Along with that, a series of large-scale IPO deals affirmed the attractiveness of non-bank capital mobilization channels, opening up more options for businesses looking for medium and long-term resources.
If in the past, the Vietnamese economy almost depended heavily on bank credit, now the rise of securities has added a significant new capital flow to the economy.
This is an important pumping channel, helping to gradually reduce the situation where the economy depends on "one foot of credit" which has many potential risks.
However, it is also necessary to look directly at the fact that the scale of the Vietnamese stock market today cannot be compared to bank credit. Not to mention, if we consider comprehensively, the market picture still includes both corporate bonds and government bonds - capital mobilization channels that have also been effective.
Therefore, it is still early to mention the balance between the capital and credit markets, but it can be affirmed that securities have become a new driving force to diversify capital sources for the economy.
The participation of securities, along with bonds, is helping businesses have more room for development, especially for medium and long-term projects. This is an important factor to improve resilience to global fluctuations and achieve the strategic goal of maintaining growth of 8-10%/year in the coming period.
But along with the sublimation is a challenge of how to make stocks not just a short-term wave based on hot cash flow. In fact, 2022-2023 witnessed when investor confidence wavered, liquidity immediately declined, many sessions only traded around VND15,000 billion, the market fell into a state of prolonged gloom.
The current strong comeback reflects restored confidence, but to maintain it, more is needed than short-term records.
Sustainable trust must start from fundamental reforms such as transparency of corporate information, standardization of governance, improving legality and protecting small investors.
At the same time, the bond market also needs to be consolidated to form a pillar of non-bank capital together with securities. At that time, the new financial system can reduce dependence on credit and practically spread risks.
It can be said that stocks are bringing a golden opportunity to support the economy. But for the opportunity to turn into great, long-term, and sustainable results, the only way is to steadfastly reform, synchronizing both stocks and bonds, to create a healthy and effective capital market.
By doing so, Vietnam will not only have a vibrant stock market channel, but will form a more diverse and balanced financial structure, strong enough to support rapid and sustainable growth goals.
