Simpson in Vietnam
Simpson Marine is partnering with O2H2O to represent Sanlorenzo, Bluegame and Fairline in Vietnam.
23 July 2024
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Asian yacht dealership Simpson Marine is expanding into Vietnam. The move is being conducted in partnership with O2H2O Vietnam, represented by Alexandre Heng, a yacht and jet sales brokerage company in Asia, and Sassy Nguyen, CEO of the SS&Sons Group, a holding company representing several luxury brands in Vietnam.
O2H2O Vietnam will represent Sanlorenzo, Bluegame and Fairline yachts in Vietnam.
Vietnam is growing into a popular cruising destination, thanks to its coastline of 3,260 kilometres and 2,800 islands — including nearly 400 in the Ha Long Bay area alone. The country’s rapid economic growth has fostered a burgeoning affluent class eager to embrace the yachting lifestyle.
As the leisure-boating lifestyle gains traction, marinas are gradually being developed, with the main ones in Ho Chi Minh City and Nha Trang. Key industry players are gradually investing in local operations.
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The opportunity to build new marinas could position Vietnam as an increasingly popular yachting destination in Asia.
Despite the promising landscape and its strategic cruising location within Southeast Asia, Vietnam’s yachting scene is still emerging. High import taxes for private yachts and complex registration procedures for pleasure vessels have slowed the growth of the yachting lifestyle, which has thrived in neighbouring Hong Kong and Thailand.
Simpson Marine says it will use its local expertise to work with local industry organisations to drive change and growth, enabling more owners in Vietnam to enjoy boating.
“The partnership with O2H2O Vietnam, represented by Alexandre Heng and Sassy Nguyen, further strengthens Simpson Marine’s presence in Asia and Vietnam, a market previously served through our Hong Kong and Thailand offices,” says Richard Allen, COO of Simpson Marine Group.
“Today, we celebrate a major milestone in our business operations with a local Vietnam office finally ready to serve customers right on their doorstep.
“Together with O2H2O Vietnam, we will unlock the full potential of Vietnam’s yachting industry leveraging on their local expertise, experience and passion for bespoke luxury and yachting.”
Simpson Marine was founded in 1984 in Hong Kong. In 2024, the firm was acquired by Sanlorenzo in a deal worth up to US$17m.
“With 20 years of involvement in the yachting industry in Asia, I am absolutely thrilled to launch this sensational cooperation between O2H2O Vietnam together with Simpson Marine and Sanlorenzo Asia,” says Alexandre Heng of O2H2O.
“As deeply passionate and dedicated professionals, our common vision is to spread the yachting culture to the beautiful coastline of Vietnam by offering the best world-class yacht brands and nautical lifestyle experience.”
Sassy Nguyen, CEO of O2H2O Vietnam, adds: “Since 2013, I’ve had the privilege of launching numerous prestigious luxury brands to the Vietnam market. This experience has fuelled my passion for elevating life experiences in Vietnam.
“As a natural evolution of the dynamic market environment in the country, it makes perfect sense for us to expand now our portfolio of products and services by offering the best yacht brands to our loyal base of discerning customers.
“We very much look forward to expanding their passions to the yachting lifestyle. And we are equally proud to team up with Simpson Marine and become the official partner for Sanlorenzo, Bluegame and Fairline in Vietnam.”
The new Simpson office in the business district of Ho Chi Minh City will open in early autumn hosted at S&S Christie’s International Real Estate office. This location will be a hub for yacht sales, charter services, and customer support.
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