--- title: Stock Market Expansion to Ease Heavy Pressure on Bank Credit description: The Ministry of Finance aims to expand stock and bond markets to reach 120% of GDP by 2030, reducing systemic corporate reliance on commercial bank loans. url: https://ginity.vn/en/blog/stock-market-capital-expansion-reduces-credit-reliance canonical: https://ginity.vn/en/blog/stock-market-capital-expansion-reduces-credit-reliance markdown: https://ginity.vn/en/blog/stock-market-capital-expansion-reduces-credit-reliance.md language: en datePublished: 2026-11-01T00:00:00+07:00 dateModified: 2026-11-01T00:00:00+07:00 author: name: Gini url: https://ginity.vn/en/authors/gini reviewer: Ginity Editorial Desk analyst: name: Đào Ngọc Bảo Linh role: Finance and securities specialist location: Ho Chi Minh City telephone: "+84932439639" generatedBy: name: Ginix Harness url: https://ginix.vn desk: id: macro name: Macro & monetary url: https://ginity.vn/en/topics/macro tickers: [] sources: - name: Báo Đầu tư Chứng khoán url: https://www.tinnhanhchungkhoan.vn/bo-truong-tai-chinh-tiep-tuc-phat-trien-thi-truong-chung-khoan-giam-phu-thuoc-vao-tin-dung-post400560.html title: Finance Minister states expanding capital market reduces reliance on bank credit - name: Báo Điện tử Chính phủ url: https://baochinhphu.vn/bo-truong-tai-chinh-ly-giai-ve-kiem-soat-lam-phat-va-tien-do-giai-ngan-102261031132627603.htm title: Finance Minister explains inflation control and public disbursement pacing - name: Báo Điện tử Chính phủ url: https://baochinhphu.vn/thong-doc-noi-ve-lai-suat-tin-dung-bat-dong-san-va-von-cho-doanh-nghiep-102261031130933268.htm title: Governor discusses interest rates real estate credit and corporate funding - name: Government Portal url: https://vanban.chinhphu.vn/?docid=198541&pageid=27160 title: National Assembly resolution on economic development pathway - name: CafeF url: https://cafef.vn/thi-truong-chung-khoan.chn title: Securities market performance data and corporate capital flows in Vietnam publisher: Ginity attribution: 'Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content.' disclaimer: "Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources." usageTerms: https://ginity.vn/ai.txt --- # Stock Market Expansion to Ease Heavy Pressure on Bank Credit > The Ministry of Finance aims to expand stock and bond markets to reach 120% of GDP by 2030, reducing systemic corporate reliance on commercial bank loans. Gini · Macro & monetary · 2026-11-01 · https://ginity.vn/en/blog/stock-market-capital-expansion-reduces-credit-reliance _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - During the first 9 months of 2026, capital mobilization on the stock market rose 15% year-on-year, with public offerings jumping 60%. - Since late 2025, 10 enterprises completed IPOs raising over 60,000 billion VND, 9 times the entire 2021-2025 total combined. - The financial development strategy targets equity market capitalization at 120% of GDP and the bond market at 50% of GDP by 2030. ## Restructuring capital structures and easing banking stress According to [Báo Đầu tư Chứng khoán](https://www.tinnhanhchungkhoan.vn/bo-truong-tai-chinh-tiep-tuc-phat-trien-thi-truong-chung-khoan-giam-phu-thuoc-vao-tin-dung-post400560.html) on November 1, 2026, delivering formal explanations before the National Assembly, the Minister of Finance announced that the Government is decisively accelerating the Capital Market Development Strategy to unlock medium and long-term financing channels, steadily mitigating systemic corporate dependence on short-term bank borrowings. According to [Báo Điện tử Chính phủ on October 31, 2026](https://baochinhphu.vn/bo-truong-tai-chinh-ly-giai-ve-kiem-soat-lam-phat-va-tien-do-giai-ngan-102261031132627603.htm), under the 2026-2030 five-year national financial plan ratified by the legislature, securing double-digit economic expansion above 10% necessitates mobilizing aggregate societal investment capital at approximately 40% of GDP while improving resource efficiency by bringing the incremental capital-output ratio (ICOR) down to 4.5 to 4.8. Total capital deployment requirements across 2026-2030 are estimated to expand 2.21 times compared to the preceding 2021-2025 period. > Chart: Capital market capitalization targets relative to GDP through 2030. % GDP. Equity 2026: 90; Equity 2030: 120; Bonds 2030: 50; Derivatives 2030: 25. ## Primary capital mobilization and new market listings According to Ministry of Finance disclosures documented by [Báo Điện tử Chính phủ](https://baochinhphu.vn/bo-truong-tai-chinh-ly-giai-ve-kiem-soat-lam-phat-va-tien-do-giai-ngan-102261031132627603.htm) on October 31, 2026, capital formation through organized equity channels delivered resilient growth. During the first 9 months of 2026, aggregate capital mobilized through stock market mechanisms increased 15% compared to the identical period in 2025. Specifically, public share issuances expanded 60%, while private placements recorded an 80% surge. A decisive institutional milestone has been the robust resurgence of initial public offerings. From late 2025 