Hanoi (VNA) – Efficient mobilisation, allocation and use of financial resources, alongside a well-calibrated mix of monetary and fiscal policies, are critical to Vietnam’s ambition of achieving double-digit growth in 2026–2030, experts said at a March 12 seminar.
Participants, including policymakers, economists and financial leaders, stressed the urgency of building a multi-tiered financial ecosystem. Delivering on the 10%+ annual GDP growth target set by the 13th National Party Congress will require deep reforms, shifting away from a bank credit-heavy model towards more diversified and sustainable capital channels.
Deputy Finance Minister Nguyen Duc Chi said mobilising total social investment at around 40% of GDP in the coming period is ambitious but achievable if idle resources are unlocked, noting that the key constraint now lies in capital absorption rather than availability.
Vietnam posted solid macroeconomic performance in 2025, with GDP expanding 8.02% and total capital mobilisation reaching a record 1.15 quadrillion VND (about 43.7 billion USD). However, demand for funding remains high for strategic infrastructure, especially North–South and interregional links, while businesses continue to seek capital to expand production. Meanwhile, the domestic capital market remains underdeveloped, and institutional investors such as pension and investment funds have yet to play a full role.
Pham Thi Thanh Tam, Deputy Director General at the Department of Financial Institutions, said sustaining high growth will require lowering the ICOR from 6.3 to 4.8 to improve capital efficiency, with the State budget acting as “seed capital” for high-impact projects.
On the monetary front, State Bank of Vietnam Deputy Governor Pham Thanh Ha said policy is being managed flexibly to ensure sufficient liquidity at competitive rates, prioritising new growth drivers including the digital, green and circular economies. Credit growth exceeded 19% in 2025, providing a strong base for further expansion this year.
The banking sector is also reforming credit allocation. Nguyen Le Nam, Deputy Director General of the Monetary Policy Department, said rigid credit growth caps are being gradually phased out in favour of directing capital towards production and priority sectors.
Digital transformation across the banking system, particularly among leading lenders such as Agribank and BIDV, has streamlined procedures and significantly shortened access to financing. Greater transparency in interest rates and the expansion of electronic payments are also helping cut compliance costs for businesses and improve access to credit for individuals, while channelling funds into key technology and infrastructure projects.
A major breakthrough highlighted at the workshop is the need to upgrade the stock market into a primary channel for medium- and long-term capital mobilisation. Vietnam’s expected upgrade to “secondary emerging market” status from September 2026 is seen as a milestone, potentially unlocking up to 25 billion USD in foreign inflows by 2030.
Pham Thi Thuy Linh, head of the Market Development Department at the State Securities Commission, said the legal framework has largely aligned with international standards, with six key solution groups to be rolled out. These include improving the business environment and launching a central counterparty (CCP) mechanism by 2027, diversifying green bonds and derivatives, promoting IPOs, restructuring the investor base, advancing digital transformation with big data and AI, and strengthening inter-agency coordination to curb fraud.
Experts said the upgrade would bolster investor confidence and enable the stock market to take on a larger role in long-term capital provision, easing pressure on the banking system.
According to Duong Thanh Tung, a specialist at Deloitte Vietnam, a proposed International Financial Centre (VIFC) should function not just as a financial hub but as an “operating system” for capital markets, integrating institutions, transparent dispute resolution mechanisms and global investor protection standards. If effectively implemented, it could help manage exchange rate risks, attract long-term capital and enhance the global competitiveness of Vietnamese enterprises.
With coordinated fiscal policy, a transparent capital market and a modern banking system forming a “three-pillar” foundation, Vietnam is well-positioned to unlock resources and move closer to its goal of becoming a high-income economy by 2045./.
