The market developed from informal markets created by early 17th-century street vendors gathering together near the Saigon River. The market was formally established by the French colonial powers after taking over the Gia Định citadel in 1859 (see Citadel of Saigon). This market was destroyed by fire in 1870 and rebuilt to become Saigon's largest market. In 1912 the market was moved to a new building and called the new Bến Thành Market to distinguish over its predecessor. The building was renovated in 1985.

The original market started out in the early 17th century as an informal wet market founded by local street vendors. When the neighboring Gia Dinh citadel was overthrown by French imperialists in 1859, the market was properly constructed and declared a formal establishment along French Colonial lines. The original structure included a wooden thatched roof which would later be destroyed by fire in 1870 was rebuilt to become called "Les Halles Centrales".

In 1912, the market was moved into the building people are familiar with today, using fireproof metal structure to become the largest and most central of the markets in the city. When all the vendors moved into the new market building the old building was not demolished but instead transitioned to a wholesale market known as the Old Market or Chợ Cũ. As for the new market, the name changed to Ben Thanh Market to be distinguished from its predecessor. The name Ben Thanh derives from the words "harbor" (Ben) and "citadel" (Thanh).

In 1985 the new market went under major renovations to keep up with the city's progress of a modern blend. Despite many restorations over time, the market remains one of the earliest and most iconic surviving structures of Saigon.

Four main market gateways also serve as a directory for its customers. Each gate has a designated area to sell specialty items. For example, the southern gate is divided among garments, textiles, and clothing along with shoes, jewelry, and cosmetic products. The Northern gate is where people can find a variety of fresh fruits, fish and poultry. This is also where the food vendors are set up to sell common Vietnamese dishes like pho, broken rice, bun bo hue, bun thit nuong, banh beo, grilled seafood and desserts. The Eastside also offers edible goods that are packaged such as dried seafood and poultry, roasted peanuts, candied fruit, coffee beans, tea, fish sauce, herbs, and spices. On the opposite side, the Western gate offers predominantly arts and ceramics.

At 6 pm UTC+07.00, vendors set up brightly lit stalls on two sides of the streets Phan Boi Chau and Phan Chu Trinh. The stalls offer similar items to the day market but with a greater emphasis on food. Some street stalls expand into sit down restaurants offering tables and seats. Many locals gather to the area after work and it's also suitable for tourist as they offer western-style menus in English.

Apart from being a major hub for the network of city buses, the market is adjacent to the Ben Thanh Station of the HCMC Metro, with Line 1 opening on 22 December 2024. The station will be a hub for other metro several lines under construction. Line 1 connects the market with Suối Tiên Park and Long Binh in District 9. Other lines will connect Bến Thành with Tham Luong in District 12, and with Cholon and Binh Tan District.

Tan Son Nhat International Airport is located within the city limits and only 7 kilometers from the market. From Tan Son Nhat International Airport, the market can be easily accessed by taxis (Vinasun/Mai Linh), Grab, motorbike, bike, or bus. Directly across from Ben Thanh Market is the Saigon bus station.

• Ben Thanh Market on google maps
• Ben Thanh Market: A Vibrant and Iconic Hub in Ho Chi Minh