[REVISION HISTORY]

Vietnam financial market development and structural shifts

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2026-10-27 11:23 UTC → 2026-10-28 04:26 UTC · added ~~removed~~

Vietnam’s financial markets continue to undergo structural evolution. As of August 2026, the corporate bond market reached approximately 1,491 trillion VND. While high interest rates decreased new issuances within the banking sector, the real estate sector grew as companies used bonds to compensate for tightened credit. In the first eight months of 2026, corporate issuances reached 348,980 billion VND, with banks accounting for 54% and real estate for 39%. To support high GDP growth—estimated at 9.01% in September 2026—authorities are focusing on capital mobilization and regulatory reforms. The Ministry of Finance and the State Securities Commission are drafting new regulations to expand English-language information disclosure requirements by 2027–2028 to improve accessibility for international investors. Additionally, officials are encouraging Foreign Direct Investment (FDI) enterprises to list on the stock market to bridge the gap between their economic contribution and market presence; currently, only 10 FDI companies are listed. Experts emphasize the need for market restructuring to transition from high-liquidity environments to stable sources of long-term capital. Johan Nyvene, Chairman of Ho Chi Minh City Securities Corporation, has suggested developing retirement savings mechanisms to encourage domestic institutional investment. Regarding market status upgrades, Nguyen The Minh estimated that passive funds could contribute $2 billion, while active funds could bring $5 billion to $6 billion. To meet the massive investment demand required for 2026–2030, consultant Kojima Kazunobu noted that Vietnam must refine IPO frameworks, enhance listing standards, and improve corporate governance to transition from an emerging to a developed market. By late October 2026, analysts further emphasized the necessity of transforming Vietnam’s 13.7 million individual trading accounts into long-term institutional capital. This shift is viewed as essential for maintaining international attractiveness as the country pursues potential emerging market upgrades by FTSE Russell.

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