Floating markets, are a unique form of traditional commercial business, playing an important role in waterway trade and featuring distinctively attractive local cultural values. Studies of floating markets not only provide insights into cultural heritage but also foster better conservation and effective destination marketing and promotion. Research data was collected from structured interviews with 80 merchants and 8 representatives of state management agencies responsible for culture and tourism. Moreover, unstructured interviews with 34 merchants were undertaken. Field observations and literature review also provided relevant sources of information to frame our research. The findings in this study indicate that floating markets in Vietnam have distinctive features which have been historically long formed as a consequence of both natural and socio-economic factors. Floating markets are found to play a focal role in the socio-economic and cultural development of the country. There are also some critical changes made to conventional spaces, trading boat quantity, travel and trading activities, community relations, and impacts in the floating markets.