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Vietnam’s government is targeting stock market capitalization to reach 120% of GDP by 2028, aiming to share the financing burden with the banking system, Deputy Prime Minister Nguyen Van Thang said.
During the April 21 economic and social discussion, Nguyen Hai Nam, a full-time member of the Economic and Financial Committee, said the current banking credit scale stands at about 145% of GDP—significantly higher than some regional peers. He noted this creates pressure and potential risks related to bad debts and banks’ capital adequacy ratio (CAR).
Mr. Nam said bank lending mainly provides short-term funding, while long-term financing depends more on the capital market. He argued that the second financing channel—capital markets, including bonds and equities—needs to be developed in a coordinated manner.
In remarks to the National Assembly, Deputy Prime Minister Nguyen Van Thang said the capital market and stock market are being developed as a mid- to long-term funding channel for the economy.
He highlighted the government’s goal for stock market capitalization to reach 120% of GDP by 2028, describing it as comparable with regional and global peers. “Thus, the stock market is an important mid- to long-term funding channel that shares the burden with banks,” the deputy PM said.
As of the end of 2025, stock market capitalization reached nearly 10 quadrillion dong, accounting for about 77.9% of Vietnam’s GDP.
Finance Minister Ngo Van Tuan said the stock market has opportunities to attract capital in the near term after FTSE Russell confirmed an upgrade from frontier market to emerging market status on September 21.
On the government bond market, he said that after a period of lull, there are signs of recovery. Mr. Tuan added that this year’s fundraising target through the bond market is 900 trillion dong, up 100 trillion from 2025.
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