Understanding Vietnam’s wealthy HNWI
One of Asia’s fastest economies, Vietnam boasts a growing number of multimillionaires which has increased by 150% in the past five years alone.
Thuy Tien, president of Imex Pan Pacific and one of Vietnam’s wealthiest women
From a flight attendant for the national carrier Vietnam Airlines in the 90′s, Tien is today the president of a huge trading company, Imex Pan Pacific Group. “I run 25 private equity and venture capital firms that distribute luxury brands and invest in local shopping malls”. Her mission: to grow her businesses to reach US$ 1 billion and admits she is already half way through. Her group today includes a luxury retail business, including the franchising rights of Burberry, Salvatore Ferragamo, Ralph Lauren, Bulgari and the distribution rights for Rolex, but also the franchise of Dunkin’ Donuts.
Hana Dang, owner of restaurants and funds of US$ 250 million
In 1994, she was working for McCann Erickson on accounts such as Coca-Cola, L’Oreal and Nestle, but soon, set up her own agency, Golden Communication Group. She admits having done botox – cosmetic surgery booming among the wealthy in Vietnam, particularly with Singapore and Thailand as the top destinations.
Alan Duong, owner of furniture and interior design retail
With so much emphasis on “aspirational lifestyles”, her business has boomed. “Even in my dreams I didn’t imagine that I would have this much money.” But she’s not certain that the good fortune will continue in the volatile domestic climate. Nor is she convinced that Vietnam’s current population – two-thirds of whom were born after the war ended in 1975 – understands that material wealth can be fleeting.
“I’m from the generation that knows what it’s like to have both nothing and everything,” she says. “I don’t take anything for granted.”
adapted from The Guardian