Vietnam: Art Is Scaling Up, But the System Has Yet to Follow

Vietnam’s art market is attracting growing attention. In March 2024, a painting by Mai-Thu sold for €828,000 at Aguttes in Paris, setting the third global record for an artist from the École des Beaux-Arts de l’Indochine. That same year, the auction house Millon opened an office in Hanoi, becoming one of the first major Western auction houses to establish a direct presence in Vietnam.

These events are not just isolated milestones. They reflect a growing interest in Vietnamese art from collectors, auction houses and cultural institutions alike. But a market that attracts attention is not necessarily a fully structured market.

Behind the auction records, public ambitions and increasing international visibility, Vietnam’s art ecosystem remains uneven. It is moving forward, but several limitations are still clearly visible.

1. Craftsmanship: Recognised Know-How, But a Brand Still Too Weak

   
   

Vietnamese craftsmanship represents an important share of the country’s cultural exports. The sector generates around USD 2.4 billion in export revenue each year and can account for up to 35% of Vietnam’s cultural exports.

The productive base is substantial. Vietnam has more than 5,400 craft villages, including around 1,350 in Hanoi. Some villages, such as Bat Trang, known for ceramics, have become genuine economic hubs. The village brings together nearly 200 companies, around 1,000 production households, and generates annual revenue of more than USD 80 million, with export markets in Japan, South Korea and Europe.

On paper, the figures are strong. But they hide a more fragile reality.

Between 2020 and 2023, export revenue in the craft sector fell from around USD 3 billion to USD 2.4 billion. This decline can be explained by several factors: the impact of the pandemic, geopolitical tensions, but also increasing competition from other Asian markets.

The main challenge remains moving upmarket. Vietnamese craftsmanship benefits from recognised know-how, but it is still often positioned in the low to mid-range segment. Margins remain narrow, production is highly fragmented, and the “Vietnam” brand is not yet strong enough internationally in the field of craftsmanship.

Three limitations stand out clearly: a lack of investment in design, a production model that remains largely family-based and difficult to industrialise, and a weak export branding strategy.

The Vietnamese state appears to have identified this issue. The national strategy for cultural industries through 2030 includes craftsmanship among its priority sectors. The objective is to move from a logic of heritage preservation to one of value creation.

But the question remains: can a public strategy alone truly transform such a fragmented sector ?

2. Secondary Market: A Few Records Do Not Yet Make a Market

   
   

In the auction market, some Vietnamese artists are now reaching very high price levels. Lê Phô, Mai-Thu and Vu Cao Dam regularly see their works sell for several hundred thousand euros. In 2020, a painting by Lê Phô even exceeded the one-million-euro mark.

The opening of Millon’s Hanoi office in 2024 confirms that major auction houses now see Vietnam as a market to watch. It also shows that a local collector base exists and is becoming strong enough to justify an on-the-ground presence.

However, this momentum needs to be put into perspective.

The rise in prices mainly concerns a very limited number of artists, most of them associated with the École de Hanoï from the 1920s to the 1950s. Their historical legitimacy is already established, their production is limited, and their rarity naturally fuels demand.

In other words, the increase in their market value does not yet mean that the Vietnamese art market is deep or mature. It shows, rather, that one specific segment of the market is gaining strong value.

Vietnamese contemporary art, by contrast, remains far less structured on the secondary market. Price references are still limited, transactions lack transparency, and local institutional collections remain modest. Without strong institutions, regular collectors and a clear sales history, it is difficult to build long-term value for contemporary artists.

The international context also makes the situation more complex. The global art market has experienced a slowdown, particularly in the high-end segment. Even though signs of recovery are emerging, a large share of transactions still concerns works at relatively accessible price points. Highly valued works therefore remain under pressure.

3. Contemporary Art Scene: Strong Energy, Limited Infrastructure

   
   

Ho Chi Minh City is now one of the most active centres for contemporary art in Vietnam. Several galleries and private institutions play an important role in promoting Vietnamese artists, both locally and internationally.

Galerie Quynh, located in District 1, is among the most recognised structures. It operates according to international standards, with a demanding curatorial approach, long-term support for artists and a presence at international fairs and events. It notably represents Tuan Andrew Nguyen, winner of the 2023 Joan Miró Prize.

The Factory Contemporary Arts Centre also contributes to this momentum, with a more accessible and experimental positioning. These spaces help give visibility to a local scene that clearly does not lack creativity or talent.

But this scene remains fragile.

The regulatory framework still places certain limits on artistic creation. Politically or historically sensitive topics can be difficult to address, which sometimes restricts artists’ freedom of expression. In a country whose recent history remains central to many artistic reflections, this constraint is not secondary.

As a result, several conceptually engaged Vietnamese artists first build their reputation abroad before gaining greater recognition at home. Bùi Công Khánh, for example, has exhibited at the M+ Museum in Hong Kong and in numerous international biennials. This international recognition then reinforces his legitimacy in Vietnam.

This “abroad first, local later” trajectory shows that the domestic market is not yet fully autonomous. It is progressing, but still depends heavily on external validation.

The lack of independent private infrastructure is also a constraint. Galleries capable of supporting artists according to international standards remain limited in number. Vietnam’s contemporary art scene exists, but it still relies on a relatively narrow ecosystem.

4. Diaspora: International Visibility, But Limited Local Impact

   
   

Vietnamese and Franco-Vietnamese artists trained abroad play an important role in the international visibility of the Vietnamese art scene. Their dual cultural background often allows them to attract the attention of Western institutions, galleries and collectors.

Bao Vuong, for example, is exhibiting in 2025 in Nice, New York and Geneva. Thu-Van Tran recently had one of her works acquired by the Centre national des arts plastiques in Paris, an institution known for the selectivity of its acquisitions.

These trajectories strengthen the image of a Vietnamese scene capable of engaging with major international circuits. They also help give broader cultural legitimacy to artists connected to Vietnam.

But here again, the impact on the local market remains limited.

The diaspora currently acts more as a showcase than as a genuine driver of domestic structuring. Artists based abroad benefit from strong institutional visibility, but the concrete spillover effects for local artists, Vietnamese galleries and national collectors remain difficult to measure.

For the diaspora to become a real lever, stronger bridges would be needed: residencies, collaborations, local exhibitions, patronage, training programmes and partnerships with Vietnamese institutions.

Vietnam Has the Talent, But Not Yet All the Tools

Vietnam today has many assets to develop a stronger art sector: rich craftsmanship, a dense cultural history, an active contemporary scene, a visible diaspora and growing interest from international collectors.

The state has also set clear ambitions. The objective of bringing cultural industries to 9% of GDP by 2045 reflects a political will to turn culture into a genuine economic driver.

But art cannot be structured in the same way as electronics, textiles or manufacturing. An art ecosystem needs time, strong institutions, committed collectors, independent venues, funding mechanisms and a framework that allows artists to create freely.

Vietnam is moving in the right direction, but several elements still need to be built: a deeper secondary market for contemporary art, more private funding, a stronger international branding strategy and infrastructures capable of supporting artists over the long term.

The potential is real. The timing is favourable. But Vietnam’s art market has not yet fully changed scale.