Việt Nam needs stronger capital mobilisation to sustain high growth

Việt Nam needs stronger capital mobilisation to sustain high growth

To achieve double-digit growth during 2026-30, the economy would need a strong shift in productivity, quality, institutions and, particularly, the efficiency of resource allocation.

Deputy Governor of the State Bank of Vietnam (SBV) Nguyễn Ngọc Cảnh delivered a speech at the Techcombank Investment Summit 2026. — Photo courtesy of the bank

Việt Nam needs to mobilise substantially more capital from the private sector, domestic capital markets and international sources to support infrastructure development and achieve its high-growth ambitions, speakers said at the Techcombank Investment Summit 2026 in Hà Nội on Saturday.

Speaking at the summit, Deputy Governor of the State Bank of Vietnam (SBV) Nguyễn Ngọc Cảnh said 2026 marked the beginning of a new period of development as Việt Nam pursued high and sustainable growth and sought to strengthen its position in global value chains.

To achieve double-digit growth during 2026-30, the economy would need a strong shift in productivity, quality, institutions and, particularly, the efficiency of resource allocation, he said.

Macroeconomic stability remained a foundation for strengthening investor confidence and creating an attractive investment environment. Stable inflation, interest rates, exchange rates and major economic balances would help investors better assess costs and investment returns, providing a basis for long-term investment plans.

“The SBV will continue to operate monetary policy proactively and flexibly, while closely coordinating with fiscal policy and other macroeconomic policies to maintain major economic balances and macroeconomic stability,” Cảnh said.

He said infrastructure development, particularly in transport, energy, urban development, logistics and digital technology, was essential for maintaining high growth.

“The capital needs for these projects are very large, while implementation and payback periods are often long,” he said.

“Therefore, alongside the leading role of public investment, Việt Nam needs to mobilise resources more effectively from the private sector, institutional investors, the domestic capital market and, in particular, long-term international capital.”

Cảnh said the banking system needed to go beyond its traditional role as a provider of credit and become a comprehensive financial partner capable of advising on, structuring and arranging funding solutions for individual projects.

Banks also needed to strengthen project appraisal and risk management, expand syndicated financing and connect domestic sources of capital with international funding.

Việt Nam should also develop a more balanced relationship between the money market and capital market and expand medium- and long-term funding channels for businesses.

“A multi-layered, transparent and efficiently functioning financial ecosystem will help reduce maturity pressures on the banking system and strengthen the economy's resilience to external impacts and volatility,” he said.

Cảnh stressed that rapid growth needed to go together with macroeconomic stability, large-scale capital mobilisation with market discipline, and innovation with risk management.

$1.1 trillion needed for 10% growth trajectory

Deputy Governor of the State Bank of Vietnam (SBV) Nguyễn Ngọc Cảnh delivered a speech at the Techcombank Investment Summit 2026. — Photo courtesy of the bank

Techcombank CEO Jens Lottner said Việt Nam's economy had demonstrated strong resilience despite global turbulence, while structural reforms and infrastructure investment were accelerating.

“Despite all the turmoil which we've seen, we see actually a very, very resilient market,” Lottner said.

“And even with the tariffs, even with the war going on in the Middle East, you still see very strong performance of the economy.”

He said reforms were also accelerating, with improvements in decision-making and infrastructure development.

A major challenge would be mobilising sufficient capital to support a 10 per cent growth trajectory.

“Capital formation on a 10 per cent growth trajectory would mean we need $1.1 trillion in capital formation,” Lottner said.

He estimated that infrastructure and the transformation of Việt Nam's economic model towards higher-value-added value chains, while supporting the country's carbon-neutrality commitments, would alone require around $500 billion over the next five years.

Other areas included the digital economy, data centres, real estate development and urbanisation.

Long-term financing for infrastructure

Lottner said infrastructure and financial services were among the areas with significant growth opportunities.

He noted that infrastructure projects had accelerated, with hundreds of projects being launched and large investments being made.

“We're seeing an acceleration of these infrastructure projects, and we can talk about financing all of this,” he said.

Lottner said Việt Nam would need more diversified sources of long-term funding beyond traditional credit and bonds.

“We need more equity capital, we need IPOs so that companies can raise real equity. We need long-term infrastructure bonds and many other structured finance solutions to be able to finance investments that take 10 to 15 years,” he said.

He also highlighted the potential role of Việt Nam's international financial centres in helping channel international capital into the country.

Lottner said Việt Nam's structural reforms and transformational investments were still at an early stage but were creating opportunities for investors.

“It was always a promising story, but becomes now an even more exciting story, and I think it becomes increasingly an investable reality,” he said.

He added that infrastructure and financial services were among the areas where he saw growth opportunities.

The Techcombank Investment Summit 2026, themed “Việt Nam's Prosperity: Creating and Passing on Value Across Generations”, brought together representatives from State agencies, financial institutions, investment funds, businesses and economic experts to discuss investment opportunities and Việt Nam's long-term growth prospects.

Lottner said Techcombank was committed to working with customers, investors, regulators and the international community to help mobilise funding.

“We really think and we are committed to play our role in bringing this together,” he said. “This is just one example of hosting the summit, but I think on day-to-day, every single day, working with customers, working with investors to make this a reality.” 

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