Vietnam’s Double-Digit Growth: Where Will Long-Term Capital Come From?

Vietnam is entering a new phase of development after achieving 8.02% GDP growth in 2025, with the government targeting double-digit growth from 2026 onward.

However, the key challenge lies not only in policy or growth drivers, but the availability of long-term capital to sustain this momentum.

Vietnam may face an annual long-term capital gap of up to USD 20 – 30 billion to sustain high growth, according to our report “Vietnam Economic Outlook Report - Navigating Capital for Vietnam Economic Growth 2026 and Beyond”published in February 2026.

For decades, bank credit has been the primary funding channel. Yet, this model is approaching its prudential limits due to:

(i) Nearly 90% of funding being short-term while almost half of lending is medium- to long-term;

(ii) The ratio of short-term fundsused for long-term lending nearing the regulatory cap;

(iii) Relatively low capital buffers, with banks requiring time to strengthen Tier 1 capital and capital adequacy ratios.

This raises a critical question: if banks can no longer be the primary source of long-term capital, what will replace them? Many experts believe the corporate bond market will play an increasingly important role in unlocking long-term capital flows for the economy.

In fact, the corporate bond market showed signs of recovery in 2025, with total new issuance reaching approximately VND 644 trillion, up 32% year-on-year.

However, the market structure remains imbalanced, with banks accounting for nearly 70% of issuance, while manufacturing enterprises, the key growth driver, remain underrepresented.

Against this backdrop, several critical questions emerge for the years ahead:

• Can the corporate bond market truly become a sustainable source of long-term capital for the economy?
• What barriers need to be addressed to encourage greater participation from manufacturing enterprises?
• How will the roles of institutional investors and credit ratings evolve in the next stage of market development?

These issues will be discussed by domestic and international experts, market participants, and policymakers at the Vietnam Corporate Bond Market Forum 2026, jointly organized by S&P Global Ratings, FiinRatings, and FiinGroup in Hanoi.

📅 Time: Thursday, April 2, 2026

• Morning session:8:00 AM - 12:00 PM | Topic: Market Perspectives and Strategic Outlook
• Afternoon session:1:45 PM - 5:00 PM | Topic: Market Infrastructure and Enablers

📍 Venue: Meliá Hanoi Hotel, 44B Ly Thuong Kiet Street, Cua Nam Ward, Hanoi, Vietnam

*Note: Seats are limited to ensure the quality of discussions. Please register early so that the organizers can arrange and confirm attendance.

👉 View the program and register HERE