Vietnam faces a huge financing challenge: it must mobilise around VND38.5 quadrillion (about US$1.5 trillion) between 2026 and 2030. Expanding the stock market could provide a large part of that missing capital, making the issue crucial for country’s growth.

Tran Xuan Toan, deputy general director of the Ho Chi Minh City Press and Radio‑Television Agency, said studies show bank credit supplies about 51 percent of total capital. By contrast, funds raised through the stock market and corporate bonds account for only 13‑14 percent.

In September 2021, FTSE Russell upgraded Vietnam’s stock market to secondary emerging‑market status, a move that can attract more institutional and international investors. As of 21 October, equity market capitalisation reached VND10.16 quadrillion (about US$393 billion), roughly 79.1 percent of the projected 2025 GDP, while the listed bond market stood at VND2.94 quadrillion (about US$114 billion), about 22.9 percent of GDP.

Tran Xuan Toan warned that the upgrade alone will not guarantee investment; long‑term capital will stay only if the market is transparent, offers quality products, and protects investors’ rights. Vu Thi Chan Phuong, chairwoman of the State Securities Commission, added that market quality, good corporate governance, predictable policies and investor‑friendly mechanisms are essential for attracting sustained foreign and domestic capital.

Because Vietnam must close a $1.5 trillion funding gap, expanding and improving the stock market is not optional but vital. A deeper, more trustworthy market can channel the needed capital and reduce the economy’s heavy reliance on bank credit.