The wealth management segment in Thailand and The Philippines has seen significant investment in the past five years, with international asset management groups establishing sales operations and domestic banks building private banking brands. However, interest in Vietnam has remained muted despite strong supporting indicators. The World Bank estimates that poverty rates in Vietnam have declined from 70% to 6% of the population between 2002 and 2018, presenting opportunities for wealth management growth. The rapid growth of wealth management services in Thailand and The Philippines was driven by stable or declining interest rates, a growing GDP, and falling unemployment levels. The question remains whether Vietnam will become the next wealth frontier, and what challenges organizations must overcome to establish successful wealth operations in the country.
