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International fundraising is increasingly being pursued by large Vietnamese enterprises as the cost of international financing has fallen, easing access to capital. In the next phase, total social financial resources are projected to reach tens of quadrillions of dong, increasing pressure to mobilize funding not only for banks but also across the private sector, including enterprises, the capital market, and funds outside the formal financial system. Standard Chartered Vietnam CEO Nguyen Thúy Hạnh said debt mobilization through international syndicated loans can help quickly implement infrastructure projects and expand production, while providing longer-term capital and improving Vietnam’s credit profile globally. She noted that loans tied to sustainability criteria have become a mainstream trend to optimize funding costs.
International funding is becoming a key channel for large Vietnamese firms. Vingroup’s board of directors approved a plan to issue international bonds worth USD 350 million. The bonds have a face value of USD 200,000 each and a five-year tenor. They are non-convertible, non-warranted, unsecured, and may include an option to receive VPL shares. The bonds are expected to be listed on the Vienna (Austria) stock market. Earlier, at the end of 2025, Vingroup issued USD 325 million in five-year international bonds listed in Vienna, also with a VPL share option.
In banking, HDBank holds nearly USD 1 billion in green capital from international institutions in recent years and plans to issue USD 300 million in international green bonds. The planned issuance is described as the first collaboration between HDBank and the London Stock Exchange, intended to open access to global resources for Vietnamese firms. VPBank also announced plans to increase charter capital in 2026 through private placements to foreign investors, raising charter capital to over VND 106.2 trillion. Separately, VIB’s shareholders approved a plan to mobilize USD 1 billion in foreign capital, including international bonds, to diversify funding sources and optimize borrowing costs.
Le Quang Trung, Deputy General Director of VIB, said international funding costs have declined and issuers can access and bear them. In exploring a USD 500 million deal, many international institutions expressed willingness to lend. With reported lending rates of around 5.75–6% per year, institutions are prepared to commit billions of USD to Vietnam.
Analysts cited two main reasons Vietnam is seen as attractive. First, expectations that Vietnam’s stock market will be upgraded to emerging market status and included in MSCI indices. Second, the anticipated upgrade of national credit to BBB, which could attract global capital. Investors are seeking to position themselves ahead of these developments, contributing to Vietnam’s credit risk premium being lower than the risk level implied by current assessments.
Analysts also pointed to a comparison with other countries in the region. They said countries such as Indonesia and the Philippines have been surprised to see Vietnam’s risk profile higher while borrowing costs remain lower. The second cited factor is Vietnam’s dynamic GDP growth target, which is viewed as more compelling for international investors than the stagnation seen in some regional peers.
Vietnam established the International Finance Center (VIFC), aiming to create an additional arena for investors and indirect capital flows. The goal is not to compete with Vietnam’s existing financial system, but to attract new financial resources from both foreign and domestic investors. The article compares the initiative to how Dubai expanded its financial role over the past decade to compete with Hong Kong and Singapore. The establishment of VIFC is expected to raise Vietnam’s financial market standing toward regional and international standards and serve as a new growth driver.
While access to international funds is broadening, experts cautioned that it remains selective. Foreign investors are increasingly strict about credit risk, corporate governance, and information transparency. In practice, capital tends to flow mainly to leading firms or financial institutions with clear credit profiles, while many other companies continue to rely primarily on the domestic market. Experts also highlighted the need to improve foundational factors such as the legal framework and the depth of the domestic financial market to sustain long-term attractiveness. As a result, attracting foreign capital is described as a strategic, long-term objective rather than a short-term outcome.
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