As Vietnam’s middle class expands rapidly and demand for wealth accumulation rises, the country’s wealth management market is entering a strong growth phase, with potential to reach hundreds of billions of U.S. dollars in the coming years.

Illustration courtesy of the Vietnamese government's news portal.

Wealth management and personal financial planning are drawing increasing attention, particularly as the pursuit of financial freedom becomes more widespread. However, experts say financial freedom is not a short-term destination but rather a long-term process shaped by each individual’s goals, capabilities and lifestyle choices.

In practice, an excessive focus on achieving financial freedom can also create significant mental pressure. Many people experience anxiety over not yet reaching their desired level of wealth, purchasing homes or cars, or retiring early as planned.

Speaking on the Asset Box program, Nguyen The Minh, director of investment banking and deputy director of securities business at An Binh Securities, said people need to be equipped early with knowledge of wealth management and personal finance, while remaining committed to long-term financial plans.

Asked about the concept of financial freedom, Minh said it is important to distinguish between “financial independence” and “financial freedom.” Financial independence refers to the ability to make life decisions without relying on others financially, while financial freedom carries a broader meaning, allowing individuals not only to cover living expenses but also pursue the lifestyle and aspirations they desire.

Nguyen The Minh, director of investment banking and deputy director of securities business at An Binh Securities. Photo courtesy of the Asset Box program.

Minh noted wealth management activities in Vietnam remain at an early stage, particularly in terms of public mindset. Assets are still concentrated mainly in traditional channels such as real estate, gold and bank savings.

Although the number of securities accounts in Vietnam has surpassed 12 million, many investors still view stocks as a “quick-profit” channel rather than a long-term investment requiring knowledge and risk management, he added.

“Vietnam is currently transitioning from a savings-focused mindset toward investment for returns, but it has not yet fully entered the stage of professional wealth management,” Minh said.

According to Minh, the mindset of growing wealth to achieve financial freedom is becoming increasingly common. Surveys show around 74% of stock market investors expect to generate annual income ranging from VND100 million to VND500 million ($18,970).

Compared with Vietnam, countries such as Singapore and Thailand have developed wealth management models more extensively due to their longer histories of economic and financial market development, influencing public attitudes toward asset management.

Minh stressed setting ambitious goals for achieving financial freedom quickly is reasonable, but the key issue is whether individuals are truly suited to such objectives.

He noted that younger generations are increasingly affected by the “comparison trap” on social media, appearance-related pressures and unrealistic return expectations. As a result, many pursue financial targets beyond their own risk tolerance.

“In financial investment, higher returns always come with higher risks. Therefore, before setting goals for rapid financial freedom, individuals need to clearly determine their starting point, current capital scale, expected timeframe, and risk appetite,” Minh said.

On the outlook for the wealth management sector, he cited forecasts by PwC showing global assets under management could post a compound annual growth rate of 6.2% during 2026-2030, while Asia could see growth of around 6.8%.

In Vietnam, consultancy McKinsey & Company estimates the personal financial management market could reach $600 billion by 2027. Meanwhile, Allied Market Research forecasts the sector could record compound annual growth of as much as 32% during 2026-2030, underscoring the market’s substantial growth potential.

Favorable macroeconomic conditions and Vietnam’s target of achieving double-digit economic growth during 2026-2030 are also expected to drive rising demand for wealth management services. According to PwC, Vietnam’s middle class could account for as much as 55% of the population by 2030.

“I believe Vietnam’s wealth management sector will record very high growth rates in the coming years,” Minh said.