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Clara McCormick
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Vietnam Wealth Management Forum 2017 - Post Event Report Link to Event

1 Vietnam Wealth Management Forum Post Event Report Link to Event View Photos Watch Video Highlights 7 September I The Reverie Saigon I Vietnam

2 Thank You to Our Sponsors Gold Silver Bronze

3 VIETNAM WEALTH MANAGEMENT FORUM POST EVENT REPORT 3 Summary In a country moving quickly towards a market-based economy with rising per capita income and per capita GDP accessing the young and growing population of 95 million-plus offers huge potential for banks, insurers, asset managers and other financial firms looking to offer wealth management products and services. While the current size of Vietnam s wealth management market is meagre, its growth potential suggests that the opportunity could be significant for those institutions which position themselves correctly, and sooner rather than later. Traditional transaction products for the mass-market client segment such as credit cards, personal loans mortgages are easier to sell and make money from, with insurance also a priority since it tends to give banks a commission of between 5% and 6%. Further, the mind-set of Vietnamese is still very shortterm oriented. By comparison, therefore, wealth management is difficult, costly and time-consuming. Not many local banks yet have a clear affluent or HNW strategy. A lack of education, knowledge and regulation to sufficiently stimulate capital markets activity also hampers the development of the core infrastructure required. As a result, any meaningful wealth management industry is several years away plus is dependent on the regulator, in collaboration with industry players, first being able to plug the education gap, for both individual investors as well as people who manage wealth. More investment choices are also needed, along with better understanding of client risk profiling, to determine a suitable mix of assets. Yet there is growing recognition in all parts of the market about the real and growing need for wealth management based on increasing wealth and numbers of affluent and HNW in Vietnam. And some banks are making moves in the right direction. These were among the main views of the 200 speakers and industry practitioners who came together at Hubbis 2nd annual event for the wealth management and financial services community in Vietnam.

4 4 VIETNAM WEALTH MANAGEMENT FORUM POST EVENT REPORT Attendee Profile Type of firm 26% 4% 20% 18% 8% 8% 16% Retail Banks Independent Firms Securities Companies Asset Management Technology / Fintechs Insurance Other The wealth management industry in Vietnam, particularly private wealth, is at an infant stage. The Hubbis event provides the insights that we hope will shape the future of wealth management in Vietnam. Duy Nguyen Manager, Equity Research, Thien Viet Securities Job role C-Level Product/Investment Business Head Adviser/Wealth Manager Other 9% 23% 32% 16% 20%

5 VIETNAM WEALTH MANAGEMENT FORUM POST EVENT REPORT 5 Attendees from these firms 360F 5Desire Abax Capital ABBank ACB Securities Aetna An Binh Fund Management ANZ Bank APS Holdings Aristo Developers ASC Securities Asia Frontier Capital Asia Invest Asia Plantation Capital Bank of Singapore Bether Capital BIDV BIDV Securities Bordier & Cie Chubb Chubb Life Fund Management Corecam Family Office Covenant Capital Credit Suisse Private Banking Credit Viet Securities Dai-ichi Life Fund Management Deutsche Bank DeVere Group Dragon Capital Eastspring Investments Equiom Group EVG Group Faster Capital Fintek FWD GICC Global Global Precious Metals Grant Thornton Guosen Securities Henley & Partners Ho Chi Minh Securities Hongkong Aidingke International Investment Hubbis HVP Lawyer Indovina Bank Infinity Wealth Futures J.O. Hambro Capital Management Kasikornbank KomTek Kornova Investments Kusto Management Labuan IBFC Liferay Lombard Odier Manulife Manulife Asset Management Maritime Bank Maybank Kim Eng MBBank Meed New Era Capital Partners Odyssey Capital Group Orbium Perspectiv Ventures Phatra Asset Management PMAX PNG Private Office Prestige Wealth Management Prudential Assurance PVcomBank PXP Vietnam Asset Management RGF RMIT International University Rockwills Trustee Rosemont Saigon Commercial Bank Saigon Hanoi Bank Saigon Value Invest SBI E2 Family Advisors SEAF SmartChoice Wealth Advisor SOGroup Song Ngan Investment Services SSI Asset Management Standard Chartered Bank State Street Techcombank Thien Viet Securities Thomson Reuters Tien Phong Bank Total Wealth Management University of Hawaii UOB Bank VCI Legal Viet Capital Bank Viet Thai International Viet Youth Entrepreneur Vietcombank Fund Management Vietfund Management Vietnam Capital Advisors Vietnam International Bank Vietnam Investments Group VinaCapital VPBank VPBank Securities Wealth Management Alliance Westoun Advisors Hubbis organised a world-class forum in Vietnam. These events are integral to the growth of wealth management [in this country] and other emerging markets in South-east Asia. Bao Nguyen, Chief Executive Officer, Vietnam Capital Advisors

