Vietnamese authorities believe that location-independent professionals, also called digital nomads, could become potential buyers of local real estate and boost the market.
There are several factors making Vietnam an attractive destination for such travellers:
- Comfortable climatic conditions;
- The development of information technologies and the internet, which create a supportive environment for remote work;
- Convenient air connections;
- Relatively low cost of living compared to other developed countries.
Those coming to the country need housing and co-working spaces, which can stimulate the market of not only residential but also commercial real estate, where the shortage of supply is especially noticeable. According to analysts from CBRE Vietnam, currently, the office and residential markets in Vietnam’s two major business regions continue to experience limited supply of new properties.
Conducive conditions for entry and residence of remote workers are already offered by many countries. These include Brazil, Mexico, Thailand, Indonesia, Malaysia, and Singapore. However, Vietnamese authorities are concerned that the influx of foreign nationals could leave locals facing rent inflation and soaring living costs.