International and local lenders increasing their efforts to offer exclusive banking services to wealthy, high-end customers.(illustration photo) The affluent population in Vietnam is growing faster than anywhere else, driven by the country's dynamic economy, higher savings, and new wealth creation. Fresh data from the World Bank reveals that 70 per cent of Vietnam's population is under 35 years old and its emerging middle class, which accounts for 13 per cent of the population, is expected to reach 26 per cent by 2026. According to London-based estate agency, residential, and commercial property consultancy Knight Frank LLP's Wealth Report 2020, Vietnam ranks second among the world's top wealth markets in terms of very high net worth (VHNW) individuals over the past decade. The country's average annual growth rate of those with a net worth between $5-30 million, categorised as the VHNW population, reached 13.9 per cent during the 2010-2019 period. Through the years, this growing affluent segment with highly mobile individuals represents a significant opportunity for financial institutions to capture. Some prestigious banks have offered such clients a host of top-notch, well-tailored services, including Vietnamese lenders such as Vietcombank and MB, or international banks such as Standard Chartered, Shinhan Bank, Citibank, UOB,… Read full this story
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