This is the opinion of experts at a forum organized by FiinRatings - a strategic partner of S&P Global, in collaboration with the Credit Guarantee and Investment Facility (CGIF) - a trust fund under the Asian Development Bank (ADB) on August 22 in Ho Chi Minh City.
Experts have noted that the National Assembly and the Government have demonstrated their determination to implement Resolution 68 by issuing Resolution No. 198/2024/QH15 and Resolution No. 138/NQ-CP, along with a series of specific policies aimed at refining the institutional framework and mechanisms for mobilizing resources for the private economy.
However, in reality, Vietnamese enterprises, particularly in the private sector, still heavily rely on bank credit. In the first half of 2025, credit growth reached 8.3 percent compared to the beginning of the year and 18.87 percent compared to the same period last year. While the corporate bond market is recovering, it remains relatively small.
Notably, 83 percent of the value of corporate bonds issued in the first half of 2025 was still raised by commercial banks, while non-financial enterprises - a group that also has significant medium and long-term funding needs - have yet to effectively tap into this channel. This continues to exert significant pressure on the banking system and highlights the limited role of the debt capital market in providing long-term funding for the private sector.
Vice Chairman Do Ngoc Quynh of FiinRatings and General Secretary of the Vietnam Bond Market Association (VBMA) stated that Vietnam's corporate bond market is currently valued at approximately VND1.25 trillion (US$47 billion) which is equivalent to 10.8 percent of the country's 2024 GDP. This is still a long way from the target of 25 percent of GDP by 2030.
Meanwhile, this ratio in many developed Asian economies such as South Korea, Thailand, and Malaysia ranges from 30 percent-40 percent of GDP, and even exceeds 100 percent in the US and Japan.
According to Vice Chairman Do Ngoc Quynh, for the corporate bond market, and the debt capital market in general, to truly become a driver of growth, Vietnam needs to address several bottlenecks: a limited investor base, uneven quality of products, a lack of effective mechanisms for credit guarantees and credit ratings, and an incomplete information, transaction, and supervision infrastructure.
He proposed a need for synchronized solutions focusing on three pillars including improving policies, enhancing transparency, and diversifying models and capital instruments. He also stated that in addition to traditional products, there is a need to develop more investment funds and credit guarantee models such as the one being implemented by the CGIF to help businesses, especially the private sector, access the market more effectively. This would also reduce capital costs and expand the pool of domestic and foreign investors.
Regarding the direction of capital market development, Vice Chairman of the State Securities Commission of Vietnam (SSC) Bui Hoang Hai shared that the Government aims for GDP growth of 8 percent in 2025 and double-digit growth for the 2026-2030 period. The Government identifies the private sector as a key driver of development, a point emphasized in central and National Assembly resolutions.
Support policies are being implemented, including administrative reform, digital transformation, and facilitating access to capital, particularly through the corporate bond channel.
With the goal of developing the capital market and securities market, the SSC is implementing a series of synchronized solutions to create a transparent and effective capital market. Specifically, corporate bonds are a policy focus, with orientations including transparent development, product diversification, and investor protection. Other goals include expanding the base of long-term institutional investors, adjusting asset allocation regulations, encouraging the issuance of green bonds and bonds tied to priority investment projects, and completing the legal framework for both private placements and public offerings. The SSC also aims to strengthen credit ratings and encourage credit guarantees to enhance market reliability.
Vice Chairman Bui Hoang Hai emphasized that Vietnam's debt capital market, including the corporate bond market, has a lot of room for growth. However, to operate effectively, it requires the joint efforts of all members.
Specifically, he explained that for public companies, it is necessary to improve corporate governance, transparency, and accountability to shareholders and investors. Investors need to be professional, have long-term strategies, and fully assess risks and benefits. Intermediaries should enhance their advisory, distribution, and supervision capabilities, ensuring their operations are transparent and professional. Credit rating agencies and bond guarantee organizations, he added, should continue to develop high-quality services to build market trust.
