Hanoi (VNA) – Bank financing has played a critical role in helping Vietnam’s major enterprises expand investment, enhance competitiveness and drive national growth throughout the country’s four decades of Doi moi (Renewal), participants heard at a seminar in Hanoi on April 13.
The event, organised by the Nha dau tu (Investor) magazine, reviewed the Vietnamese economy’s development journey and discussed policy recommendations aimed at strengthening the business sector, particularly private firms.
Speakers agreed that large-scale enterprises have served as an important growth driver over the past 40 years while bank credit has provided essential support for their expansion and transformation.
Private sector emerges as new growth engine
A key theme of the seminar was the rapid evolution of Vietnam’s institutional frameworks in recent years.
A series of major Party resolutions, including Resolutions No. 57, 59, 66, 68, 70, 71, 72, 79 and 80, have focused on removing institutional, infrastructure and resource bottlenecks. The policies are intended to promote science and technology, innovation, digital transformation, human resources development and deeper integration into the world.
Dau Anh Tuan, Deputy Secretary General of the Vietnam Chamber of Commerce and Industry (VCCI), said Resolution No. 68, issued in 2025, marked an important milestone by identifying the private sector as “one of the most important drivers” and a pioneering force in the country’s industrialisation and modernisation.
Vietnam’s private economic sector has expanded significantly, with a growing number of large enterprises and many establishing extensive production ecosystems and gradually strengthening their international presence.
However, experts noted that challenges remain. While around 97% of private businesses are still small and medium-sized, labour productivity remains relatively low and development across sectors is uneven.
Private-sector revenues continue to be concentrated in finance and real estate, whereas manufacturing and processing industries, which are widely regarded as the foundation of sustainable growth, account for a comparatively small share.
Bui Thanh Minh, Deputy Director of the Office of the Private Economy Development Research Board (Board IV), said the main constraint lies not only in the limited number of large enterprises but also in the absence of a sufficiently strong business ecosystem capable of helping smaller firms scale up and integrate into value chains.
He added that corporate financing remains heavily dependent on bank credit, and long-term capital sources are limited. Capital markets remain underdeveloped, financing costs are high, and both corporate governance and institutional frameworks require further improvement.
To strengthen its leading role, the private sector needs to shift more decisively towards manufacturing and technology, accelerate innovation, build stronger business linkages and improve governance capacity to expand into regional and global markets, Minh said.
Banking sector as strategic partner
Deputy Governor of the State Bank of Vietnam (SVB) Nguyen Ngoc Canh said the banking system has consistently accompanied and supported businesses throughout their development.
After four decades of Doi moi, the banking sector has made substantial progress, contributing to macroeconomic stability and economic growth. By the end of 2025, Vietnam had 127 credit institutions with total assets approaching 28.9 quadrillion VND, while both lending and deposit mobilisation recorded positive growth.
The legal framework governing monetary and credit activities has also been continuously improved, enabling banks to provide substantial funding for the economy. Major enterprises have become a priority customer segment, particularly in large-scale projects with significant socio-economic impact.
Outstanding credit across the economy reached approximately 18.6 quadrillion VND by the end of 2025, equivalent to 144% of GDP. Domestic enterprises accounted for around 48% of total lending, while state-owned corporations represented about 7%.
From a commercial banking perspective, Do Quang Vinh, Vice Chairman of the Board of Directors of SHB, said the bank has aligned its development strategy with the needs of the economy, focusing on key sectors such as industry, energy, infrastructure, agriculture and exports.
As Vietnam accelerates growth with support from major corporations, SHB has expanded cooperation with leading enterprises such as the Vietnam National Coal and Mineral Industries Group (Vinacomin), the Vietnam Rubber Industry Group (VRG) and the Vietnam National Chemical Group (Vinachem), he noted, adding that through these partnerships, the bank supports not only individual enterprises but also broader value chains across the economy.
Canh noted that the Party Central Committee’s Conclusion No. 18-KL/TW sets a target of achieving average annual GDP growth of 10% during 2026–2030 while maintaining macroeconomic stability and improving living standards.
To achieve this objective, Vietnam will need to transform its growth model, restructure the economy and strongly develop enterprises, particularly large ones capable of competing regionally and globally, he said.
These orientations continue to affirm the pivotal role of major firms in leading, driving and supporting the sustainable development of Vietnam’s economy in the new era, the SBV Deputy Governor said.
The SBV pledged to continue flexibly governing monetary, credit and foreign-exchange policies to control inflation, maintain macroeconomic stability and ensure sufficient capital flows to support economic growth and the country’s long-term development goals./.