6 6 VIETNAM WEALTH MANAGEMENT FORUM POST EVENT REPORT Speakers Afonso Vieira Total Wealth Management Andreas Vogelsanger Asia Frontier Capital Andrew Hendry Westoun Advisors Bao Nguyen Vietnam Capital Advisors Benjamin Turner Liferay Bill Stoops Dragon Capital Dung Dang Tuyet Maritime Bank Evrard Bordier Bordier & Cie Fred Lim UOB Bank Hoai Thu Nguyen VinaCapital Irene Lee Equiom Group Johan Nyvene Ho Chi Minh Securities Ken Atkinson British Business Group Kevin Snowball PXP Vietnam Asset Management Lan Anh Do Standard Chartered Bank Le Thi Le Hang SSI Asset Management Michael Gerber 360F Thuan Thai Nguyen VinaCapital Paul Nguyen Manulife Piotr Zboinski Orbium Sandeep Deobhakta VPBank Stephan Repkow Wealth Management Alliance Sylvie Ma Henley & Partners

7 VIETNAM WEALTH MANAGEMENT FORUM POST EVENT REPORT 7

8 8 VIETNAM WEALTH MANAGEMENT FORUM POST EVENT REPORT The Hubbis wealth management conference in Ho Chi Minh City is on par with the development of the market itself: 20% growth year-by-year. Michael Gerber, Chief Executive Officer, 360F

9 VIETNAM WEALTH MANAGEMENT FORUM POST EVENT REPORT 9 Key voting poll results Local banks and fund management firms are likely to be more successful than any other type of organisation in taking advantage of the development of wealth management in Vietnam over the next 10 years, according to a poll of delegates. The biggest need that the majority of wealthy Vietnamese have, is children s education, believe 32% of poll respondents. This is followed by succession planning (18%), retirement (14%), protection (14%), savings (11%) and citizenship / residency (11%). Regulation is the fastest way to drive wealth management forward in Vietnam, according to 44% of poll respondents. Investor education is also key (28), followed by more product choice (17%) and training people to be wealth managers (11%). This is pertinent, given that just over two-thirds of poll respondents think that people working within wealth management in Vietnam do not conduct themselves in an ethical way. When focusing on asset management in Vietnam, the majority of poll respondents (58%) say that investor education is the biggest issue holding back the industry at the moment. The other key requirements, believe delegates, are deepening the capital markets, greater transparency, harsher punishments for wrongdoing, and more talent. The priority for Vietnam s regulators to develop the capital markets should be to allow a wider range of products, believe 37% of poll respondents. Ease of access for foreign investors (26%), industry collaboration with the regulator (16%), less regulatory control over market players (11%), and enabling greater digital progress (11%), are other areas where action is needed in terms of developing the capital markets, according to delegates. There is some optimism, however although there are only 16 mutual funds today in the local market in Vietnam, 64% of poll respondents predict that this will grow to nearer to 100 funds in 10 years time. It was a great event with many stalwarts of the Vietnamese wealth management sector in attendance, including asset managers (eg. VinaCapital, Dragon Capital, etc), banks (eg. VP Bank, Maritime Bank, Military Bank, etc.) and brokerages (HSC and SSI). The event again showed the level of activity in the market, with all players positive about the future of the industry and many actively investing into new offerings and new products. The conference was informative as well as a great opportunity to network and reconnect with industry stakeholders. Piotr Zboinski, Head of Operations & Strategy, Management Consulting, Orbium

10 10 VIETNAM WEALTH MANAGEMENT FORUM POST EVENT REPORT Delegate Feedback - Overview Most relevant topics How banks can prepare for the wealth management evolution in Vietnam The challenges facing local banks in promoting legitimate wealth management services despite an unclear regulatory environment Developing the insurance offering in Vietnam Creating the framework for funds distribution Key take-aways Trends in wealth management in Asia and globally How to be a successful wealth manager in today s environment Understanding the barriers for wealth management in Vietnam The difficulties as well as advantages in launching a wealth management service in Vietnam The role of digital in mutual funds expansion Top 5 presenters Sandeep Deobhakta, Division Head of Retail Banking, VPBank Thuan Thai Nguyen, Managing Director, VinaCapital Bill Stoops, Chief Investment Officer, Dragon Capital Sylvie Ma, Managing Partner, Vietnam, Henley & Partners Andrew Hendry, Managing Director, Asia, Westoun Advisors Top 5 panel speakers Lan Anh Do, Head of Wealth Management, Vietnam, Standard Chartered Bank Johan Nyvene, Chief Executive Officer, Ho Chi Minh City Securities Corporation Bao Nguyen, Chief Executive Officer, Vietnam Capital Advisors Hoai Thu Nguyen, Managing Director, VinaCapital Dung Dang Tuyet, Deputy Chief Executive Officer, and Chief Executive Officer of Retail Banking, Maritime Bank

11 Vietnam Wealth Management Forum 2018 Thursday 13th September

CONFERENCE AGENDA (Tentative)

CONFERENCE AGENDA (Tentative) 07:30 08:00 REGISTRATION OPENING CEREMONY CEO WORLD FORUM 2012 08:00 08:30 OPENING SPEECH Mr. Le Thanh Tam, CEO, IDG ASEAN, Founder & Chairman of CEO&CIO Club WELCOME ADDRESSES