Created in 2007 by the global real estate services provider Savills, the Savills Private Office was developed to offer confidential and exceptional service coupled with the comprehensive resources and knowledge that a worldwide organization like Savills can provide. It stands out in the real estate market by giving clients a single, highly knowledgeable contact who is deeply familiar with Savills’ international operations. By providing a singular contact point, The Private Office gives private clients access to Savills’ immense network, stretching over 700 offices and associates in more than 70 countries.
Specially catering to international high-net-worth individuals (HNWIs), ultra-high-net-worth individuals (UHNWIs), family offices, and their advisors, Savills Private Office offers a private entry point to the full range of Savills’ services globally. The company has recently increased its operations in Vietnam to serve the growing number of HNWIs in the country who are interested in international investment opportunities.
Research from McKinsey & Company indicates that Vietnam’s personal financial assets have grown at a rate surpassing other Asian countries like Singapore, the Philippines, Thailand, and Malaysia over the past decade. By 2027, Vietnam’s personal financial market is expected to be worth around US$600 billion, up from US$360 billion in 2022, demonstrating an annual growth rate of 11%. The proportion of wealth assets under management in relation to overall personal financial assets is projected to rise, potentially adding an additional US$65 billion to US$75 billion of managed wealth assets in the industry for institutions to leverage. Both affluent and HNWI segments are expected to contribute equally to the revenue pools from these managed assets. As of 2021, Vietnam was home to about 1,234 UHNWIs, a number predicted to increase to 1,551 by 2026.
Information from Vietnam’s Ministry of Planning and Investment shows that the country’s foreign direct investment (FDI) outflows amounted to US$420.9 million in 2023. With investments spread across 26 countries and territories, Canadian markets have attracted the most Vietnamese investment. Key sectors for these investments include wholesale and retail, real estate, and construction.
As investment advice and portfolio management are highly sensitive matters, clients of the Private Office require not only complete confidentiality but also premier quality services and properties. They are in need of comprehensive, personalized services with rigorous privacy, and access to the most sought-after properties worldwide.
Matthew Powell, Director of Savills Hanoi, emphasizes the significance of Savills Private Office in Vietnam. He notes that earlier this year, a select group of ultra-wealthy foreign clients sought real estate investments in Vietnam and vice versa. To meet the demands of their clients interested in residential and commercial properties abroad, they offer discreet and custom-tailored services, leveraging their global network and expertise. This service extends beyond property to include wealth management and various asset class transactions across borders.
Jonathan Hewlett, Chairman of The Private Office, highlights that as the pioneering Private Office in the property industry, they have cultivated a superior network of professional partners and contacts, delivering personalized and discreet real estate advice and services. With the expansion in Thailand, Singapore, and now Vietnam, Savills Private Office is capitalizing on the opportunities present in the Vietnamese market and bolstering its presence in Southeast Asia.
Savills Vietnam is recognized as the foremost real estate practice in the country with its offices in Hanoi and Ho Chi Minh City. As a trailblazing full-service agency, Savills is committed to delivering the highest level of service to both local and international clientele.
