Vietnam is at a significant crossroads, entering an era of national growth alongside supportive economic policies and initiatives to empower its citizens to thrive. Notably, the recent Resolution 68 by the Political Bureau on private economic development is a pivotal step forward.
Experts predict a growing middle class, leading to an increased focus on wealth and financial management. According to The Wealth Report 2025, Vietnam currently has approximately 5,459 individuals with a net worth exceeding $10 million. The report also forecasts that by 2028, Vietnam will be home to 978 ultra-high-net-worth individuals, a 30% increase from 2023.
Discussing this topic on the ‘Phố Tài chính’ talk show, experts evaluated that the aforementioned policies would likely lead to a larger middle class and a wealthier population in Vietnam. This shift emphasizes the importance of effective wealth and financial management to achieve financial freedom and contribute to a prosperous Vietnam in this new era.
Mr. Lu Hui Hung, CEO of Phú Hưng Fund Management Joint Stock Company (PHFM), attributes the growth of Vietnam’s middle class and millionaire population to over two decades of stable economic development and market reforms. This dynamic fuels economic growth, and the accumulation of wealth by the affluent will enhance stability through domestic consumption and investments in new industries and technological advancements.
This trend mirrors global patterns, including China’s transformation over the past two decades. From 2010 to 2020, China’s middle class doubled, and private capital played a pivotal role in financing emerging sectors like technology and green energy through asset and wealth management services. This created a cycle of growth and reinvestment.
Vietnam is now entering a similar phase, and private capital is expected to play a more prominent role in economic development, facilitated by policy improvements such as Resolution 68.
In this context, asset management becomes crucial in channeling capital towards high-growth sectors, enabling individuals to grow and secure their wealth. As incomes rise, Vietnamese individuals are increasingly focused on wealth creation and protection. Interestingly, young generations like Gen Z and Millennials have already started investing through digital platforms at an early age. Global studies indicate that 30% of Gen Z individuals begin investing in their early adult years.
Phú Hưng Fund Management Joint Stock Company has witnessed a nearly 40% increase in young investors, underscoring the reality and rapid growth of this demand. In pursuit of financial freedom, young Vietnamese are trading stocks, cryptocurrencies, and even derivatives with a bold and autonomous mindset. However, increased access also heightens the risk exposure.
As Vietnam prospers and its population becomes more financially sophisticated, the asset management industry must rapidly evolve to meet the escalating demands of the burgeoning middle class. Wealth management companies should expand their outreach to educate the community about financial management benefits and support small and medium-sized business owners and young retail investors in accessing digital investment platforms.
“I believe that financial freedom is attainable for individuals, but it requires proactive action. Firstly, build essential financial knowledge: understand risks, budgeting, and the power of compound interest. Secondly, start investing early with a smart strategy and clear goals, rather than following short-lived trends. Lastly, seek expert advice when needed. Proper asset allocation, aligned with a clear strategy and specific goals, will enable effective financial management for many, leading to enhanced wealth and a more prosperous and sustainable Vietnam,” asserted Mr. Lu Hui Hung.
Regarding the stock market, Mr. Lu Hui Hung noted that Vietnam is implementing reforms similar to those undertaken by more developed countries, such as the KRX trading system, the adoption of IFRS standards, and the establishment of a legal framework for bond and digital finance products. These elements form the foundation for a modern, comprehensive market on a sustainable growth trajectory.
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