The Savills Private Office has expanded its operations into Viet Nam, adding a Vietnamese team to its global network of specialists supporting HNWIs and their advisors. This is a bespoke and fully integrated residential and commercial advisory service, advising and transacting for businesses, HNWIs and those wanting to invest in real estate in foreign markets.
Savills Private Office was established in 2007 by Savills to combine the highest standards of discretion and service with the network, resources, and expertise that only a global organisation can successfully provide. It is a unique concept within the property sector by offering clients one highly experienced point of contact with a close knowledge of Savills global business. Providing a single point of contact for private clients, The Private Office provides access to Savills global network of over 700 offices and associates in over 70 countries.
Savills Private Office offers a discreet in for international HNWIs and UHNWIs, family offices, and their advisers into the full spectrum of Savills services wherever they are in the world. Savills Private Office recently expanded its presence in Viet Nam to support the rising numbers of HNWIs looking for international investment opportunities.
According to McKinsey & Company, personal financial asset growth in Viet Nam has outpaced Asian peers like Singapore, the Philippines, Thailand and Malaysia for the last decade. By 2027, Viet Nam is forecast to have a personal financial market worth approximately US$600 billion, reflecting growth of 11% per annum from a baseline of US$360 billion in 2022.
The share of managed wealth assets as part of overall personal financial assets is expected to increase, but with a varying starting base across customer segments; affluent segments around five-and-a-half times by 2027 and HNWI about twice in the same period. This will translate into an estimated additional US$65 billion to US$75 billion of managed wealth assets in the industry for institutions to capture. The associated revenue pools for managed
assets are forecast to have equal contributions across affluent and HNWI segments. In 2021, Viet Nam had approximately 1,234 UHNWIs and is forecast to have 1,551 by 2026.
Data from the Ministry of Planning and Investment shows that Vietnamese FDI outflows totalled US$420.9 million in 2023. Of these, 124 projects were granted new investment registration certificates; and 25 registered to adjust their investment. Vietnamese investors have invested in 26 countries and territories, in which Canada is the leading market (35.7% of total FDI outflows), followed by Singapore, Laos, and Cuba. The sector of investments includes wholesale and retail, real estate and construction, etc.
Given the sensitivity of portfolio management and investment advisory, Private Office clients require the utmost confidentiality, but also the highest quality services and properties. Accordingly, they need one-stop, tailored services with strict confidentiality and access to some of the world’s most desirable properties.
Savills Private Office is a notable part of Savills strategy in Viet Nam. Matthew Powell, Director of Savills Ha Noi said, “A handful of Savills Viet Nam’s ultra-wealthy foreign clients had been on the hunt for real estate investments in Viet Nam earlier this year and vice versa. UHNWIs in Viet Nam are also looking for investment opportunities in other markets. We saw the need for services to help our clients interested in residential and commercial in foreign markets. We work with private clients, family offices, private bankers, and other advisors with discreet and tailored service, covering every property need or requirement across the world, with access to our global network and expertise. It extends beyond real estate with a suite of services such as wealth management. We do cross-border deals across asset classes, utilising our network as a conduit to find what they want.”
Jonathan Hewlett, Chairman of The Private Office added: “As the very first Private Office established in the property industry, we have developed a world-class network of partners, experts, and contacts, providing comprehensive yet tailored and confidential real estate expertise and advice. We have expanded Savills Private Office in Thailand and Singapore and now, Viet Nam. This demonstrates the opportunities that the Vietnamese market has. With the expansion of Savills Private Office in Viet Nam, we are delighted to be growing our global network and strengthening our position in Southeast Asia.”
Savills Vietnam is the largest and most experienced real estate practice with offices in Ha Noi and Ho Chi Minh City. Savills is an innovative full-service agency that delivers best in class to both local and international clients.