Rising middleclass pushes wealth management potential in Vietnam

VIETNAM: NEW ERA

Rising middleclass pushes wealth management potential in Vietnam
The personalfinancial assets market in Vietnam is forecast to reach hundreds of billions ofUS dollars in the next few years, providing significant opportunities forwealth management services.

According to insight by McKinsey, the personal financial assets market of Vietnam is projected to reach 600 billion USD by 2027, growing at a rate of 11% per year from a baseline of 360 billion USD as of the end of 2022.

Knight Frank’s Wealth Report from this year predicted that the number of ultra-high-net-worth individuals in Vietnam with net assets of 30 billion USD or more will grow to 978 in 2028, meaning an increase of around 30% in the next five years – the fifth fastest growth rate in the Asia-Pacific region, after India (50.1%), China (47%), Turkey (42.9%) and Malaysia (34.6%).

The middle class in Vietnam is expected to account for 26% of the country’s population by 2026, up from 13% in 2023, according to the report by the Ministry of Labour, Invalids and Social Affairs.

In Vietnam, wealth management services providers include commercial banks, securities companies, insurance companies and fintechs, of which banks dominate because of their established and extensive network and diverse products./.

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