Vietnam – The next wealth frontier?
Vietnam is believed to be home to an estimated 20,000 people with investible assets in excess of $1 Million and more than 210 billion USD currently on deposit in plain vanilla cash accounts
The past five years have seen a great deal of investment dollars flowing towards the wealth management segments in both Thailand and The Philippines.
In Thailand, a number of offshore private banks have opened local representative offices and others have entered into joint ventures with established, local banks as both attempt to steal a share of this new and rapidly growing client segment.
Despite this flurry of activity, interest in Vietnam has remained somewhat muted. For the past ten years, commentators have spoken at length of Vietnam’s future potential as an emerging market for wealth management but despite a backdrop of strong supporting indicators, the wealth market remains one of South East Asia’s most underdeveloped.
Read this article to find out:
- The upcoming changes to the Vietnam’s wealth management
- The primary drivers for Vietnam’s wealth management service
- The key challenges banks will face when launching wealth services and how to overcome them