The three-day event, part of Ba Ria-Vung Tau Tourism Week, kicked off on December 27 and offers free access to visitors.
Thirteen vibrant balloons are displayed at Bai Truoc Beach, spanning a 200-metre stretch along Quang Trung Street in Vung Tau City.
The largest balloon, with a diameter of 17-18 metres, can lift passengers to heights of 30-50 metres.
The remaining 12 hot air balloons, with a diameter of 6-7 metres, are either anchored or suspended at 10-25 metres to entertain visitors.
A range of other activities have also been organised during the tourism week scheduled to end on December 29.
Hotels and other accommodation options in Ba Ria-Vung Tau have provided around 1,000 free rooms to tourists.