Three major developments  -  a legal framework for digital assets, a roadmap for an international financial center, and the official upgrade of Vietnam’s stock market  -  are poised to provide the capital market with a powerful springboard starting in 2026.

Speaking at the “Vietnam Capital Market Outlook 2026: Breakthrough on a New Foundation” forum held on December 12, Dr. Le Minh Nghia, Chairman of the Vietnam Financial Consultancy Association (VFCA), emphasized that the question is no longer whether Vietnam can succeed, but rather how to convert these foundational steps into tangible growth.

He noted that the capital market must become a key pillar for mobilizing medium- and long-term capital, helping Vietnam achieve double-digit growth, break out of the middle-income trap, and move toward its 2045 development vision.

“What we need is a trio of tools: new thinking, new solutions, and new approaches,” Nghia said.

He called for fresh perspectives drawn from both the successes and failures of global financial centers. Vietnam, he argued, should adopt bold, superior mechanisms that allow it to compete not just regionally within ASEAN but also on the global stage.

Instead of replicating outdated models, Nghia proposed innovative, “Made in Vietnam” financial tools such as carbon-credit-linked green bonds, tokenized securities, and blockchain-based financial products. These would attract capital from private equity, venture capital, pension funds, hedge funds, ESG funds, and green finance institutions.

The new approach also requires decentralization, global standards, and immediate implementation, he stressed.

At the forum, Nguyen Son, Chairman of the Vietnam Securities Depository and Clearing Corporation (VSDC), said 2026 presents a historic opportunity for Vietnam’s capital market. Structural reforms in risk management, technological upgrades, and process standardization will align the market more closely with developed economies.

These reforms are expected to bolster the role of capital markets in supporting economic growth, expanding businesses, and attracting long-term investment.

Most notably, 2026 marks the year Vietnam’s stock market is expected to receive its official upgrade in classification by FTSE. The country is also targeting compliance with higher standards set by FTSE and eventually MSCI.

Breakthrough mechanisms needed

From an investor’s standpoint, Luong Thi My Hanh, Head of Domestic Asset Management at Dragon Capital, said that international examples show such transformations hinge on bold government policy. These include incentive structures that empower the private sector to play a leading role.

According to Hanh, 2026 will be an opportune time for fund management to expand its role by mobilizing idle household capital, enabling retail investors to access the capital market safely and sustainably, and sharing in the nation’s economic gains.

“Long-term capital from funds will ease pressure on bank credit and serve as a stable driver of growth,” she noted. “This will help Vietnam move closer to a diversified and modern financial system aligned with regional standards.”

Economist Dr. Can Van Luc argued that to unlock investment and business potential, as well as boost investor confidence, new capital mobilization strategies are essential.

In addition to traditional funding channels  -  such as bank credit, the capital market, public investment, FDI, and private investment  -  Luc emphasized tapping into less conventional resources like green and sustainable finance, trade surpluses, remittances, tourism revenue, the capital market upgrade, the international financial center, digital assets, and the carbon credit market.

On the digital asset front, Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Asset Association, noted that Vietnam ranks among the top seven countries globally in terms of digital asset ownership, with over 17 million holders as of 2023.

From July 2024 to June 2025 alone, Vietnam attracted over USD 220 billion in blockchain-related capital, ranking third in the Asia-Pacific region. The country also leads the world in the percentage of freelancers who own digital assets, exceeding 85% in 2023.

Trung said any digital asset pilot must be built on three key pillars: people, technology, and legal infrastructure.

He warned that Vietnam still lacks engineers capable of designing and operating compliant, risk-managed digital asset exchanges. There is also a shortage of professionals with combined expertise in blockchain technology, digital assets, and financial operations.

This talent gap remains one of the biggest challenges for piloting a secure and efficient digital asset exchange in Vietnam.

Tuan Nguyen