Vietnam’s ultra-wealthy population - people with assets exceeding $30 million - is forecast to be among the world’s fastest-growing over the next five years, opening significant opportunities for wealth management services designed to preserve, grow and pass on fortunes.

Potential from Vietnam’s emerging super-rich

A Vietnamese saying roughly translates as “wealth rarely lasts three generations, nor does poverty,” reflecting a challenge that has long prompted wealthy families to consider how to preserve their fortunes across generations. A wealth management specialist at a joint-stock commercial bank shared the story of a real estate tycoon with assets worth hundreds of millions of dollars.

The businessman has five adult children - three sons and two daughters - all of whom work at the company he founded. Rather than divide the inheritance and control relatively evenly, however, he allocated most of the company’s shares to his youngest son. His children were also given numerous properties across Vietnam.

According to the female wealth management specialist, the decision was not based on business ability. Instead, the youngest son had fathered a boy, whom his father expected would carry on the family line and preserve the family fortune.

The story illustrates how transferring a substantial fortune involves much more than dividing assets. It can also encompass corporate control, management capabilities and succession planning. These considerations are becoming an increasingly important part of demand for wealth management services.

Wealth management is a comprehensive form of personal financial advisory service aimed at clients with substantial assets who need long-term financial planning. It covers areas including investment management, financial planning, tax advice, inheritance, insurance and retirement.

Unlike asset management, which primarily focuses on managing investment portfolios, wealth management takes a broader view of a client’s financial affairs, from growing and preserving wealth to allocating and transferring assets to future generations.

Vietnam is emerging as a promising market for wealth management as both the number of wealthy individuals and the scale of personal wealth increase rapidly. According to Knight Frank’s The Wealth Report 2025, Vietnam has around 5,500 individuals with a net worth of more than $10 million, ranking sixth in Southeast Asia by the size of this group.

Knight Frank data also show that by 2026, the number of Vietnamese individuals with wealth exceeding $30 million had risen to 1,233, up 29.2% over five years from 954 in 2021.

Vietnam’s ultra-wealthy population - those with assets of more than $30 million - is not only expanding but is also forecast to rank among the fastest-growing in the world over the next five years. This is one factor driving demand for professional wealth advisory and management services.

While affluent customers previously tended to focus on individual financial products such as savings, credit or short-term investments, they are increasingly seeking comprehensive wealth management solutions tailored to their life goals, investment plans and long-term financial objectives.

For wealthy clients, portfolios typically extend well beyond bank deposits and securities to include real estate, stakes in businesses, bonds and various other assets. Managing such portfolios requires tailored solutions combining investment strategies, risk management, tax considerations and wealth transfer planning.

Banks move into a new area of business

Recognising the potential of the segment, Vietnamese banks have recently begun making plans to capture opportunities in the market.

In 2025, National Citizen Bank (NCB) announced recruitment for wealth management specialists. The bank has set a goal of becoming, within the next 10 years, a leading provider of wealth management services and financial solutions for Vietnamese clients.

LPBank has yet to formally announce a separate plan for its wealth management business. However, at its 2026 annual general meeting, LPBank Chairman Ho Nam Tien outlined plans to develop several service areas in the coming years, including wealth management for affluent clients.

According to Techcombank CEO Jens Lottner, the bank has built and trained a team of wealth management professionals through specialised programmes based on international standards.

“In the past, selling a product was fairly simple - the customer only needed to sign a piece of paper and the process was complete. In today’s digital environment, however, a contract is only completed once the entire process has been properly followed. We do not pursue policies that blindly push sales. We always focus on the customer experience while also considering whether their portfolio is sufficiently diversified,” Lottner said.

Large banks already have substantial asset bases and extensive customer networks that include wealthy and ultra-wealthy clients. Products can therefore be tailored to individual customers through banks’ broader ecosystems, including securities and insurance services, as well as access to premium real estate projects and corporate bonds issued by major groups.

A recent cooperation agreement between Sacombank and LPBS Securities also places an emphasis on developing wealth management solutions for the two companies’ affluent and priority individual customers.

“Vietnam’s per capita income has surpassed $5,000, opening a new phase in demand for personal financial and wealth management services. The partnership between the two sides gives us an opportunity to provide comprehensive solutions for affluent clients,” said LPBS CEO Hoang Viet Anh.

KienlongBank is also gradually moving into the market. According to KienlongBank Priority, wealth management is already a trend in many developed markets worldwide and is becoming increasingly visible in Vietnam.

“Today’s affluent customers are not only interested in increasing returns on their investments. They want to be supported by experts capable of developing comprehensive financial strategies, from cash-flow management and investment to Signature product lines designed for elite clients,” KienlongBank Priority said in outlining its approach.

Wealth management therefore goes beyond optimising investment returns through traditional financial products. Instead, clients receive advice on building financial structures aligned with their goals for investing, preserving and ultimately transferring their wealth.

Tuan Nguyen