Risks

A thematic forum in the finance and banking sector titled “Mobilizing and using financial resources effectively for economic growth in the 2026–2030 period” was held on December 16 at the Government Office.

Deputy Governor of the State Bank of Vietnam Pham Thanh Ha said that to achieve the targeted double-digit growth in 2026–2030, join the group of upper-middle-income countries by 2030 and high-income countries by 2045, Vietnam must attain high, continuous, stable, and sustainable economic growth in the coming period.

“One of the decisive challenges for high growth is ensuring a sufficiently large capital base for the economy, while using it effectively to promote a growth model based on science and innovation,” Pham Thanh Ha said.

According to Ha Thu Giang, Director General of the SBV’s Credit Department, as of November 27, 2025, outstanding credit had exceeded VND18.2 quadrillion, up 16.56 percent compared with the end of 2024 and nearly double the level at the beginning of the previous period.

Credit structure has shifted in line with the structure of economic sectors. Credit has been directed toward priority areas, with some sectors accounting for large shares, such as agriculture and rural areas at about 23 percent and SMEs at 19 percent of total outstanding loans. Notably, credit to high-tech enterprises and supporting industries recorded high growth rates, averaging 17.51 percent and 19.91 percent respectively in the recent period.

Together with other capital sources, bank credit has provided essential financing for the implementation of many key projects and works.

However, Ha Thu Giang noted that pressure on capital supply for the banking system remains very large in the context of an imbalanced development of the financial market. Capital demand in the economy continues to rise, while capital mobilization from the corporate bond market and the stock market still faces many difficulties and has not fully played its role as the main supplier of medium- and long-term capital.

“Demand for medium- and long-term capital for national key projects and works is very large, creating pressure on credit institutions, while raising risks because the main source of lending capital is short-term deposits, accounting for 80 percent of total deposits of credit institutions,” Giang said.

To ease pressure on the banking system in supporting capital for the economy, experts have recommended unlocking capital mobilization channels from the stock market.

Using capital effectively is more important than mobilizing capital

From the perspective of financial and budget management, Deputy Minister of Finance Do Thanh Trung emphasized that mobilizing sufficient capital is a major task, but allocating it to the right addresses and using it effectively and transparently to create high added value is even more important.

Sharing the same view, economist Can Van Luc said that in the coming period Vietnam needs fast, sustainable, and inclusive growth across all three pillars of the economy, society, and environment, shifting away from heavy reliance on capital and labor toward greater reliance on science and technology, innovation, institutional reform, and productivity.

According to Luc, Vietnam needs to simultaneously improve all three stages: mobilization, allocation, and use of resources. The focus should be on completing financial market institutions, strengthening financial safety supervision, accelerating digital transformation, fintech, cashless payments, and digital assets, and promoting green finance, sustainable finance, and inclusive finance.

According to Bui Hoang Hai, Vice Chairman of the State Securities Commission, Vietnam’s stock market continued to expand in 2025, affirming its role as an important component of the financial market and a foundation supporting economic development.

The average trading value in the stock market over the first 11 months of 2025 reached nearly VND29.5 trillion per session (about $1.17 billion per session), up 38.5 percent compared with the previous year’s average.

The average trading value in the listed bond market and the privately placed corporate bond market over 11 months reached nearly VND15 trillion per session and more than VND5.4 trillion per session, up 27.4 percent and 26.44 percent respectively compared with the previous year’s average.

By the end of October 2025, Vietnam’s stock market had more than 11 million accounts, with domestic individual investors accounting for an overwhelming share (99.38 percent) and conducting up to 85 percent of total trading value.

Tuan Nguyen