Comprehensive Reform and Capital Plan for Vietnam's Financial Market

The Government of Vietnam has officially approved the Comprehensive Reform Plan for the Vietnam Financial Market in line with socio-economic development and double-digit growth targets.

Approval of the Strategic Reform Plan

The Government of Vietnam updated the Government Action Program for the implementation of the five-year plan for 2026-2030 through Decree No. 109/NQ-CP dated April 16, 2026. In this context, the Prime Minister approved the Comprehensive Reform Plan for the Vietnam Financial Market, committed to the target of high and sustainable growth.

Current Stock Market Structure and Capital Status

According to data from the State Securities Commission, by the end of 2025, the market capitalization of the stock exchange will equal 77.6% of GDP. However, this situation does not fully reflect the actual source of investment capital channeled into the economy.

Weight of Short-Term Transactions

In 2025, when the stock market raised 318 trillion VND in equity, securities companies providing 410 trillion VND in margin loans to short-term investors reveals that the stock market's role in providing medium and long-term capital to the economy is weak.

Foreign Investment Trends and Bond Needs

The net sales value by foreign investors is expected to be 94,485 billion VND in 2024, 134,788 billion VND in 2025, and 80,000 billion VND in the first six months of 2026. This indicates that capital flows must be directed toward the bond market to attract large capital.

National Infrastructure Investment Fund Proposal

To provide medium and long-term capital to the economy, it is proposed to develop the bond market and establish a National Infrastructure Investment Fund operating through a public-private partnership mechanism. This independent, non-profit financial institution will issue national infrastructure investment bonds on behalf of the Ministry of Finance.