Vietnam Aims to Tap Billions in Wealth Through Ultra-Rich Asset Management Sector
Vietnam's economy faces a severe capital shortage, with the development of the ultra-rich asset management sector emerging as a potential solution. Experts highlight that overcoming challenges in legal frameworks, product development, and human resources is crucial to attract dormant capital and boost economic growth.
Vietnam's economy is facing a significant capital shortage, with an estimated deficit of $50 billion annually. To address this, experts are advocating for the development of the ultra-rich asset management sector, which could unlock tens of billions of dollars in capital each year. This was a key point at the "VIFC-DN: Institutionalizing - Shaping the New Generation Capital Flow" seminar held in Da Nang on June 30. Dr. Bui Van Huy, Vice Chairman of FIDT Investment and Asset Management Consulting JSC, stated that with traditional fundraising channels facing difficulties, the asset management industry is expected to create a breakthrough. He noted that while the demand for investment capital over the next five years is projected to reach VND38 quadrillion (approximately $1.6 trillion), credit channels are capped, government bond issuance is falling short of targets, and the corporate bond market has yet to recover from the 2022 shock. Forecasts indicate that by 2030, Vietnam will rank among the top four globally for the growth rate of its ultra-rich population (those with over $30 million in assets) and will also have approximately 50 million people in the middle class, signifying a substantial demand for wealth management services. However, the domestic market is currently hampered by three core bottlenecks. Firstly, there is a lack of specialized legal frameworks. While individual professional certifications exist for securities brokers, real estate agents, or insurance advisors, a dedicated certification for asset management is absent. Many relevant concepts remain undefined. Secondly, the product ecosystem is underdeveloped. A comprehensive wealth management service requires a portfolio of 60 to 70 products, spanning banking, real estate, investment, securities, insurance, and legal inheritance consulting. The domestic market is severely lacking in specialized products such as trust funds or cross-border investment funds. Completing this ecosystem is crucial not only for attracting new capital but, more importantly, for retaining the wealth of the rich within Vietnam rather than letting it flow abroad. The final bottleneck is a significant gap in qualified human resources. International financial centers like Shanghai boast around 500,000 professional personnel, whereas emerging centers in Da Nang and Ho Chi Minh City have yet to clearly define their pool of qualified professionals. Therefore, Vietnam needs to establish a national asset management certification, blending international and domestic standards to create a unified professional qualification. Beyond technical hurdles, cultural psychological factors also pose a barrier. Dr. Huy pointed out that the ultra-rich often have a tendency to "hide their wealth" and are hesitant to share asset information. Consequently, establishing legal mechanisms that guarantee absolute information security and protect legitimate assets is a prerequisite for attracting this client segment. Echoing these views, Dr. Le Minh Nghia, Chairman of the Vietnam Financial Consultants Association (VFCA), emphasized that alongside traditional resources, the economy must consider capital flows from asset management. Vietnam already has six US dollar billionaires and thousands of individuals with assets exceeding $30 million, with growth rates among the fastest globally. "The challenge is how to attract the capital of the world's wealthy and retain the capital of Vietnam's ultra-rich within financial centers, preventing this immense wealth from shifting to countries like the US or Switzerland," Nghia analyzed. To optimize these capital flows, the VFCA Chairman proposed that regulatory bodies allow the establishment of private funds for the ultra-rich to invest in. Additionally, he suggested implementing standard preferential policies, such as exempting personal income tax on capital channeled into these funds. The seminar was co-organized by Investment Finance Magazine (VietnamFinance), the International Financial Center Administration of Da Nang, and the Vietnam Financial Consultants Association (VFCA). The forum brought together policymakers, experts, and financial institutions to discuss attracting high-quality capital, developing carbon markets, and building a new generation financial product ecosystem.
多角的分析
ベトナム経済は、インフラ投資や産業発展に不可欠な長期資金の慢性的な不足に悩まされている。伝統的な銀行融資は成長率の上限が設けられ、資本市場もまだ発展途上であるため、超富裕層が保有する巨額の未活用資金を国内経済に還流させることは、経済成長を加速させるための重要な戦略となりうる。特に、不動産市場の低迷や世界的な金利上昇局面において、代替的な資金調達チャネルの確保は喫緊の課題である。富裕層向け資産管理業の発展は、単に資金を呼び込むだけでなく、より洗練された金融商品やサービスを国内に導入し、金融市場全体の高度化を促す可能性を秘めている。
ベトナムの超富裕層向け資産管理市場は、未開拓ながらも大きな成長ポテンシャルを秘めている。投資家にとって、この分野への参入は、高収益を期待できる一方で、法規制の未整備、専門人材の不足、そして富裕層の心理的障壁といったリスクも伴う。国際的な資産管理企業にとっては、現地のパートナーとの提携や、現地のニーズに合わせたサービス開発が成功の鍵となるだろう。また、政府による法整備や優遇税制の導入は、国内外からの投資を呼び込む上で不可欠な要素となる。将来的な市場の拡大を見据え、早期に基盤を築くことが、長期的な競争優位性を確立する上で重要である。
ベトナムにおける超富裕層向け資産管理業の発展は、社会の富の集中と格差拡大という側面も孕んでいる。富裕層がさらに資産を増やす機会が提供される一方で、一般市民への恩恵がどのように波及するかが問われる。専門人材の育成という点では、富裕層向けサービスに特化した教育プログラムの導入は、新たなキャリアパスを創出する可能性がある。しかし、その一方で、富裕層の資産情報保護とプライバシーに関する懸念は、社会的な議論を呼ぶ可能性がある。法整備においては、資産の透明性を確保しつつ、個人の権利を保護するバランスの取れたアプローチが求められる。
ベトナム市民、特に中間層や一般市民にとって、富裕層向け資産管理業の発展が直接的な恩恵をもたらすかどうかは不透明である。しかし、この分野が経済全体の資金不足を緩和し、インフラ投資や雇用創出につながることで、間接的な恩恵が期待される。専門人材育成の機会が増えれば、一部の市民にとっては新たなキャリアの道が開かれる可能性がある。一方で、富裕層の資産がさらに増えることに対する社会的な感情や、格差拡大への懸念も存在する。政府は、資産管理業の発展が経済全体に広く恩恵をもたらすような政策を講じる必要がある。
背景・歴史的文脈
ベトナムはドイモイ政策以降、急速な経済成長を遂げてきたが、その成長を支える国内資本の蓄積は依然として課題である。特に、インフラ整備や産業高度化には巨額の資金が必要となる一方、伝統的な金融チャネルは飽和状態に近い。2022年の不動産・債券市場の混乱は、国内資本市場の脆弱性を露呈させた。このような状況下で、国内に眠る富裕層の資産を効果的に活用することは、経済成長の持続可能性を高める上で、政府が近年注力している戦略の一つである。過去には、海外への資産流出を防ぐための資本規制強化や、国内投資を促進するための優遇措置が検討されてきたが、富裕層向け資産管理という専門分野に特化した取り組みは比較的新しい動きと言える。
原文ソース
VnExpress