through October 2026 according to [Báo Đầu tư Chứng khoán on November 1, 2026](https://www.tinnhanhchungkhoan.vn/bo-truong-tai-chinh-tiep-tuc-phat-trien-thi-truong-chung-khoan-giam-phu-thuoc-vao-tin-dung-post400560.html), 10 prominent commercial enterprises finalized public offerings, mobilizing over 60,000 billion VND in fresh equity funding to finance industrial expansion. This cumulative funding volume represents a volume nine times higher than aggregate IPO capital generated across the entire five-year span of 2021 to 2025 combined. | Capital market development indicator | Recorded performance across 2026 | Strategic roadmap benchmark for 2030 | |---|---|---| | Equity market capitalization ratio | Approximately 90% of GDP | 120% of GDP | | Corporate bond market size | Nearly 30% of GDP | 50% of GDP | | 9-month capital mobilization growth | 15% expansion year-on-year | Average annual growth of 15% to 20% | | Fresh capital mobilized via IPOs | >60,000 billion VND (10 enterprises) | Expanding listings alongside state restructuring | Source: Compiled from Ministry of Finance reports and National Assembly records on October 31, 2026. ## Regulatory advancement and secondary market liquidity According to the official legislative record on [Government Portal](https://vanban.chinhphu.vn/?docid=198541&pageid=27160) on October 31, 2026, Vietnam's upgrade to Secondary Emerging Market status alongside the comprehensive Securities Law amendments currently deliberated by the legislature provides vital momentum for secondary liquidity. The development strategy aims for the derivatives market to attain 20% to 30% of GDP by 2030, establishing robust portfolio hedging instruments for domestic and international institutional asset managers. According to [Báo Đầu tư Chứng khoán](https://www.tinnhanhchungkhoan.vn/bo-truong-tai-chinh-tiep-tuc-phat-trien-thi-truong-chung-khoan-giam-phu-thuoc-vao-tin-dung-post400560.html) on November 1, 2026, regulators are actively enforcing strict disclosure transparency, advancing state enterprise restructuring coupled with public listings to diversify concentrated shareholder registers, and broadening domestic institutional investment funds. As equity and debt markets mature into primary conduits for structural corporate capital, commercial banks will reduce asset-liability maturity mismatches, enabling 12.27% credit expansion recorded in market data from [CafeF on November 1, 2026](https://cafef.vn/thi-truong-chung-khoan.chn) to operate safely and effectively. Transitioning domestic corporate financing away from short-term commercial bank borrowing toward long-term public capital markets addresses a structural vulnerability across emerging economies. Bank balance sheets that rely on short-term deposits are inherently constrained when funding multi-year infrastructure or heavy industrial projects. Deep and liquid capital markets provide flexible debt instruments, diversified institutional investor participation, and transparent price discovery mechanisms. By institutionalizing these secondary market protections, monetary and financial authorities build an enduring foundation for economic competitiveness while mitigating systemic liquidity risks throughout the 2026 to 2030 modernization horizon. This strategic capital market alignment ensures sustainable domestic corporate expansion and strengthens national investment efficiency. ## Sources - Báo Đầu tư Chứng khoán: [Finance Minister states expanding capital market reduces reliance on bank credit](https://www.tinnhanhchungkhoan.vn/bo-truong-tai-chinh-tiep-tuc-phat-trien-thi-truong-chung-khoan-giam-phu-thuoc-vao-tin-dung-post400560.html) (01/11/2026) - Báo Điện tử Chính phủ: [Finance Minister explains inflation control and public disbursement pacing](https://baochinhphu.vn/bo-truong-tai-chinh-ly-giai-ve-kiem-soat-lam-phat-va-tien-do-giai-ngan-102261031132627603.htm) (31/10/2026) - Báo Điện tử Chính phủ: [Governor discusses interest rates real estate credit and corporate funding](https://baochinhphu.vn/thong-doc-noi-ve-lai-suat-tin-dung-bat-dong-san-va-von-cho-doanh-nghiep-102261031130933268.htm) (31/10/2026) - Government Portal: [National Assembly resolution on economic development pathway](https://vanban.chinhphu.vn/?docid=198541&pageid=27160) (31/10/2026) - CafeF: [Securities market performance data and corporate capital flows in Vietnam](https://cafef.vn/thi-truong-chung-khoan.chn) (01/11/2026) ## Frequently asked questions ### What is Vietnam's equity market capitalization target for 2030? According to the Minister of Finance speaking before the National Assembly, the national financial roadmap targets equity market capitalization at 120% of GDP and the corporate bond market at 50% of GDP by 2030. ### How has initial public offering activity progressed recently? Since late 2025, 10 major enterprises completed IPO transactions, mobilizing over 60,000 billion VND in fresh equity capital, exceeding the previous 5-year total by 9 times. --- _Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._ _Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._