Speaking at the seminar "Restructuring capital channels" organized by Finance - Investment Newspaper on July 15, Mr. Bui Hoang Hai - Vice Chairman of the State Securities Commission - said that as of May 29, 2026, the market capitalization of stocks reached about 10,610.35 trillion VND, equivalent to 82.6% of the estimated GDP in 2025. The number of investor accounts has exceeded 13 million, completing early the target of reaching 11 million accounts by 2030 according to the Stock Market Development Strategy.
Capital mobilization activities through the stock market are also more active than in the previous period. In the first 5 months of the year, the total value of share issuance and initial public offering of listed and registered trading enterprises reached about 289,500 billion VND, an increase of 86.5% compared to 2025 and 2.5 times higher than the average of the last 5 years.
Mr. Hai also said that the Vietnamese stock market has just recorded an important milestone when FTSE Russell confirmed its upgrade to the secondary emerging market. The decision, which officially takes effect from September 2026, is expected to open a new phase in attracting foreign investment capital.
However, according to the Vice Chairman of the State Securities Commission, to meet the goal of high and sustainable growth in the 2026-2030 period, the capital demand of the economy is very large. It is estimated that the total investment capital demand in the whole period is up to 38 million billion VND, while resources from the state budget are only about 8.5 million billion VND, equivalent to about 20%. The rest must be mobilized from the private sector and international capital sources.
In the context of limited budget resources, bank credit is approaching the safe thresholds of the system, restructuring capital channels is identified as an urgent requirement. Accordingly, the stock market needs to strongly promote its role as a medium and long-term capital mobilization channel for the economy.
Sharing on the sidelines of the seminar on the role of the capital market in the new growth phase, Ms. Dang Nguyet Minh - Research Director of Dragon Capital - said that Vietnam's credit ratio to GDP is currently at about 146%.
This level is not the highest in ASEAN or Asia and has not reached the alarm level. But what is noteworthy is not only the current figure but also the room for the economy to continue to depend on bank credit.
If credit continues to grow at a rate of 15-16% per year, higher than the actual GDP growth rate by about 3-5 percentage points, in the next 5 years, Vietnam's credit-GDP ratio may surpass Thailand and Singapore, becoming one of the highest levels in Asia.
Ms. Minh said that currently about 75-80% of the capital needs of the economy are still supplied through the banking system, while the capital market only contributes about 25-30%.
According to Ms. Minh, large and long-term capital needs to invest in expanding production, developing businesses and the economy need to be more met through the stock market and bond market.
To make the capital market truly the key to a new growth cycle, Vietnam needs to improve the supply of high-quality goods, attract more technology and large-scale manufacturing enterprises to the exchange, and accelerate the equitization process of state-owned enterprises.
In addition, it is necessary to strongly develop the force of institutional investors, domestic investment funds, voluntary pension funds and long-term financial investment products.
According to Ms. Minh, if two core issues are solved: increasing the supply of high-quality goods and improving the investor structure, and having mechanisms to encourage long-term capital flows, Vietnam will not only develop faster but can also go further and more sustainably in the new growth cycle.
