Vietnam’s socialist government has been supportive of promoting yachting, at least for tourism purposes. That’s in contrast to China, where such ostentatious displays of wealth are frowned upon, limiting the market for superyachts.
In Vietnam, a special consumption tax of 30% on luxury items can be waived when a company plans to use the craft to entertain tourists or for charter hire. It also takes less time to import a yacht because there’s implicit government support for opportunities that bring value to the country.
That prompted Doan Viet Dai Tu, chairman of Vietnamese investment firm Openasia Group, to buy in.
“I’ve been watching the yachting industry for many years and waiting for the right time,” Doan Viet said. Openasia also owns Tam Son, a luxury distributor that represents brands including Hermes, Kenzo and Bottega Veneta. It got into the boat business with another partner in 2017 to launch Tam Son Yachting, now Vietnam’s official importer of Beneteau.
Openasia has also invested in yachting infrastructure. It’s behind a service center for yacht maintenance and a marina along the Saigon River called Central Park Marina. It sits adjacent to another project emblematic of Vietnam’s ascension -- a 44 hectare development by Vinhomes JSC that takes its inspiration from New York’s leafy heart. It’s home to luxury condos and villas, the country’s tallest skyscraper and a riverside promenade. Residents with boats will soon be able to berth them nearby.
While yachting culture is still in its infancy, Doan Viet says the potential is huge. “We want to bring yachting as entertainment, something that’s affordable not only for very wealthy people but for the upper-middle class as well.”
To that end, Tam Son Yachting sold a 60-foot Beneteau Monte Carlo 6 to Reverie Saigon, the city’s first six-star hotel, to use for private charters. The boat, which was delivered last year, can accommodate around 10 guests for cruising and the hotel offers outings with a private butler and champagne picnic.
“I have to say, this is very promising,” said Doan Viet. “We’re going to be very busy in the yachting industry for the next 10 or 20 years.”
This article was provided by Bloomberg News.