Recently, the capital market - especially the stock market - has been rising strongly, becoming an important capital mobilization channel, along with bank credit. This trend not only helps reduce systemic risks due to over-reliance on credit capital, but also opens up space for businesses to access medium and long-term resources. Reform efforts to upgrade the market, along with the optimistic growth prospects of the economy, are creating new momentum for the capital market to affirm its pillar role in the development strategy.
went smooth macro foundation
In the second half of September, many international organizations have adjusted their forecasts for Vietnam's economic growth.
The International Monetary Fund (IMF) raised its 2025 forecast to 6.5%, from 5.4% in June. UOB Bank (Singapore) even raised its outlook from 6% at the beginning of the year to 7.5% thanks to impressive results of 7.5% in the first half of 2025 and expectations for continued public investment to increase. These consecutive adjustments show international confidence in the resilience and dynamism of the Vietnamese economy in the context of a volatile world.
In the long term, the Ministry of Finance identifies a strategic target for the period 2025 - 2030 with an average GDP growth rate of 10%/year or more, GDP per capita reaching 8,500 USD by 2030. The country aims to have 2 million operating enterprises, the private sector growing by 10 - 12%/year and at least 20 enterprises qualified to participate in the global value chain.
Not only growth indicators, foreign direct investment (FDI) also show the attractiveness of Vietnam. According to the Ministry of Finance, in the first 8 months of 2025, realized FDI reached 15.4 billion USD, up 8.8% over the same period and the highest level in the past 5 years.
Stock market breaks out, reducing dependence on credit
If previously, capital for the Vietnamese economy depended mainly on bank credit capital, the recent rise of the stock market is gradually creating a new balance.
Exciting IPO activities such as Technology Trading Securities (TCBS), VPBankS or Hoa Phat Group are expected to add more quality goods, creating more options for investors. In particular, the most obvious highlight is the explosion in liquidity with many trading sessions on HOSE recording a value of VND 70,000 - 80,000 billion, unprecedented figures in history showing the strong return of domestic cash flow, while showing increasing interest from institutional and international investors.
The parallel operation of the capital and credit markets not only Despages systemic risks but also creates room for businesses to mobilize medium and long-term capital, instead of over-reliance on short-term credit. This is an important factor to help improve competitiveness, ensure macroeconomic stability and maintain a high growth rate in the coming period.
Determined to reform and integrate to pave the way for international capital flows
Notably, in mid-September 2025, Central Party Committee member and Minister of Finance Nguyen Van Thang had a working trip to London (UK) and Milan (Italy) with an unprecedented scale of investment promotion.
At the Investment Promotion Conference in Vietnam in London on September 16, Minister of Finance Nguyen Van Thang affirmed that Vietnam has shown its mettle and strategic vision by proactively taking advantage of opportunities and flexibly adapting to maintain high growth.
According to Mr. Bui Hoang Hai - Vice Chairman of the State Securities Commission, Minister Nguyen Van Thang's working trip to London and Milan took place on an unprecedented scale and was a success beyond expectations. The investment promotion forum attracted nearly 200 international investors, representing asset management companies with a total scale of about 16,000 billion USD, along with nearly 100 direct meetings between Vietnamese enterprises and investors.
Never before has the Vietnamese stock market received such great attention, Mr. Hai commented, adding that FTSE and LSE highly appreciate Vietnams political determination when the highest level of the Government, the Ministry of Finance and the State Bank directly participate in the reform process to create maximum convenience for foreign investors.
In the reform picture, the State Securities Commission affirmed that upgrading the market is just a milestone, the highest goal is to improve the efficiency of the stock market in allocating and mobilizing capital. A series of restructuring projects, developing institutional investors, and diversifying products have been made public. The central clearing mechanism (CCP) is being finalized to reduce the risk of trading cancellations, while the market is preparing for new products such as construction bonds, green bonds, ETF funds or interest rate and exchange rate derivatives. These are necessary conditions for Vietnam to meet the standards of upgrading to emerging market group, while reducing capital costs for the economy.
In the context of the economy setting a growth target of 8% this year and aiming for double-digit growth in the coming period, the sublimation of the stock market not only reflects investor confidence but also has strategic significance. As the capital market continues to rise, creating a balance with bank credit, the economy will have more solid pillars to maintain stability and make a breakthrough.
