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To achieve double-digit economic growth between 2026 and 2030, leaders of financial institutions say Vietnam needs to establish a multi-layered financial ecosystem and unlock social capital resources.
At a seminar titled "Mobilizing capital effectively to support double-digit growth" held on March 12, 2026, policymakers, economists and executives from leading financial institutions highlighted the urgent need to develop a multi-layered financial ecosystem.
To reach an average GDP growth rate of at least 10% a year under the resolution adopted at the 14th National Congress of Communist Party of Vietnam, the economy will require deep reforms, shifting from reliance on bank credit toward a more diversified and sustainable capital mobilization model.
Nguyen Duc Chi, Deputy Minister of Ministry of Finance said the target of mobilizing total social investment equivalent to around 40% of GDP during 2026–2030 is ambitious but achievable if Vietnam can unlock its untapped resources.
According to him, the biggest challenge is no longer the “lack of capital scale” but rather the “structure of capital absorption”.
Looking back at 2025, the economy built a solid foundation with GDP growth of 8.02%, while total capital mobilized in the market reached a record VND 1.15 quadrillion.
However, capital demand for strategic infrastructure projects such as the North–South connectivity network and inter-regional developments remains extremely high. Businesses need more resources to expand production, while the domestic capital market is still relatively modest. Meanwhile, investment funds and pension funds have yet to fully tap their potential.
Sharing the same view, Pham Thi Thanh Tam, Deputy Head of the Department of Financial Institutions under the Ministry of Finance, said Vietnam must reduce the incremental capital-output ratio (ICOR) from 6.3 to 4.8 in order to sustain double-digit growth.
This is a critical requirement, she said, calling for the state budget to act as “seed capital”, focusing on projects with strong spillover effects instead of spreading investment too thinly.
From the perspective of monetary management, Pham Thanh Ha, deputy governor of the State Bank of Vietnam, said the regulator has been implementing a proactive and flexible monetary policy.
The banking sector has pledged to supply sufficient capital to the economy at competitive interest rates, prioritizing funding for new growth drivers such as the digital economy, green economy and circular economy.
In 2025, total credit in the banking system grew by more than 19%, laying the base for further expansion in 2026.
To achieve the strategic target, the banking sector is undergoing significant changes in its lending process.
Nguyen Le Nam, Deputy Head of the Monetary Policy Department at the State Bank of Vietnam, said the central bank is gradually removing rigid credit growth quotas and instead directing financial institutions to channel funds into production and business activities.
Comprehensive digital transformation across the banking system, particularly at lenders such as Agribank and BIDV, has streamlined procedures and shortened the time needed for businesses and individuals to access financing.
Greater transparency in interest rates and the expansion of electronic payments are helping reduce costs for businesses while improving access to credit for consumers.
These efforts aim to ensure bank capital serves as a key funding source for technology projects and major national infrastructure developments.
Discussing the idea of establishing an international financial center in Vietnam, Duong Thanh Tung, an expert from Deloitte Vietnam, said such a center should become an “operating system” for the capital market with transparent dispute resolution mechanisms.
Experts generally agree that achieving double-digit growth will depend on the country’s governance capacity and its ability to seize opportunities in the digital era.
This will require a clear roadmap and close coordination between the government, financial institutions and the business community. When capital channels operate smoothly, Vietnam can confidently accelerate growth and realize the strategic goals set out at the 14th Party Congress.
Hai Phong News
