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Against a backdrop of growing capital needs to fuel growth, proactively accessing global financial resources has become a key direction in the development strategy of Vietnamese enterprises.
Following the message from the close of a conference implementing the 14th Central Committee, 2nd session, General Secretary and President To Lam said the new development phase requires about 38 quadrillion dong in funding, with state capital around 8.5 quadrillion dong; the remainder must be mobilized from other resources.
This signals a foundational requirement: high and sustainable growth cannot rely on a single resource, and the burden cannot be placed entirely on the State. Therefore, the objective is not simply to adjust the capital mix, but to fundamentally shift development thinking from resource allocation to creation, leadership, and activation of resources.
Experts say that a capital need of tens of quadrillions dong implies substantial funding pressure not only on the banking system but also across the broader private sector, from enterprises and the capital market to resources outside the formal financial system.
From a solution perspective, Nguyen Thúy Hạnh, CEO of Standard Chartered Vietnam, argues that one group of debt-raising strategies that acts as a financial lever to quickly deploy infrastructure projects and expand production is tapping international syndicated loan markets. These loans provide long-term funding and help raise Vietnam’s credit profile on the global financial map. Syndicated loans linked to sustainability criteria are a prevailing trend to optimize funding costs.
These directions are seen as favorable as international interest rates ease, bringing funding costs to more competitive levels. This is viewed as an opportunity for Vietnamese firms to restructure funding toward longer tenors, reducing reliance on domestic credit.
Market evidence shows a wave of foreign capital access. Vingroup has repeatedly pursued international bond issuances, with a latest plan worth 350 million USD, following a prior 325 million USD raise.
In the financial sector, TCBS recently completed signing and is ready to disburse a syndicated loan up to 488 million USD, a record high for a domestic securities company.
Similarly, Masan Group has arranged a successful international loan of 300 million USD, while many banks are pushing foreign capital fundraising to diversify resources.
GELEX has also mobilized a total of 279 million USD from international markets in two instances. Notably, a 200 million USD syndicated loan arranged by HSBC with the participation of 19 global financial institutions demonstrates growing international investor interest in Vietnamese firms.
A broader view of governance and credibility shows that accessing international capital is not merely about adding funds but also a rigorous test of creditworthiness, transparency, and governance standards. Loans, especially international syndicated loans, typically come with stringent underwriting processes from multiple financial institutions. Accessing these funds successfully means the enterprise has met global evaluation standards.
Recently, after completing a 200 million USD syndicated loan for Gelex Infrastructure, Tim Evans, CEO and Head of Corporate and Investment Banking at HSBC Vietnam, said the bank is proud to support Gelex Infrastructure’s mid-term investment plans and to help Vietnamese firms access international syndicated funding to sustain long-term growth. He added that as global funding costs ease, advantages in rates and tenors help firms optimize capital structure, ease cash flow pressures, and improve capital efficiency.
More broadly, access to international capital is increasingly becoming a new yardstick in the capital market. Foreign capital inflows are increasingly selective, prioritizing leading firms with solid financial foundations and clear development strategies.
Experts caution that international capital access is not merely about exploiting a low-cost funding environment. To attract and effectively utilize foreign funds, enterprises must build a structured financial strategy—from FX risk management and tenor structuring to transparent information and alignment with international practices. In other words, foreign capital is not a short-term opportunity but a long-term strategic challenge that requires firms to proactively upgrade internal capabilities rather than wait for favorable market conditions.
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