Hubbis is delighted to host our 4th annual event for the wealth management community in Vietnam.
Accessing Vietnam’s young and rapidly-growing population of more than 97+ million people in a country striding energetically towards a market-based economy and therefore with fast-rising per capita income and GDP is of great appeal for financial firms looking to offer wealth management products and services.
Our event will focus on understanding the longer-term potential for wealth management in this fast-growing economy, and on helping those firms wanting to better compete for business, or those wanting to enter this dynamic young market.
The agenda is designed to include presentations, workshops and panel discussions that focused on precisely where the market stands, as well as assessing the opportunities and challenges it faces, and what firms need to do in order to help the market and their business move to the next levels.
Its exclusively designed for international and local Retail Banks, Insurance Companies and Asset Management Firms.
Key to the value of content was also providing insights from experts operating across Asia and further afield in overseas markets, as they shared best practices, and as they highlighted the essential components of successful businesses, as well as lessons they have learned from developing and managing wealth management offerings in other developing markets in Asia.
Local banks and other institutions are slowing coming to understand the potential for wealth management. Traditional transaction products such as credit cards, personal loans, mortgages are relatively easy to sell and remain very profitable, but the array of products available to the market is rising fast, for example life insurance is also now high on the priority list, and specialist funds and property vehicles are now on offer as the fledgling asset management industry and banks are now broadening their product offerings.
Specific topics we will cover include;
- The increasing awareness that there is a need for protection, investments and wealth management.
- Growing digital capabilities.
- More firms setting up a private wealth offering - both local and international.
- More competition driving a grab for talent.
- Increased product development.
- Insurance companies growing and expanding the range of solutions for clients.
- More interest from foreign investors
- How can banks accelerate growth and penetrate the market?
- What are the key success factors in providing an exceptional client experience?
- What are the best practices from international banks, and can they be integrated locally?
For the time being, in the absence of wealth management products and services that are common in other markets, transaction banking dominates. In fact, only around 30% or so of the population even has a bank account. Trust remains an issue, creating a barrier to how institutions can access Vietnam’s growing wealth.
To overcome these and many other hurdles, an essential component is education for everyone – from financial institutions to customers – around the basic concepts and practices of wealth management. This will also depend on the hope that regulation will change, to enable the creation of a wider variety of products.
Traditional transaction products such as credit cards, personal loans mortgages are easier to sell and make money from, with insurance also high on the priority list since they tend to give banks a higher commission. Further, the mind-set of Vietnamese is still very short-term oriented.
With too much talk and too little action at the moment, many practitioners in Vietnam believe that any meaningful wealth management industry is at least 5 years away. The expectation is that only when institutions have exhausted the opportunity in terms of conventional banking, and only when capital markets deepen and regulations are more conducive to the development of a wider set of investment products, will they start to take a serious look at it.
Many players also cannot see any real advantage to being a first-mover. Even some of the universal banks that operate in the local market have failed to make any significant progress in the wealth space to date.
Local banks and other institutions are slowing coming to understand the potential for wealth management. Traditional transaction products such as credit cards, personal loans, mortgages are easier to sell and make money from. However – life insurance is also now high on the priority list – in addition to introducing funds and property.
Even though the mind-set of Vietnamese is still very short-term oriented. There is a fledgling Asset Management industry and banks are now starting to sell funds to retail with more focus and conviction.
Getting the wealth management platform right is work-in-progress. Its potentially difficult, costly and time-consuming. The lack of education, knowledge and regulation hampers the development of the infrastructure required.
On the plus side, however, there is a real and growing need for wealth management.
With increasing wealth and numbers of affluent in Vietnam is developing an ever-larger crop of individuals who are thinking about participating in the market to get diversification, access to new products and advice from people qualified to manage their wealth.
Against this backdrop, we have designed today’s event for senior participants in Retail Banks, Local Assset Management Firms, Insurance Companies and other players interested in the development of wealth management in Vietnam - both locally and from across Asia.
“The Hubbis wealth management conference in Ho Chi Minh City is on par with the development of the market itself: 20% growth year-by-year.” Michael Gerber, Chief Executive Officer, 360F
“Hubbis organised a world-class forum in Vietnam. These events are integral to the growth of wealth management [in this country] and other emerging markets in South-east Asia.” Bao Nguyen, Chief Executive Officer, Vietnam Capital Advisors
“It was a great event with many stalwarts of the Vietnamese wealth management sector in attendance, including asset managers (eg. VinaCapital, Dragon Capital, etc), banks (eg. VP Bank, Maritime Bank, Military Bank, etc.) and brokerages (HSC and SSI). The event again showed the level of activity in the market, with all players positive about the future of the industry and many actively investing into new offerings and new products. The conference was informative as well as a great opportunity to network and reconnect with industry stakeholders.” Piotr Zboinski, Head of Operations & Strategy, Management Consulting, Orbium
“The wealth management industry in Vietnam, particularly private wealth, is at an infant stage. The Hubbis event provides the insights that we hope will shape the future of wealth management in Vietnam.” Duy Nguyen Manager, Equity Research, Thien Viet Securities