The market is popular with tourists seeking local handicrafts, ao dai (traditional Vietnamese dress), souvenirs, and local cuisine.
The market developed from a group of makeshift markets formed by early 17th century street vendors who gathered near the Saigon River.
The market was formally established after the French took over the Gia Dinh Citadel in 1859.
The French built a large covered market with a thatch roof and mud floor on the site where the Banking Institute now stands.
The market got its name Ben Thanh because at the beginning the market was located near a wharf (ben) of the Gia Dinh Citadel (thanh).
Trading at the market was brisk as traders came from the wharf and the commercial port to sell their goods here.
In 1870 however, fire destroyed the market.
The French rebuilt a new market with metal frames that became the largest market in Saigon.
In 1912, the mayor of Saigon ordered the construction of a new market for the city in a marshy land called Le Maraise Boresse.
The building took two years to build and the new market was inaugurated in March 1914.
This market was named New Ben Thanh Market.
Ben Thanh Market was repaired in 1975 and underwent a major renovation ten years later in 1985, which expanded and updated the market.
While many aspects of the market were changed in the renovation, the famous clock tower on the main entrance, which is a landmark symbol of HCMC, was left unchanged.