investment information, health insurance, and a clean background check. A long-term visa is issued upon approval, allowing candidates to bring their families along if they wish.
We anticipate the golden visa program to be digitally friendly, mirroring Vietnam's existing eVisa system for tourists and short-term business. Applicants may expect a more streamlined application process as a result of this strategy. Vietnam aspires to become a competitive regional centre for investment and talent, and the golden visa project is in line with this vision. The program provides long-term residents with a combination of traditional charms and contemporary amenities.