Experts offer advice on attracting large capital inflows into Vietnam.

(Dan Tri Newspaper) - The capital market is gradually asserting its role as a pillar leading medium and long-term capital flows for the economy. 2026 presents an opportunity for this platform to enhance its position.

On December 12th, the Vietnam Financial Advisory Association (VFCA) and VietnamFinance Magazine organized the Vietnam Capital Market Outlook 2026 forum with the theme "Breaking Through on a New Platform" in Hanoi .

Stabilizing the market is essential for improving the quality of capital mobilization.

At the forum, Dr. Le Minh Nghia, Chairman of VFCA, assessed that 2025 has created three historically significant foundations for the development of Vietnam's market and international financial integration.

Firstly, the Vietnamese stock market was upgraded by FTSE Russell from "frontier" to "secondary emerging market". Secondly, the Law on Digital Technology Industry and Resolution 05 became the first legal framework for the cryptocurrency market. Thirdly, Resolution 222 on International Financial Centers laid the institutional foundation for Vietnam's deeper participation in global financial flows.

According to Dr. Le Minh Nghia, a new mindset, new solutions, and new approaches are needed to leverage Vietnam's existing advantages (Photo: Organizing Committee).

According to Mr. Nghia, for the capital market to break through, it needs new thinking and a new approach, especially regarding issues of capital flows, the legal framework for digital assets, and the development orientation of an international financial center.

The market must boldly innovate "Made in Vietnam" financial instruments such as green bonds with carbon credits, digitized assets, tokenized securities, blockchain-based products, etc., while also strongly attracting institutional and individual investment funds, pension funds, venture funds, and green funds to create a long-term, stable capital base for businesses.

Meanwhile, Mr. Nguyen Duc Hien, Deputy Head of the Central Committee's Policy and Strategy Department, noted that Vietnamese businesses are still overly dependent on bank credit, while the stock and corporate bond markets have not met expectations.

To achieve growth targets, he emphasized the need for strong reforms in market products (bonds, stocks), improved operational quality, and innovative thinking in raising long-term capital from funds and investors.

The capital market plays a crucial role in achieving double-digit growth targets (Photo: Huu Khoa).

Mr. Bui Hoang Hai, Vice Chairman of the State Securities Commission, said that the regulatory body is implementing steps to increase market openness and meet upgrade criteria, including a central clearing counterparty mechanism. At the same time, it is also necessary to research new products such as infrastructure bonds, green bonds, derivatives, and stock market indices.

How should the capital market be restructured?

Dr. Can Van Luc, Chief Economist of BIDV and Member of the Prime Minister's Policy Advisory Council, noted that Vietnam is entering a new phase requiring both rapid growth and the simultaneous assurance of political stability, environmental protection, and improved governance.

According to him, the new development model needs to converge on four main points: rapid and sustainable growth; a shift in focus towards productivity, science, and technology; the simultaneous combination of three elements: investment, technology adoption, and innovation; and the efficient mobilization and allocation of resources.

Currently, many high-growth economies see capital contributing 40-50% to growth. Vietnam currently only achieves total social investment of about 33% of GDP, while the demand for capital for green transformation, climate change adaptation, and technological innovation is expanding.

Therefore, Vietnam needs to maintain an investment growth rate of around 10% per year and consider establishing a national emergency fund to respond to risks.

The investment environment in Vietnam is not yet truly open, hindering the strong flow of capital into production and innovation. The financial system remains heavily reliant on banks; the capital market is still small; non-bank institutions are underdeveloped; and the risks of inter-market linkages remain significant.

Dr. Can Van Luc proposed the need to improve institutions according to international standards; develop a more balanced capital market, reducing dependence on bank credit; operate a carbon market and promote the digital asset market; enhance transparency and corporate governance; and maintain macroeconomic stability so that capital flows shift from speculation to production.

Vietnam needs to improve administrative procedures and enhance financial management capacity to international standards; establish new funds such as the Green Transformation Fund, the Innovation Fund, and the Venture Capital Fund; and develop a comprehensive strategy for mobilizing, allocating, and utilizing resources.

Source: https://dantri.com.vn/kinh-doanh/chuyen-gia-hien-ke-don-dong-von-lon-vao-viet-nam-20251212184847242.htm