Number of ultra-rich in Vietnam set to surge in next 5 years (2024)

FAQs

Number of ultra-rich in Vietnam set to surge in next 5 years? ›

By 2027, the number of ultra-rich people in Vietnam is projected to hit 1,300, a 22% increase from 2022, and a 122% increase over the span of a decade, according to the company's report.

The Vietnamese government is committed to "market-oriented socialism with Vietnamese characteristics" but sensitive about the growing gap between rich and poor. By its own estimates, the most affluent 20 percent of the population is seven times better off than the poorest two percent.

Vietnam has its sights set on becoming a developing, upper-middle-income country with modern industry by 2030, when it celebrates the 100th anniversary of the founding of the Communist Party of Vietnam. Upper-middle-income economies have GNI per capita of $4,046 to $12,535.

In 2021, Vietnam had approximately 72.1 thousand millionaires. For 2026, it was forecasted that the number of millionaires will reach about 114.8 thousand.

Vietnam's number of high-net-worth individuals, defined as those with assets worth at least $1 million, has also increased by 70% over the last five years, from 40,971 people in 2017 to 70,000 in 2022.

An individual in Vietnam now needs a net wealth of $160,000 to join the so-called '1 percent club' of the richest people in the country of 98 million. There were 19,491 people with a net worth of $1-30 million last year, down 6 percent from 2019. This number is projected to reach 25,812 in 2025.

The average salary in Vietnam is 17.2 million Vietnamese Dong (VND) per month or 733 USD/month (according to the exchange rates in May 2023) — which is significantly lower than the average salaries in countries like the USA or UK.

The golden star represents the five main classes in Vietnamese society — intellectuals, farmers, workers, entrepreneurs, soldiers.

Living Wage Individual in Vietnam averaged 4957650.00 VND/Month from 2015 until 2018, reaching an all time high of 5258200.00 VND/Month in 2015 and a record low of 4693900.00 VND/Month in 2017.

Where do the rich live in Vietnam? ›

According to the Spatial Cost of Living Index (SCOLI) compiled by the General Statistics Office, Hanoi has maintained its standing as the most expensive city to live in Vietnam. Compared to 2020, the rankings of the most expensive places in 2021 have not changed much, with Hanoi still in the first position.

Four Vietnamese billionaires named in Forbes 2020 rich list.

Ho Chi Minh City, the largest financial hub in Vietnam, has been named among the top 10 wealthiest cities in the world for this year, announced Henley & Partners, the global leader in residence and citizenship by investment, in partnership with wealth intelligence firm New World Wealth.

In the northern city of Hanoi, you can find many teachers. There are also American expats who fought in the war sprinkled all over the country. There are an estimated 100,000 expats living overseas in Vietnam.

While that's technically true, having a million đồng does not make you wealthy. At the time of this writing, for example, 1 million đồng is worth about $43 U.S. dollars. That is roughly the amount that a tourist would spend per day vacationing in Hanoi.

This begs the question….. rich by Vietnam standards or US standards? Average wage is around 5,000,000 vnd/month (US$215/month). High skilled workers around 10,000,000 vnd/month (US$430/month).

Types of High-Net-Worth Individuals

An investor with less than $1 million but more than $100,000 is considered to be a sub-HNWI. The upper end of HNWI is around $5 million, at which point the client is referred to as a very-HNWI. More than $30 million in wealth classifies a person as an ultra-HNWI.

Vietnam's middle class population – currently at 10% – is believed to be the fastest growing in Southeast Asia. The middle class earning USD 714 a month or more in Vietnam will double to 33 million people, about a third of the population, between 2014 and 2020, according to Boston Consulting Group.

Billionaire Pham Nhat Vuong and the largest private group

Vuong and his wife Pham Thu Huong own enterprises which have been leading legal entities in their fields in the last decade. Vingroup is the largest Vietnamese private corporation, with capitalization value having reached VND400 trillion, or $17 billion.

Hanoi, June 5 (VNA) - Vietnam is about to welcome the 100 millionth citizen, 10 years after its population hit 90 million in 2013. With the new milestone, Vietnam becomes one of the 15th most populous countries in the world.

How many billionaires are in Vietnam? ›

Forbes magazine has just announced the list of world billionaires in 2022. Accordingly, for the first time, Vietnam has 7 representatives – the highest number ever.

Par value of 500,000 VND

The current converted value is equivalent to about 21.4 USD. This is a banknote easily confused with much lower denominations: 20,000 VND. So, if you are still not good at using Vietnamese currency, you should spend some extra attention when using two par value of 20,000 VND and 500,000 VND.

The average monthly salary of a worker in Vietnam is about $148 per month; those in high paying jobs bring home around $500 per month.

Lawfully and legally speaking, under the provisions of Article 2 of Circular 15/2011/TT-NHNN: If you bring over $5,000 US Dollars, other foreign currencies of the same value (or 15,000,000 Vietnamese Dong, you're going to have to declare it at customs when you get here.

The government fully covers the health insurance costs of the poor, ethnic minorities, children under 6, and elderly people over 80.

There are private and public universities in Vietnam and the tuition costs vary greatly between the two types. The tuition for public universities is low due to being heavily subsidized by the government. Tuition at a public university is about $200 per year. Private universities, on the other hand, are a lot pricer.

School completion rates decrease as education levels increase. Overall, 98.3 percent of children complete primary school, 86.8 percent complete lower secondary school and 58.1 percent complete upper secondary school.

Can Americans live and work in Vietnam? ›

To be living in Vietnam legally, there are three levels of application you will need to make: A working visa. Temporary residency permit. Permanent residency permit.

