Vietnam's affluent are looking beyond wealth creation: HSBC

Vietnam's affluent are rethinking their approach to wealth, moving beyond mere accumulation. After nearly a year living and working in Vietnam, what stands out most is not just the rapid pace of development, but the determination people show in constantly improving themselves. This mindset influences how the wealthy view success.

Growing wealth remains a priority, yet it's increasingly seen as a means to achieve broader goals. Preservation, succession planning, and future generations' welfare are gaining prominence. Financial success is viewed as a foundation for a better life, enabling investments in children's education, international expansion, better healthcare, and personal enjoyment.

Vietnam's wealth management market is still nascent, accounting for only 2-3% of GDP compared to 25-30% in mature markets. As the market matures, more affluent clients are expected to seek long-term relationships with banks, seeking comprehensive financial solutions rather than isolated products. Managing wealth becomes more complex as clients' lives become increasingly international.

Assets, businesses, and family interests are spread across multiple countries, necessitating integrated financial strategies. Health is emerging as a form of capital, with clients expecting financial institutions to provide broader support beyond traditional banking. HSBC distinguishes itself by helping clients navigate the intricacies of living and working across borders.

Whether supporting entrepreneurs investing overseas or assisting families with children studying abroad, HSBC aims to make these transitions smoother. HSBC Premier offers a holistic approach, encompassing wealth management, health, travel, and international services. This includes expert guidance on wealth growth, healthcare access, travel conveniences, and seamless cross-border banking.

The bank's long-term commitment to Vietnam is rooted in the country's robust growth prospects and the burgeoning opportunities in the market. Vietnam's wealth has largely been built through entrepreneurship and individual initiative, providing a dynamic foundation for future growth. HSBC aims to not only meet the current needs of Vietnam's affluent but also support them as the wealth landscape evolves, becoming more sophisticated and globally connected.