The sublime beauty of Vietnam's natural setting is overwhelming: the Red River Delta in the north, the Mekong Delta in the south; the brilliant green patchwork of rice paddies; divine beaches, and soaring forest cloaked mountains. Vietnam also offers an opportunity to see a country of traditional charm and rare beauty rapidly opening up to the outside world.

Despite ongoing economic liberalisation and the pressures of rapid development, this dignified country has managed to preserve a rich civilisation and highly cultured society. Vietnam is now firmly on the budget travel trail and the tourist industry is beginning to provide for more sophisticated travel requirements. The country is in a position much like that of Thailand 20 years ago. The economy is generally doing well and there has been an ongoing boom in the real estate market.

There are a number of areas across the country which may present interesting opportunities for property investors.

The capital, Hanoi, has become one of the most beguiling cities in Asia. It is slow-paced and pleasant, with a lovely landscape of lakes, shaded boulevards, verdant public parks, colonial French houses, and astounding modern skyscrapers.

Magnificent Halong Bay, with its 3000 islands rising from the clear, emerald waters of the Gulf of Tonkin, is one of Vietnam's natural marvels. The tiny islands are dotted with innumerable beaches and grottoes created by the wind and waves.

Ho Chi Minh City is the heart and soul of Vietnam. It's a bustling, dynamic and industrious centre, the largest city in the country, the economic capital and the cultural trendsetter. Yet within the teeming metropolis are the timeless traditions and beauty of an ancient culture.

Nha Trang has the potential to develop into a flashy resort such as Thailand's Pattaya Beach. With very clear turquoise waters (except for the wet season), snorkelling, diving, and fishing are prime activities, and just lazing on the town beach is an experience in itself.

It is likely to be Vietnam's natural beauty that leads to ongoing development of the real estate market. The country has excellent potential to develop into another Thailand from the perspective of the tourist market, and a second home market could well be expected to follow.

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