UK > Vietnam: How to access global markets, HYSA, CDs, etc.?

[blecliked]

Hi all. I'm a British expat living in Vietnam - have been here for several years and am a tax resident here. I've recently become a lot more interested in personal finance and want to invest in a global equity ETF, as well as park some money into a high-yield savings account to take advantage of the high interest rates.

Thing is, every UK bank product I check says I'm not eligible due to not being a resident there. I've tried international accounts like Lloyds International who also refuse me due to 'local regulatory conditions'. It seems Vietnam is very cut off from the rest of the world in this regard - I imagine this is the same in most developing nations.

I've even tried opening a savings account in a local bank in Vietnam, but as I'm a foreigner this isn't allowed. I could use my wife's account, but I don't want all my savings going into her account - or a Vietnamese bank even, I'd much rather a global equity EFT from Vanguard or someone similar.

Is there ANY legitimate way that I can access these markets in my current situation?

FYI - I am currently paid into a Vietnamese bank account, although this will be changing in due course. I intend to set up an offshore account with Standard Bank International once I have the initial minimum deposit free to go.

Thanks in advance for your feedback.

 

[dovesong]

@blecliked Yeah, Vietnam has pretty terrible options for investments. Which is why the property market is so bonkers there - anyone with cash just buys real estate since it's the only secure investment.

So as an expat, you pretty much have to maintain accounts in your home country and move money over to access the global markets. Charles Schwab is pretty expat friendly, as is Interactive Brokers. They won't mind if you live in Vietnam and open an account (I think).

 

[blecliked]

@dovesong The real estate market here is just insane. I can buy a castle in Scotland for the same price as a 30m sq tube house next to a rubbish dump and a highway in Hanoi!

Thanks for the tips, I'll look into Schwab and Interactive Brokers.

 

[brookt]

@blecliked Interactive brokers is a good expat brokerage to use. I invest in VWRP via them.

 

[whitesunshinee]

@blecliked I've seen a video on how to invest in Vietnam markets as an expat - youtube.com/watch?v=Rzyrc9umxpI - I've removed the link so I don't get banned - it's not me by the way either. But you can find it on YouTube under Investments for Expats and the video is called How to add Vietnam to your portfolio.

I've spoken to people who have used Saxo Bank, Ardan, Novia, and using different Vanguard ETFs for exposure to Vietnam.

Hope it's helpful - I've been looking at Vietnam for a little while as I've got some friends there in Saigon who have started a theatre and they've been talking about how much it's developing.