WHAT HAPPENED
According to consulting firm Knight Frank (The Wealth Report 2026), Vietnam is now home to 1,233 individuals with net assets of US$30 million or more — the so-called UHNWIs, or "ultra-wealthy" in the report's terminology. By 2031, their number is expected to reach 1,960, a 59% increase, marking the fourth-fastest growth rate in the world. The original source of these figures is VnExpress International, published on October 4, 2026.
It's important to understand the methodology. Knight Frank counts only those who have at least US$30 million left after subtracting liabilities. This is a narrow segment. But behind it lies a much broader group: according to New World Wealth (data cited by Henley & Partners), there are about 19,400 dollar millionaires in the country, and analysts at the same agency projected that Vietnam's total personal wealth would grow by approximately 125% over ten years (published in VnExpress, July 2024). The difference in numbers is not a contradiction but rather different thresholds: a millionaire and an ultra-wealthy individual are two distinct consumer profiles.
The drivers cited by Knight Frank analysts and local business media (TheInvestor.vn, Nha Dau Tu) include economic growth, export-oriented manufacturing, inflows of foreign direct investment, and asset revaluation — real estate and stocks. Forbes' 2026 list counts eight Vietnamese billionaires, the richest being Pham Nhat Vuong with a fortune of about US$27.7 billion.
WHAT IT MEANS
For Russian e-commerce, this signals a shift in the map of priorities. For years, Vietnam was seen as a manufacturing hub and a source of cheap assortment. But 1,233 households with capital of US$30 million plus nearly 20,000 millionaires represent established purchasing power within the country, not just an export story. And this demand is mainly served by offline boutiques, overseas travel, and grey imports — the premium segment on marketplaces is still half-empty.
Let's look at operations. In Ho Chi Minh City, our logistics and local fulfillment partners regularly send the same snapshot: on Shopee and Lazada, the premium shelf is filled either with global brands at official prices or with outright copies. Between them lies a gap. Goods priced at 2–5 million dong (roughly US$80–200) with clear origin, decent packaging, and a warranty are eagerly bought, but there's almost nothing to choose from. That's the niche a Russian brand can enter without million-dollar budgets for local advertising.
Categories worth testing first: cosmetics and skincare with a focus on natural ingredients, home and kitchen goods in gift packaging, accessories and leather goods, premium children's products, sports nutrition, and wellness. The logic is simple: the Vietnamese premium buyer looks to Western quality standards but isn't willing to overpay for the brand premium of global giants. A Russian product with honest cost and good design fits exactly into this gap.
A separate note on pricing. The race for low entry prices in Vietnam has already been lost to Chinese and local sellers — margins there are near zero. The premium segment offers a different economy: higher order value, fewer returns, more loyal customers. But the requirements are also different — certification, local warranty, Vietnamese language on packaging and product listings. Without that, the premium shelf doesn't work.
VIETSMART EXPERT COMMENTARY
If I were launching a Russian brand in Vietnam right now, I wouldn't go to Shopee with mass-market goods. I'd pick one premium category, assemble a pilot batch of 300–500 units, and enter through a local distributor already working with the UHNWI segment and upper middle class. In parallel, test on Lazada's premium section to gather conversion and average basket data before investing in inventory.
The most common mistake I see among Russian entrepreneurs: they come with a product that sells well in Russia and expect the same reaction. The Vietnamese premium buyer is different — sensitive to product origin, packaging, and how the brand speaks to them in the local language. And they check certificates. If you don't have a CFS and registration in the Vietnamese Ministry of Health database for your category, the premium shelf is closed to you; you'll remain in the economy segment with zero margin.
CONCLUSIONS AND WHAT TO DO
- Choose one premium category and test it selectively. Don't enter with a broad assortment. A pilot batch of 300–500 units in one category (cosmetics, home goods, accessories) will give you real conversion and average basket data within 2–3 months.
- Check certification before shipping goods. Request a CFS (Certificate of Free Sale) from your supplier and verify the registration number in the Vietnamese Ministry of Health database for your category. Without this, the premium segment is inaccessible, and goods may get stuck at customs.
- Find a local distributor with access to the UHNWI segment. This is faster and cheaper than building your own channel. Look for partners already working with Avison Young, local realtors, and private banking — they have access to the right audience.
- Localize product listings and packaging into Vietnamese. This is not a formality. The Vietnamese premium buyer perceives English text on packaging as a sign of grey imports and lowers trust.
- Calculate the economics of premium, not chase turnover. In the premium segment, order value is higher, returns are lower, and customers are more loyal. Compare the profitability of a premium pilot with an economy strategy on Shopee — the difference usually favors the former.
Source: VnExpress International — Business dated October 4, 2026