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Speaking at the National Assembly’s plenary session on the morning of April 21, 2026, Deputy Le Hoang Anh (Gia Lai) highlighted two major barriers to economic growth.
Deputy Le Hoang Anh said national financial resources are being siphoned into sectors that do not create real value. He noted that private investment depends 80% on banks, but high interest rates tend to favor only high-profit sectors or asset speculation.
He cited that real estate credit rose 132% over four years, reaching levels 1.81 times higher than credit to industry. In his view, this sector does not generate productive value or sustainable employment. He also pointed to affordability issues, saying housing prices in Hanoi and Ho Chi Minh City are 25–30 times income, leaving many people—after more than 30 years of work—unable to buy a home.
Deputy Le Hoang Anh compared the situation to Vietnam “running a marathon with its legs bound,” arguing that capital is buried in asset speculation rather than flowing to areas that create real value.
The second obstacle, he said, is a high ICOR investment coefficient of 6.4, which he linked to weak management of public investment. He said many projects that are technically completed have not yet been put into use, wasting resources.
He also referred to cases of “excess projects, lack of discipline and accountability,” where key projects already have funding but have not yet been allocated capital to implement. He stressed that adding more money to weak governance would only increase ICOR and would not address the root problem.
Deputy Le Hoang Anh proposed measures to redirect capital and raise investment efficiency. Instead of relying on administrative orders, he advocated mandatory reserves differentiated by sector, along with gradually higher fees over time for land in projects that are slow to implement (over 24 months). He also suggested fees for second homes that are not used, with the revenue directed to a social housing fund.
He further called for cutting at least 30% of inefficient projects and requiring post-implementation reviews three years after project completion. He also proposed establishing a real-time public investment governance system and digitizing the entire lifecycle of capital to monitor progress and accountability at each stage.
“The goal of achieving two-digit growth is feasible if we reform boldly where it matters and change the mechanism so that every investment dollar demonstrates its value,” Deputy Le Hoang Anh said.
Deputy Nguyen Hai Nam (Hue) focused on solutions to unlock capital for growth, particularly by developing the capital market to ease pressure on the banking system.
He said Vietnam’s ICOR is currently about 6.44%. If the index can be lowered to 4.5%, investment efficiency would improve, reducing the capital required to achieve growth targets.
Deputy Nguyen Hai Nam also advocated building a second channel of capital flows through the capital market, including bonds and stocks. For the bond market, he proposed reviewing relevant laws and decrees to manage effectively without being overly strict or too lax, while meeting corporate financing needs. He said encouraging bond credit ratings would help investors assess risk.
He further suggested piloting national investment funds to proactively invest in key sectors such as high-tech and AI. He also called for green bonds to fund green infrastructure and for expanding the issuance of local government bonds in major cities including Hanoi, Ho Chi Minh City, Da Nang, and Quang Ninh.
In addition, he urged increasing liquidity in the secondary market and applying AI to help investors forecast trends and price bonds.
Sharing concerns about market balance, Deputy Nguyen Nhu So (Bac Ninh) said the financial system faces a paradox: the credit-to-GDP ratio is very high at 146%, yet the economy still lacks medium- and long-term capital.
He attributed the problem to term-structure misalignment, saying enterprises rely too heavily on short-term funding from banks to finance long-term needs. This creates a short-term funding model that strains liquidity.
To address capital being drawn into safe yet low-value sectors, Deputy Nguyen Nhu So recommended shifting monetary policy from quantity easing to directed capital flows, prioritizing production in value-creating sectors. He also emphasized developing the capital market, especially the stock and corporate bond markets.
He suggested modern financial tools to unlock capital flows, including creating a secondary refinancing market by securitizing loans and developing a transparent distressed debt market to free up bank balance sheets and widen new credit supply to the economy.
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