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Vietnam’s nigh-time economy overview

Tuesday 28, 07 2020
While major cities in the world are earning billions of dollars from developing nigh-time economy associated with tourism, Vietnam has not really seen the potential of this economic segment.
Vietnam’s nigh-time economy overview

Nothing to do

According to many economists, all economic activities including night markets, restaurants, bars, hotels, cultural activities, entertainment, festivals, etc. that contribute to the growth of the economy can be considered as night-time economy. Ho Chi Minh City, Hanoi, and Da Nang are famous tourist destinations in Vietnam, but many international tourists often complain that they do not know where to go, what to play at night when visiting these places.

Nightlife spots in the Old Quarters of Hanoi, located in the central district of Hoan Kiem are very bustling from 6 p.m, but this atmosphere only lasts for about 5 or 6 hours, till 11 p.m or 12 a.m.  While for many Western tourists, this is the time to start playing and having fun.

The number of recreational activities and festivals to serve people and tourists in Hanoi is also quite modest. In addition to the traditional theaters such as the Vietnam Theater, Thang Long Puppet Theater, other activities are mostly seasonal or on holidays.

Nightlife spots in the Old Quarters of Hanoi

Da Nang is also famous for being a tourist destination, but from about 9 p.m, the lights on busy streets in the center are switched off. Many first-time visitors to Da Nang are surprised with the "city going to bed early". 

Meanwhile, in Nha Trang city (Khanh Hoa province), currently there are 4 night markets including 46 Tran Phu of Khanh Hoa Salanganes'Nest Company, Nha Trang Market on Tran Quang Khai street; Yasaka 9 market of Yasaka Saigon Nha Trang Hotel and "Shopping Street" on Nguyen Thien Thuat Street. However, these night markets are merely for souvenirs.\

Da Nang is also famous for being a tourist destination

No real night-time economy

Many tourists think that whenever they discover a new place, what they certainly want to know is the identity of the night. Food, culture or even local-style entertainment services, methodically planned into typical neighborhoods, are places to visit but not many tourist destinations in Vietnam have had such places.

In 2016, Hanoi started to form a walking street around Hoan Kiem Lake, which connects with the other parts of the Old Quarters. This is considered an important step of this city. Entertainment activities, street festivals, street music performances have begun to attract tourists. However, the walking street only exists on weekends, and the street is very crowded but not really attractive.

Even in Ho Chi Minh City, the largest economic center in the country, there are very few cultural and entertainment programs at night.

Mr. Nguyen Quoc Ky, General Director of Vietravel Company, commented that many localities in Vietnam have developed night tourism services such as walking street, night market, and food or souvenir zones. However, such development has not been properly planned so it has not been effective. So far, there has not been a large-scale and attractive complex of night entertainment. Products and services that are being served at night in tourist destinations cannot be called "night economy" but "nightlife entertainment".

"Even in Ho Chi Minh City, the largest economic center in the country, there are very few cultural and entertainment programs at night. According to statistics, at present, each international tourist coming to Vietnam only spent about USD 600-700, a very low level compared to other countries in the region.” said Mr. Nguyen Quoc Ky.

According to economic experts, Vietnam has many advantages for night-time economic development such as young population that prefer to live in cities, special culture and cuisine, high degree of integration and globalization, and pleasant night weather. Therefore, most of the big cities, not only Hanoi and Ho Chi Minh City, have potential for night-time economic development in different directions.

>> 
The major challenges Vietnam's banking industry faces in the last months of 2020

Source: nld

Categories:
Vietnam Economy

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