Ho Chi Minh City (HCMC), also known as Saigon, is generally considered the wealthiest city in Vietnam.

And the most prominent and expensive area is District 1, the CBD. While wealthy families often live in other districts, District 1 is still unequivocally the hub for all premium international business amenities, including top hotels, landmark office buildings, and luxury retail.

Vietnam Housing

Many retirees choose to live in beach towns such as Nha Trang or Da Nang. It's important to note that whether you choose to live in one of these cities or a larger city like Hanoi, your cost of living and housing costs will vary.

Orange County, California, has the largest concentration of Vietnamese Americans among all counties in the nation and is the largest Vietnamese population concentration outside of Vietnam.

Part of Little Saigon in Orange County, California. City with the most Vietnamese Americans per capita. Its mayor, Chi Charlie Nguyen, is Vietnamese American.

California is a state located on the west coast of the United States, with the third largest area and the largest population in the United States. The Vietnamese are concentrated mainly in California counties such as Orange, Los Angeles and Santa Clara counties.

HÀ NỘI — A recent report on the Cost of Living Index, published by the General Statistics Office, has revealed that Hà Nội, the capital city of Việt Nam, was the most expensive place to reside in the country in 2022.

Vietnam's GDP Is Just 11 Years Behind China, And Growing Rapidly.

Da Nang. Da Nang is Vietnam's third largest city and is home to a population of over 1.3 million. It has recently been voted as the most livable city in Vietnam, and it's shockingly clean and organized. The best part is that it has all three features people often look for: mountains, beaches, and urbanization.

How many Americans retire to Vietnam? ›

Roughly 400 retired American workers currently live in Vietnam, according to the SSA. U.S. soldiers who served in the Vietnam War are also retiring to the country.

How Long can American Citizens Stay in Vietnam? Americans can stay in Vietnam for a maximum of 30 days in Total then will have to leave or do an in-country extension.

1/ Know your take-home pay

Therefore, you should be aware of how much of your income will go into your pocket, and budget accordingly. The good news is that, as an expat, you can expect to command a high salary in Vietnam. Salaries for expats ranged from US$8,500 to US$34,000 per month in 2022, VnExpress reported.

The price range for hatchbacks is 120,000 – 500,000, mid-size sedans range from 600,000 – 12,00,000 and luxury sedans range from 14,00,000 – 45,00,000. SUV's start at 900,000 and go up to 60,00,000.

At the time of writing (30 September), the Vietnamese dong forecast from data aggregator Trading Economics indicated that the USD/VND pair could rise to 24,005.70 in one year, from 23,775.80 at the end of Q3 2022, based on global macro model projections and analysts' expectations.

Vietnam's middle class population – currently at 10% – is believed to be the fastest growing in Southeast Asia. The middle class earning USD 714 a month or more in Vietnam will double to 33 million people, about a third of the population, between 2014 and 2020, according to Boston Consulting Group.

$105.2 billion (Sep 2021 est.)

The average salary in Vietnam is 17.2 million Vietnamese Dong (VND) per month or 733 USD/month (according to the exchange rates in May 2023) — which is significantly lower than the average salaries in countries like the USA or UK.

Vietnam's remarkable journey from low to middle-income status lifted 40 million people out of poverty between 1993 and 2014. In that time span, the poverty rate dropped to 14 percent from almost 60 percent. Per capita growth since 1990 has been second only to China's, averaging 5.6 percent a year as of 2017.

What percent of Vietnam is educated? ›

As of 2021, the estimated literacy rate in Vietnam is approximately 95.8% for the total population aged 15 and above.

In the northern city of Hanoi, you can find many teachers. There are also American expats who fought in the war sprinkled all over the country. There are an estimated 100,000 expats living overseas in Vietnam.

Vietnam targets $7,500 GDP per capita by 2030

Under the plan, the country's annual GDP growth is expected to be maintained at 7% during the 2021–2030 period and 6.5–7.5% in the 2031–2050 period. By 2030, Vietnam's average GDP per capita should reach USD7,500.

Ho Chi Minh City (HCMC), also known as Saigon, is generally considered the wealthiest city in Vietnam.

Ho Chi Minh City, the largest financial hub in Vietnam, has been named among the top 10 wealthiest cities in the world for this year, announced Henley & Partners, the global leader in residence and citizenship by investment, in partnership with wealth intelligence firm New World Wealth.

The good news is that, as an expat, you can expect to command a high salary in Vietnam. Salaries for expats ranged from US$8,500 to US$34,000 per month in 2022, VnExpress reported.

A family of four estimated monthly costs are 1,712.4$ (40,216,329.6₫) without rent. A single person estimated monthly costs are 483.3$ (11,351,462.1₫) without rent. Cost of living in Vietnam is, on average, 51.7% lower than in United States. Rent in Vietnam is, on average, 76.0% lower than in United States.

Risk Factors for Childhood Overweight and Obesity in Vietnam

The prevalence of overweight and obesity (24.0%) and underweight (18%) in women of reproductive age are indicative of a poor situation by WHO.

Most hospitals are outdated and face chronic overcrowding. Hospitals in Hanoi and Ho Chi Minh City receive up to 60 percent of the country's patients and operate 200 percent of the capacity. Much of the existing medical equipment in public hospitals in Vietnam is obsolete and needs replacement.

Dien Bien is one of the poorest provinces in Vietnam. With a population of approximately half a million, about 45 per cent live below the poverty line. Most of the people live off farming or herding animals.