Expansion of capital channels being urged
Expansion of capital channels being urged
There are calls for Vietnam to develop a more diverse financial ecosystem capable of supporting businesses at every stage of development, particularly private and innovative companies.
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Seminar on restructuring capital channels On July 15, VIR will organise a seminar titled Restructuring Capital Channels in Hanoi. The seminar will see the participation of leaders from the Ministry of Finance, the State Securities Commission, listed companies, domestic and foreign investment organisations, and investors with many years of experience in the capital market. The event is part of a series of thematic seminars on the capital market held annually by VIR since 2020. The initiative aims to create a forum for regulatory bodies, experts, businesses, financial institutions, and market participants to exchange the key issues of the economy and the capital market. At the seminar, regulatory bodies, experts, businesses, financial institutions, and market participants can discuss the shift in capital flows, solutions for developing Vietnam’s capital market, and investment opportunities in the new context. Through presentations, experience sharings by financial institutions and businesses, policy discussions and dialogues, the seminar is expected to contribute practical recommendations and solutions to improve the efficiency of mobilising and allocating resources for the economy. At the same time, the event is also an opportunity to look back on the 30-year development of Vietnam’s securities industry, thereby contributing to shaping new growth drivers for the capital market in the coming period. |
In the first half of 2026, Vietnam’s stock market sent several positive signals. According to the State Securities Commission (SSC), equity offerings reached $4.39 billion, up over 67 per cent from the previous year, while private corporate bond issuances totalled nearly $5.73 billion, matching the same period in 2025.
By the end of June, the stock market’s total capitalisation reached over $406.54 billion, equivalent to about 82.3 per cent of GDP in 2025. Average trading value reached nearly $1.13 billion per session. Vietnam had more than 13.16 million securities trading accounts, accounting for about 13 per cent of the country’s population.
Seminar on restructuring capital channels, photo baodautu.vn |
Speaking at a conference on securities issuance on July 2, SSC chairwoman Vu Thi Chan Phuong said such issuance is a process of converting idle resources in society into capital for production and business.
“Capital will be allocated to enterprises with strong governance capabilities, effective projects, and the ability to utilise funds efficiently, thereby improving the overall efficiency of resource allocation across the economy,” Phuong said.
Securities issuance also facilitates companies to strengthen their financial resources, improves corporate governance, and promotes transparency, accountability, and credibility. These factors support growth, enhance competitiveness, and enable deeper integration into regional and international capital markets, she added.
According to Bui Thanh Trung, deputy general director of Thien Viet Securities, Vietnamese businesses are accessing capital through three main channels: bank credit, bond issuance, and the stock market.
“Each channel has its own standards,” Trung said. “Banks are suitable for businesses with collateral and stable cash flow. Bonds require creditworthiness and repayment capacity. Listing on stock exchanges is for businesses that have scaled up to a certain level.”
However, many fast-growing businesses, especially innovative ones, are in the gap of the financial system. “They have moved beyond the startup phase with established products, customers, and a good growth rate. Still, they fail to meet the requirements to access public capital markets,” Trung said.
It is vital to expand capital channels to facilitate businesses’ capital mobilisation activities. Thus, the SSC has continuously reviewed and improved the legal framework for capital raising.
After one year of implementation, Decree No.245/2025/ND-CP has streamlined administrative procedures, associating initial public offerings with listings, and increase businesses’ access to the capital market. Meanwhile, Decree No.200/2026/ND-CP has been issued to strengthen the regulatory framework for private corporate bond issuance in the domestic and overseas markets.
The SSC is continuing to look at amending the Law on Securities, implementing a central clearing counterparty mechanism, researching new products, developing the cryptocurrency market, and more
FTSE Russell’s upgrade of Vietnam from frontier to secondary emerging market status later this year also opens up opportunities to lure a stronger flow of international capital. Nguyen Son, chairman of the board at Vietnam Securities Depository and Clearing Corporation (VSDC), said, upgrading the market is a strategic goal to enhance the position of Vietnam’s stock market on the global financial map, while attracting more long-term international investment flows.
“To achieve the goal, we need to complete the legal framework and improve the scale and quality of listed products. At the same time, trading infrastructure, clearing and settlement systems, and risk management mechanisms also play an important role,” he said.
Over the past year, under the guidance of regulatory bodies, the VSDC has coordinated with stock exchanges, market participants, and international organisations to review and refine its operation processes to align with international best practices.
- 08:46 13/07/2026
