Large capital demand for a new growth phase
Mr. Dao Minh Tu - Former Standing Deputy Governor of the State Bank of Vietnam; Former Chairman of the Vietnam Bank Union; Member of the National Financial and Monetary Policy Advisory Council - said that effectively mobilizing capital is not a story of one year but a national-level problem and must be solved in the next 5 years. In the past period, total social investment capital only reached more than 17 million billion VND, while in the next period the capital demand may reach more than 38 million billion VND.
Mr. Tu said that when it comes to investment capital for the economy, in addition to cash capital, there are also asset capital, labor capital, and knowledge capital. In the context of the technological revolution, knowledge capital, technology, data, or innovation capacity can all become important resources for development.
Besides domestic resources, mobilizing international capital is also important. For example, building a financial center in Ho Chi Minh City and Da Nang can attract more resources from abroad, thereby expanding the ability to mobilize capital for the economy.
Regarding cash capital, Mr. Dao Minh Tu said that the responsibility first and foremost lies with the State Bank and the Ministry of Finance. The cash source is currently in businesses, in the people and in social resources. The issue is how to exploit and mobilize this capital source effectively.
The banking industry has currently exploited nearly 19 million billion VND. Right after Tet, the credit market increased by about 1.5%. However, credit sources may increase more slowly in the coming time due to the impact of capital supply and demand and the general level of interest rates.
Diversifying resources and increasing efficiency in capital use
Besides the banking credit channel, the capital market including the stock market and the bond market is also an important capital mobilization channel. Although the bond market has encountered some incidents in the previous period, the Government and management agencies have made efforts to restore market confidence.
In the coming time, the development of this market still has a lot of room. However, one of the important issues is to create more "goods" for the market by increasing the capitalization scale of assets, encouraging businesses to issue and attract investors to participate.
Another issue mentioned by Mr. Tu is the need to effectively exploit existing resources in the economy. For example, real estate contains a very large volume of capital but many assets have not been put into circulation. Or the gold source in the people is also a noteworthy resource.
Mr. Tu also emphasized the role of public investment as a source of capital bait, creating a foundation to attract more social resources. However, the core of the economy still lies in the business sector. Therefore, there needs to be appropriate policies from the State to support business development, instead of letting businesses have to manage resources themselves.
From the perspective of the banking system, Mr. Tu believes that bad debts and outstanding debts still exist. Although the National Assembly has legalized a number of regulations for handling, many resources have not been circulated and have not been brought back to the economy.
Completing the financial service ecosystem
Meanwhile, according to Mr. Nguyen Ba Hung - Chief Economist of ADB - the basic principle of the financial market is that the higher the risk, the higher the expected yield and vice versa. The task of the financial market is to balance the relationship between yield and risk, and at the same time create tools for businesses to control risks at an optimal level.
In the financial instrument system, the debt market plays a particularly important role. This market provides many debt products with different terms and interest rates. However, to balance yields and risks, complete information about credit risks is needed.
For example, for businesses issuing bonds, it is necessary to have a credit rating system to assess the credit risk of the business. As for individuals borrowing capital, it is necessary to have a personal credit database so that lending organizations can assess the level of risk.
Full and transparent information helps investors accurately assess risks and make appropriate investment decisions," Mr. Hung emphasized.
According to Mr. Hung, currently Vietnam's financial market is still mainly based on bank credit, while non-bank channels are still developing limitedly. Therefore, it is necessary to continue to develop the capital market, including both the bond market and the stock market.
He also said that Vietnam needs to develop a financial service ecosystem, strengthen connections with international financial markets to mobilize large-scale capital sources. When the financial service system operates effectively, the financial market will become an important capital channel for the economy.
Deputy Minister of Finance Nguyen Duc Chi: Creating a favorable environment to mobilize resources for development investment
In 2025, the Vietnamese economy achieved very positive results, GDP growth reached 8.02% with inflation controlled at 3.31%; Total import and export turnover reached a record level - over 930 billion USD; Public investment capital implemented for the whole year reached 850.7 trillion VND, the highest in the past 5 years. Total capital mobilization volume in the capital market reached over 1.15 million billion VND, the highest ever.
Although very positive results have been achieved, it can be seen that there are still many difficulties and challenges ahead. The capital demand for development investment in the coming period is very large, especially capital for strategic infrastructure projects, North-South connectivity, regional and international connectivity. Businesses themselves also need large resources to both maintain operations in a volatile context; and invest, research, and expand production and business. Meanwhile, the scale of the domestic capital market is still modest, the system of professional institutional investors is not diverse in both types and financial capacity, securities investment funds and pension funds are not operating commensurate with their potential, and the attraction of foreign indirect investment capital still has some problems.
To mobilize resources for development investment, policies need a suitable implementation environment, including the stock market. The stock market has had many fluctuations in the past time. If the stock market is developed transparently, safely, and clearly, it will create a favorable environment to mobilize capital for development investment, not only of the Government but also of businesses and the whole society.
Deputy Governor of the State Bank of Vietnam Pham Thanh Ha: Operating flexible monetary policy to ensure capital for growth
The Resolution of the 14th National Party Congress set out the goal of "Striving to achieve an average growth rate of gross domestic product (GDP) for the period 2026 - 2030 of 10%/year or more".
The current world economic context contains many risks in the face of unpredictable developments from wars, geopolitical conflicts, climate change, energy prices... which have had negative and direct impacts on our country's economy.
This has set requirements for macroeconomic policy management, including flexible, proactive, and appropriate monetary policy to ensure the balance and harmony of macroeconomic stabilization and inflation control goals while still ensuring sufficient capital supply from bank credit capital to serve the production, business, and consumption activities of people and businesses in the economy.
In parallel with meeting sufficient scale, we also need to focus on improving credit quality, orienting bank credit capital flows into production and business sectors, priority sectors, and new growth drivers suitable for the process of economic restructuring taking science, technology, innovation and digital transformation as the main driving forces, focusing on digital economy, green economy, and circular economy.
