Three Key Solutions for the Development of Vietnam's Debt Capital Market

11:03 23/03/2026

FiinGroup

In the key presentation at the"Conference on Implementing Tasks for Stock Market Development in 2026" hosted by the State Securities Commission (SSC) on March 20, 2026, Mr. Nguyen Quang Thuan – Chairman of FiinGroup and FiinRatings, shared strategic solutions to develop Vietnam's debt capital market, with a focus on corporate bonds.

According to Mr. Thuan, Vietnam has made significant strides in the equity investment channel, most notably with the recent upgrade to “Emerging Market” status by FTSE Russell. However, focus has perhaps not yet been sufficiently placed on the debt securities channel, including corporate bonds and other income-generating products.

Mr. Thuan noted that FiinGroup currently works with many international financial and investment institutions exploring opportunities in Vietnam. This new generation of investors, ranging from mutual funds and sovereign wealth funds to pension funds, tends to favor multi-channel investment strategies. Their interest extends beyond stocks and IPOs to fixed-income products such as bonds, certificates of deposit, and direct lending, moving past traditional syndicated loan models.

Given Vietnam's need for massive capital mobilization to support high economic growth targets, we must develop a more robust and synchronized capital market, specifically the debt capital market.

Sharing from the perspective of an independent provider in data analytics and research for domestic and international institutions, as well as its experience in credit rating for numerous bond tranches and green bond assessments, Mr. Thuan highlighted three specific solutions:

Improving the Sovereign Credit Rating: A prerequisite to reducing capital costs for both the Government and Vietnamese enterprises in the international market.
Developing Bond Guarantee Fund Models:A key driver to deepen the capital market.
Establishing and Standardizing Bond Valuation Models: Creating a foundation for the yield curve and fostering a more sophisticated market.

Explore more insights from Mr. Thuan’s presentation HERE!