Vietnam's super-rich and the demand for super-luxury goods in 2021

In Asia Pacific, HNWI (High-net-worth individual) of Vietnamese people increased by 33.1%. This is proof that Vietnam is in the "diamond" stage of wealth, with the demand for super-luxury products.

Grand Marina Saigon District 1 - dark perspective

Vietnam's economy in the "diamond" period

Summing up the year 2020 is especially challenging around the world because of the heavy impact of the COVID-19 pandemic, according to the International Monetary Fund (IMF) and the World Bank (World Bank), the global economy is received a severe recession, negative growth of nearly 4%; world trade fell seriously; The financial market fluctuates abnormally, with many potential risks.

In that general gloomy context, Vietnam's economy is considered as one of the 10 countries in the world with the highest GDP growth rate; one of the 16 most successful emerging economies in 2020.

Most economic forecasts of international organizations say that Vietnam is in the "diamond" stage of the development process. Indeed, the IMF forecasts that Vietnam's economy in 2021 will achieve a GDP growth of 6.5%. According to the World Bank, Vietnam's prospects are very positive, forecasting growth at 6.8%. Vietnam appears on the world map as the country attracting the brightest foreign investment.

This is a solid foundation, helping to increase income for the whole society, and step by step, creating a trend to consume and enjoy the most luxurious products. The Wealth Report 2020 of consulting firm Knight Frank shows that the number of super-rich people in Vietnam continues to increase rapidly. Also according to data from Knight Frank, Vietnam has 458 people with a net worth of 30 million USD or more (equivalent to about 700 billion dong), up 7% from a year ago.

Along with the strong development of Vietnam's economy and the emergence of a growing wealthy class as shown by Knight Frank data above, the demand for super-luxury goods also increases proportionally.

If in the past Vietnamese people wanted to buy luxury brands such as handbags, clothes, shoes, cosmetics, etc., they had to go to neighboring countries such as Thailand, Singapore, and Hong-Kong ... then in recent years, the brands The most luxurious has opened official stores in Ho Chi Minh City. It is not difficult for discerning consumers to find and buy products at genuine Hermès, Louis Vuitton, Chanel, Burberry, Rolex... at major shopping centers or in five-star hotels.

In Hanoi, earlier this year Savills noted the great interest of luxury brands in the Vietnamese market. According to Matthew Powell, Director of Savills Hanoi, the most recent presence of LVMH Group with two Louis Vuitton and Christian Dior stores in Trang Tien area (Hanoi) is a good sign of trust for customers. the Vietnamese market when in other cities or in other countries, brands do not see the opportunity in opening new stores or evaluating business operations that may be too risky.

In addition to high-end consumer goods, we do not have to wait until the "diamond" economy, but for many years now, in big cities in Vietnam, it is not too rare to see on the street super cars. luxury (ultra-luxury) such as Bentleys, Rolls-Royce, Maybach, Porsche, Ferrari...

Vietnamese people have enough economic conditions to deserve to enjoy the best

In addition to cars, one of the items in the ultra-luxury trend that speaks to the owner's position is real estate. Also according to Knight Frank's data, in the portfolio of the super-rich, real estate is taking the top spot with 27%, followed by stocks (23%), bonds (17%), and collectibles. coins (5%), gold/gems (3%), cryptocurrencies (1%).

Today, the portrait of real estate buyers is not only depicted by apartments with great value for money, but also in a sophisticated civilized community, becoming a global citizen. . In many cities around the world, a community with distinct living values has formed with each different project, these communities can be in an area or simply a branded building. In Dubai, there are Palm Island Villas, in Hong Kong there is The Peak, Deep Water Bay, in London there is One Hype Park or Sagaponack - a million-dollar villa village in the US... are known to be inhabited by sophisticated people. , successful and most respected by society.

Grand Marina Saigon District 1 - Aerial view

Currently, according to the general trend in the world, the ultra-luxury line of real estate is branded-residences. Branded-residences is most easily defined as a residential project designed, built, managed and operated to the quality standards of a luxury brand, usually from a hotel brand. super luxury. Residents living in a branded-residences building means they enjoy all the super-luxury services like being in a five-star hotel or more.

Instead, the story that Vietnamese people are willing to spend a large amount of money to buy themselves an ultra-luxury item viewed from a positive angle will show two clear things: The economy has developed strong enough and people Vietnam has enough economic conditions to enjoy the best


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