The Henley Private Wealth Migration Report 2024 is estimating that up to 300 high networth individuals could migrate out of Vietnam this year.
“This exodus is driven by a desire for greater economic prospects, access to world-class education and healthcare, and a higher quality of life,” according to Jacky Poh, the Head of Southeast Asia at Henley & Partners.
This may be true but it should also be noted that there are also push-factors driving migration abroad for wealthy Vietnamese. Prosecution of corrupt officials and business persons, whether legitimate or not, have become more common in the last couple of years. Wealthy Vietnamese that may be wealthy because they have acted in a not entirely above board way, could be looking for somewhere to flee should they find themselves in the crosshairs.
With this in mind, foreign wealth management firms looking to serve Vietnam’s growing wealthy class ensure they are compliant with all relevant Know Your Customer legislation.
See also: Corruption in Vietnam: Cheat Sheet 2024
