Get closer to the standards of the developed market
Mr. Nguyen Son - Chairman of the Members' Council of Vietnam Securities Depository and Inventory Corporation (VSDC) - said that 2026 is a pivotal period for the capital market when reform measures on market structure, risk management, technology upgrades and professional process standardization are implemented synchronously.
According to Mr. Son, this context creates favorable conditions for Vietnam to move closer to the standards of the developed market, while promoting the role of the financial market in supporting economic growth, business development and attracting long-term capital flows.
For the stock market, 2026 is of particular significance as it is the first year that Vietnamese stocks are officially upgraded according to FTSE standards and continue to aim for higher standards of FTSE, further away from MSCI. The upgrade is not only technically significant, but also expands access to large-scale investment capital flows from global funds.
Expanding mobilization channels to reduce pressure on bank credit
From the perspective of asset managers, Ms. Luong Thi My Hanh - Director of Asset Management of Dragon Capital Domestic Block - said that the experience of developed countries shows that the success of the capital market transformation process comes from the decisive policies of the State, focusing on creating incentive mechanisms for the private sector to have the motivation to perform its role.
According to Ms. Hanh, 2026 is a favorable time for the fund management industry to promote its role in mobilizing idle capital in the population, helping people access the capital market safely and sustainably, while directly benefiting from economic growth.
From a macro perspective, Dr. Can Van Luc - Chief Economist of BIDV - said that to create investment and business opportunities and increase investor confidence, choosing appropriate capital mobilization methods is an urgent requirement in the coming period.
Besides traditional resources such as bank credit, capital markets, public investment capital, FDI capital and private investment capital, Mr. Luc noted that Vietnam also has many other potential resources such as green finance, sustainable finance; trade surplus, remittances, tourism; stock market; international financial center; digital asset market, carbon credit market...
According to Mr. Luc, diversifying mobilization channels not only helps reduce pressure on the banking system, but also enhances the resilience of the financial system to external shocks, thereby strengthening the confidence of domestic and foreign investors.
Corporate bonds recover, market quality improves
Mr. Nguyen Dinh Duy - Analyst Director of VIS Rating assessed that the corporate bond (TPDN) market has made steady progress in 2025, creating a premise for sustainable growth in the coming period. By the end of 2025, the scale of the TPDN market reached over 1.4 million billion VND, equivalent to 11% of GDP.
Mr. Duy said that the total value of new issues in 2025 reached 624 trillion VND, an increase of 32% compared to the same period, of which the main driving force came from the banking group increasing by 35% and residential real estate increasing by 37%.
Banks continue to be the most dynamic issuing group to supplement medium and long-term capital in the context of increasingly widening credit and deposit gaps. Meanwhile, real estate businesses are actively mobilizing capital to implement new projects and restructure maturing bonds.
Market quality has improved significantly when 50% of new issuing organizations in 2025 have credit records from "average" or higher, significantly higher than the rate of 38% in 2024. Credit rating activities are also more common, with 75 issuing organizations being ranked for the first time in the year, an increase of 50% compared to the same period, thanks to new regulations promoting information transparency.
Regarding risks, Mr. Duy assessed that the rate of late payment bonds has decreased sharply to 1.3% in 2025, from a peak of 12.2% in 2023. However, new cases of late payment are still mainly concentrated in the real estate group that faced cash flow difficulties during the restructuring and project restart phase.
On the secondary market, liquidity continued to increase with an average trading value of 6 trillion VND per day, an increase of 23% compared to the same period. Bonds issued by banks and real estate businesses accounted for about 75% of the total trading value, in which transactions mainly focused on bonds with terms remaining under 3 years.
From the above developments, Mr. Nguyen Dinh Duy predicts that corporate bond issuance activities will continue to be vibrant in 2026 thanks to the large capital demand of the private sector and the strengthened investor confidence in the market.
