CNBC has quoted experts from New World Health and Henley & Partners as saying that the wealth level of Vietnamese is forecast to increase 125 percent in the next 10 years.

New World Health’s Andrew Amoils said this will be the largest wealth growth compared to any other country in terms of GDP per capita and number of dollar millionaires.

The assets accumulated by Vietnamese are expected to increase rapidly because Vietnam is cementing its position as a global manufacturing center.

The country has become an important base for manufacturing activities of multinational tech firms, automobile manufacturers, electronics, and textile and garment producers.

Vietnamese people’s accumulated asset growth rate is even higher than India's, a country known for its dynamic economy, with high growth rate, which is considered a development center of the world’s economy in the next decade. India is expected to oust Germany and Japan to become the third largest economy in the world by 2027.

However, Indian people’s growth rate of accumulated assets is predicted to reach 110 percent only in the next 10 years.

One of the reasons helping Vietnamese people’s assets to increase sharply is its safety profile. This allows Vietnam to lure FDI. The other reason, according to McKinsey, is Vietnam’s strategic position, with border with China, the world’s second largest economy with billions of consumers. Vietnam is located on major maritime trade routes, has low labor costs and increasingly improved infrastructure.

The US-China trade conflict recently has also made Vietnam a choice for international investors for global supply chains.

Also, the high openness of the economy, a series of free trade agreements (FTAs), and the upgrading of relations between Vietnam and large economic partners, including the US and Japan, to the highest levels all will help attract FDI. In 2023, registered FDI capital increased by 32 percent over the year before.

According to the World Bank, Vietnam’s GDP per capita was just $2,190 10 years ago, but the figure has increased by twofold to $4,100.

With the growth rate of 125 percent as predicted, Vietnamese income per capita may reach $9,225.

According to New World Wealth, Vietnam has 19,000 dollar millionaires and 58 individuals with assets of over $100 million each.

Meanwhile, Forbes reported that as of February 21, Vietnam had six dollar billionaires, namely Vingroup (VIC) President Pham Nhat Vuong ($4.8 billion), Vietjet (VJC) President Nguyen Thi Phuong Thao ($2.3 billion), Techcombank (TCB) President Ho Hung Anh ($1.6 billion), Thaco (automobile manufacturer) President Tran Ba Duong and his family members ($1.4 billion), Masan (MSN) President Nguyen Dang Quang ($1 billion) and HoaPhat Group (HPG) President Tran Dinh Long ($2.4 billion).

The Vietnamese people’s assets are set to increase most rapidly in the next decade not just thanks to FDI inflow to Vietnam, but also to the great ambitions of Vietnamese billionaires, including Pham Nhat Vuong, Tran Dinh Long and Truong Gia Binh (president of FPT, the largest IT group).

The strong rise in capital and assets of large private corporations in Vietnam, such as Vingroup, Techcombank, Masan and FPT, has created many dollar billionaires and millionaires.

Vingroup’s President Pham Nhat Vuong has the assets worth $5 billion, while his wife has VND8 trillion, and Pham Thuy Hang has VND5.4 trillion. Techcombank has generated billionaires Ho Hung Anh, Nguyen Dang Quang and Nguyen Thi Thanh Thuy (VND7.25 trillion), Nguyen Thi Thanh Tam (VND6.8 trillion) and Ho Anh Minh (VND6.7 trillion). Hoa Phat Group belongs to billionaire Tran Dinh Long and his wife Vu Thi Hien with VND11.52 trillion.

Most recently, FPT has returned to the top 10 listed corporations with the largest capitalization values in the stock market. FPT has produced over 200 dollar millionaires after two decades of listing shares on the bourse.

Analysts believe that many private groups in Vietnam, including SunGroup, Sunshine, BRG, Vinhomes, Novaland, VPBank, Gelex, SSI and MWG, will generate more dollar millionaires and billionaires in the next 10 years.

Of the existing billionaires, Vuong is believed to have special opportunities to increase his assets. Vuong, together with Vingroup and subsidiaries, hold 96-97 percent of shares of VinFast, the automobile manufacturer which has listed shares on Nasdaq.

Manh Ha