A wealth management specialist at a joint-stock commercial bank recently shared a story about a real estate tycoon holding assets worth trillions of dong.

The tycoon has five grown children - three sons and two daughters working within the enterprise he founded. However, rather than distributing the inheritance relatively equally, he designated the bulk of the company shares for his youngest son. His children received numerous properties stretching from North to South.

According to the specialist, the decision was not based on business ability but on the fact that the son had fathered a boy, whom his father hoped would “carry on the family line” and preserve the family's business empire.

Vietnam is emerging as a highly lucrative market for wealth management services as the number of affluent individuals and personal fortunes swell rapidly. According to Knight Frank’s The Wealth Report 2025, Vietnam is home to approximately 5,500 individuals with net assets exceeding $10 million, ranking 6th in Southeast Asia for this demographic.

Knight Frank statistics show that, by 2026, the number of wealthy Vietnamese holding over $30 million in assets expanded to 1,233 individuals, a 29.2 percent increase over five years compared to 954 in 2021.

Beyond numerical growth, Vietnam’s ultra-rich population is forecast to remain among the world's fastest-growing cohorts over the next five years. This trajectory serves as a primary catalyst driving demand for professional asset management and advisory services.

Where clients previously sought standalone financial products like savings accounts, credit facilities, or short-term investments, the trend now shifts toward holistic wealth management solutions tailored to specific life goals, investment plans, and long-term financial strategies.

For high-net-worth clients, portfolios extend well beyond cash deposits or stocks to include real estate, corporate equities, bonds, and various alternative assets. 

Managing such complex portfolios demands customized solutions integrating investment strategies, risk management, tax planning, and intergenerational wealth transfer.

Banks gear up for new growth engine

Recognizing this lucrative segment, banks have recently accelerated plans to capitalize on market opportunities.

National Citizen Bank (NCB) announced recruitment drives for wealth management specialists, setting a 10-year target to become Vietnam's premier provider of financial solutions and wealth management services.

While LPBank has not formally unveiled a standalone wealth management unit, its Board Chair Ho Nam Tien revealed future service expansion directions, including wealth management for affluent clients, at the bank's 2026 Annual General Meeting of Shareholders.

Jens Lottner, CEO of Techcombank, said the bank has trained a dedicated team of wealth managers through specialized international programs.

In the past, selling products was fairly simple: customers only had to sign a piece of paper to complete the transaction. However, in today's digital environment, a contract is completed only after all procedures have been fully complied with. 

“We do not blindly push sales. Instead, we always focus on customer experience while considering whether their portfolios are sufficiently diversified,” Jens Lottner said.

Major banks currently hold significant asset volumes and large customer bases, including affluent and ultra-affluent segments. Consequently, products are tailored individually by leveraging bank ecosystems, comprising securities, insurance, and access to luxury real estate developments or corporate bonds issued by major conglomerates.

A recent partnership between Sacombank and LPBank Securities (LPBS) similarly focuses on developing wealth management solutions for high-net-worth and priority banking clients across both entities.

Hoang Viet Anh, CEO of LPBS, said: “Vietnam's average per capita annual income has surpassed $5,000, ushering in a new phase of demand for personal finance and wealth management. The cooperation between the two sides is an opportunity for us to provide comprehensive solutions for high-end clients.”

KienlongBank is also gradually entering the market. According to KienlongBank Priority, this trend is already taking place in many developed markets around the world and is becoming increasingly evident in Vietnam.

“Today's high-end clients are not only interested in increasing returns on their investments. They want to work with experts who can build comprehensive financial strategies, covering cash-flow management, investment and Signature products designed for the elite,” KienlongBank Priority said.

Wealth management goes beyond optimizing investment returns through traditional financial products. Instead, clients are advised on how to build financial structures aligned with their investment goals, asset preservation needs and plans for transferring wealth.

Tuan Nguyen