Finance Minister Ngo Van Tuan outlined measures to improve capital efficiency and secure resources for Vietnam's double-digit growth target at the second session of the 16th National Assembly on October 31.
Tuan said total investment across society must reach about 40% of GDP and the incremental capital-output ratio, or ICOR, must fall to 4.5–4.8. Capital mobilisation needs in 2026–2030 are expected to be 2.21 times those of 2021–2025.
Capital raised in the first nine months of 2026 rose 15% year on year. Public share offerings increased 60% and private placements 80%. Since late 2025, 10 companies have conducted IPOs and raised more than 60 trillion VND, or 2.32 billion USD, nine times the amount mobilised in 2021–2025.
The stock market strategy aims to raise total capitalisation to 120% of GDP by 2030. Listed-share capitalisation is about 90% of GDP, bonds about 50% and derivatives about 20–30%. Priorities include strengthening the legal framework, transparency, equitising State-owned enterprises, attracting foreign investors and developing professional investment institutions.
Inflation stood at 4.52% in the first nine months. Monetary policy is being used to stabilise exchange rates and interest rates, while fiscal measures support people and businesses. In 2025, actual State budget revenue was 36% above the estimate and 34% higher than in 2024. Tuan said information technology should be used more widely to improve forecasting.
State Bank of Vietnam Governor Pham Duc An said economists and representatives of the World Bank and IMF had raised questions about the credit-to-GDP ratio, deposit and lending structures, and liquidity. The central bank will manage credit growth, currently about 12.27%, while deposit rates have risen 1.42% and lending rates 0.99%. Real estate credit growth is about 9.84%, below the overall rate.
An said the State Bank was working with the association of small and medium-sized enterprises to lower interest rates and improve access to capital through cash-flow-based lending. It will encourage lenders to expand such credit and improve the legal framework.
Sources: VietnamPlus / Vietnam News Agency
