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Private banking, wealth management and family offices are opening a new growth field for Vietnamese banks as the number of wealthy customers expands rapidly. The shift is changing demand from basic saving and single-asset investments toward long-term, comprehensive advisory services, more personalized offerings and the building of a financial ecosystem around families.
As Vietnam’s economy develops and its business community grows, the asset base of wealthy and ultra-wealthy individuals is increasing, creating a foundation for demand in professional wealth-management services. Previously, many high-net-worth individuals relied on familiar channels such as bank deposits, real estate, gold or a limited set of private investment products. Now, their needs increasingly include capital preservation, portfolio diversification, risk management, inheritance planning and improving living standards for their families.
Knight Frank’s Wealth Report 2025 estimates Vietnam has about 5,459 individuals with net assets above $10 million, ranking sixth in Southeast Asia by number of wealthy people. The report also projects Vietnam’s personal financial asset market could reach around $600 billion by 2027.
Despite the scale of opportunity, analysts say the market’s maturity remains below its potential. They point to a relatively limited range of investment products, a smaller number of specialized service providers, and a service model that is still largely based on traditional retail banking.
BCG also highlights that customers with assets from $250,000 to $5 million in emerging markets such as Vietnam are growing quickly and represent a highly potential segment for domestic asset management. This group, it says, has not been fully targeted by international asset-management firms, leaving room for Vietnamese banks to expand.
With the wealthy segment becoming more sophisticated and more demanding, many Vietnamese banks have stepped up efforts in private banking, wealth management and family-asset management. Beyond increasing service revenue, banks are seeking to retain high-value customers, grow deposits, cross-sell products and build long-term relationships.
BIDV launched Private Banking in October 2021 and established a Center for High Net Worth Individuals at its headquarters, operating with a dedicated service model, private spaces and a team of senior advisors.
Vietcombank has deployed services for high-asset customers through its wholesale-banking platform and for corporate clients. The bank is also building a private-banking advisory project, reflecting growing attention to this premium segment.
Techcombank was awarded “Best Private Banking Bank in Vietnam 2026” by Global Finance. The bank says it is expanding wealth-management services using a lifecycle-oriented approach, from wealth creation and preservation to transfer and heritage-building for future generations. Techcombank also states that its Techcombank Private system manages more than VND 428 trillion in assets, accounting for over 50% of market share in Vietnam’s ultra-wealthy client segment.
“Our clients are founders, business leaders and next-generation successors. They require comprehensive wealth-management solutions that meet the standards of the world's leading private banks,” said Nguyen Van Linh, Deputy Director of the Retail Banking Division at Techcombank.
VPBank has also moved beyond individual private banking. It recently launched Family Banking within the VPBank Private ecosystem, aiming to manage family wealth rather than serving individuals alone. Under this model, family members participate in a shared financial ecosystem through Family ID. Instead of assessing customers by asset thresholds, banks apply a total family asset measure to extend benefits to multiple members at once.
VPBank says the wealthier customer trend is not only about asset accumulation, but also about greater attention to living standards and experiences for the whole family. As a result, banking services need to extend beyond pure financial transactions.
Experts say wealth management is not simply a new service for wealthy clients, but the next stage in banking’s evolution—from selling products to providing integrated solutions. When banks can understand customers’ cash flows, investment needs, family planning and long-term goals, the relationship can become stronger.
Dr. Chau Dinh Linh of the Banking University of Ho Chi Minh City notes that the CASA strategy is entering a new phase: technology is a necessary condition, but the key is the ability to sustain daily transactional cash flows from customers.
The expert suggests banks segment customers into sub-groups and build an integrated product suite that can include checking accounts, savings, credit cards, mortgages, unsecured loans, insurance and financial apps. The idea is that when customers use one service, it can connect to other products and create more value. In addition to zero-fee transactions, banks should increase cashback on spending and ecosystem-driven rewards to encourage customers to keep money in accounts rather than transferring it out.
While the potential is large, wealth management remains a “playground” that requires high standards. Banks seeking to participate cannot rely only on brand, network size or VIP privileges. The core requirements include independent advisory capability, portfolio design and risk management, data security, knowledge of law and taxes, inheritance expertise, and the ability to build a deep financial-services ecosystem.
