The Solution to the Asset Management Puzzle
After four decades of Doi Moi, Vietnam is witnessing an explosion of the ultra-wealthy class, driving a shift from asset accumulation to seeking specialized investment models to preserve and grow their legacy.
After four decades of Doi Moi, Vietnam is witnessing an explosion of the ultra-wealthy class, driving a shift from asset accumulation to seeking specialized investment models to preserve and develop their legacy.
The Shift in Asset Management
More than four decades since the Doi Moi reforms (1986), Vietnam has experienced a leap in wealth accumulation. Per capita GDP has risen from approximately $100 to nearly $5,000—a roughly 50-fold increase since the start of the reforms. Observations from Asian countries such as South Korea and Thailand show that when average income exceeds this threshold, the demand for financial investment not only grows in scale but also becomes more complex. This is because people no longer simply save money or buy real estate, but turn to specialized financial products to grow their wealth.
According to Knight Frank’s The Wealth Report 2025, Vietnam currently has over 5,400 individuals with a net worth exceeding $10 million, and the middle class is projected to account for approximately 26% of the population this year. Among them, about 70% of private enterprises are family-owned businesses contributing up to 25% of the economy’s GDP. As asset sizes grow, the financial needs of individuals and family-owned businesses shift from accumulation to management, preservation, and succession. According to Accenture’s “The Future of Asia Wealth Management 2025” report, traditional investment portfolios are becoming insufficient, particularly for high-net-worth individuals (HNW) with assets over $1 million and ultra-high-net-worth individuals (UHNW) with assets over $30 million. They are increasingly interested in more complex channels such as private equity, real assets, or structured strategies.
A Professional Approach to Wealth Management
The increase in asset size is driving a shift in management mindset. According to Accenture, rather than relying solely on personal relationships with a few advisors, over 52% of individuals with assets exceeding $1 million prioritize financial institutions based on reputation and professional systems. These organizations serve as institutions for wealth management and legacy preservation. Once assets reach a certain threshold, wealth management is no longer a collection of isolated decisions but must be systematically managed, much like running a large enterprise, with a focus on strategic planning and risk control.
In Vietnam, Elevate by DC is one of the solutions implemented in line with this approach. This is a specialized investment trust solution developed through a partnership between BIDV, Vietnam’s largest bank by total assets (over $123 billion), and Dragon Capital, the market’s longest-standing fund management firm. The product is designed for high-net-worth clients.
Unlike conventional products, Elevate by DC operates on a “tailored” model, based on each client’s specific goals and risk appetite. The investment portfolio is built according to the Pro-Growth strategy, focusing on long-term equities, with the expectation of delivering returns higher than the benchmark index over the medium and long term. The entire process is managed by a team of top-tier, experienced investment professionals trained to international standards.
For ultra-high-net-worth clients—including business owners, professionals, professional investors, and the next generation of leaders—the value of this model extends beyond mere returns. More importantly, it involves a shift from self-management to strategic delegation, helping to shift the focus from individual decision-making to a professional and systematic governance mechanism.
Preserving legacy across generations
Wealth management is not merely about numbers; it is also tied to the challenge of succession and the connection between generations. A family may be financially wealthy, but it remains vulnerable without a method for transferring knowledge, values, and decision-making capabilities. In the context of a volatile global economy, the human element becomes the foundation for maintaining the family’s stability and long-term direction. To meet the needs of large families seeking to preserve and grow their wealth, BIDV Private Banking launches Elevate by DC—a “tailored” investment solution in partnership with Dragon Capital.
With extensive experience in serving high-net-worth clients, BIDV understands that the journey of transferring assets and core values across generations within families holding substantial wealth is a process that demands meticulous preparation and a long-term vision. This process is not merely about preserving financial gains; it is also about perpetuating family identity, fostering leadership development, and ensuring enduring legacy over time. With a deep understanding of these unique requirements, BIDV Private Banking has developed and launched the "Next Gen Future Leader" program as an exclusive package for the next generation, providing comprehensive support on the journey to preserve and grow family wealth through three core aspects: knowledge, skills, and connections. This exclusive program is built on four main pillars, including: the Nextgen Navigator future generation capacity-building program in collaboration with Deloitte Vietnam, a library of resources from world-renowned training institutions, a series of domestic and international seminars and events, and internship opportunities at leading corporations and businesses in Vietnam. Additionally, the next generation gains access to service standards and experiences tailored exclusively for BIDV’s Private Banking clients.
Many families are transitioning to a “modern family business” model, where core business operations coexist alongside a professionally managed Family Office. This structure allows for the separation of corporate governance and wealth management, helping to diversify portfolios and mitigate concentration risk.
In the asset management market, few organizations can simultaneously maintain scale, stability, and service depth. With its established reputation, BIDV has been honored by The Asian Banker for three consecutive years as the bank with the best Private Banking services in Vietnam, while also featuring in the Fortune Southeast Asia 500 list. These accolades reflect BIDV’s capability in building a comprehensive wealth management ecosystem tailored for individuals and family businesses entering the generational transition phase.
When core values are upheld through professional governance mechanisms and leadership thinking is systematically nurtured, the legacy of families with substantial assets is no longer merely the accumulation of wealth, but becomes a continuous process of evolution. In this process, each generation not only inherits assets but also carries forward decision-making capabilities, governance culture, and a long-term vision to create sustainable value for the future.
Hong Phuc
