--- title: Finance Ministry Targets Stock Market at 120% GDP by 2030 description: Vietnam Finance Ministry targets lifting stock market capitalization to 120% of GDP by 2030, strengthening equity funding and reducing bank credit dependence. url: https://ginity.vn/en/blog/stock-market-capitalization-target-120-percent-gdp canonical: https://ginity.vn/en/blog/stock-market-capitalization-target-120-percent-gdp markdown: https://ginity.vn/en/blog/stock-market-capitalization-target-120-percent-gdp.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: Vietnam Government Portal 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 progress - name: Securities Investment Newspaper 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: Continuing capital market development, reducing credit reliance" - name: Vietnam Government Legal Portal url: https://vanban.chinhphu.vn/?docid=198541&pageid=27160 title: Securities Law No. 54/2019/QH14 - name: Vietnam Securities Depository and Clearing Corporation url: https://vsdc.vn/sd/XAz40d2Q-9j569TvBgLQaQ title: Securities Clearing and Settlement Operational Regulations - name: CafeF Electronic Newspaper url: https://cafef.vn/chung-khoan-thang-11-doi-mat-nhieu-thach-thuc-dong-tien-tim-co-hoi-o-dau-188261031155926995.chn title: November stock market faces challenges, where is capital finding opportunities? 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 --- # Finance Ministry Targets Stock Market at 120% GDP by 2030 > Vietnam Finance Ministry targets lifting stock market capitalization to 120% of GDP by 2030, strengthening equity funding and reducing bank credit dependence. Gini · Macro & monetary · 2026-11-01 · https://ginity.vn/en/blog/stock-market-capitalization-target-120-percent-gdp _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - Stock market capitalization target reaches 120% of GDP by 2030, rising from roughly 90% of GDP in 2026. - Stock market capital mobilization in the first 9 months of 2026 rose 15%, with public offerings surging 60%. - A total of 10 enterprises completing IPOs from late 2025 to October 31, 2026 raised over VND 60,000 billion, 9 times the 2021-2025 total. - Bond market debt aims for 50% of GDP by 2030 to establish a balanced long-term financing structure. On October 31, 2026, during the National Assembly discussion on socioeconomic performance and state budget implementation, the Minister of Finance presented strategic directives for national capital market development. The government report established a clear target of expanding stock market capitalization to 120% of gross domestic product (GDP) by 2030, compared to roughly 90% of GDP recorded in 2026. This target seeks to balance domestic capital allocation by shifting medium- and long-term funding responsibilities away from commercial banks and toward equity and bond markets, as reported by the [Vietnam Government Portal](https://baochinhphu.vn/bo-truong-tai-chinh-ly-giai-ve-kiem-soat-lam-phat-va-tien-do-giai-ngan-102261031132627603.htm). ## Capitalization Target of 120% GDP and Market Balance According to the presentation by the Minister of Finance to the National Assembly on October 31, 2026, the long-term capital strategy focuses on expanding both equity and debt financing channels. Stock market capitalization currently stands around 90% of GDP in 2026, with an official target to reach 120% of GDP by 2030. Alongside equities, outstanding bond market debt aims to reach 50% of GDP by 2030, while derivative markets target between 20% and 30% of GDP over the same timeframe, based on coverage by the [Securities Investment Newspaper](https://www.tinnhanhchungkhoan.vn/bo-truong-tai-chinh-tiep-tuc-phat-trien-thi-truong-chung-khoan-giam-phu-thuoc-vao-tin-dung-post400560.html). > Chart: Stock Market Capitalization to GDP Ratio Current versus 2030 Target. % GDP. Current: 90; Target 2030: 120. The ratio of stock market capitalization to GDP reflects the depth of financial markets relative to the real economy. The metric is computed using the following mathematical formulation: $$\text{Stock Market Capitalization to GDP Ratio} = \frac{\text{Total Market Capitalization}}{\text{Gross Domestic Product (GDP)}} \times 100\%$$ According to Ginity's calculation for an illustrative baseline, with Vietnam nominal GDP projected at approximately 500 billion USD in 2026, a 90% capitalization ratio represents around 450 billion USD in listed equity value. Expanding to 120% of GDP by 2030 allows public markets to mobilize substantially larger capital pools, reducing concentration risks within bank balance sheets according to directives from the [CafeF Electronic Newspaper](https://cafef.vn/chung-khoan-thang-11-doi-mat-nhieu-thach-thuc-dong-tien-tim-co-hoi-o-dau-188261031155926995.chn). ## 9-Month 2026 Capital Mobilization and the IPO Wave During the first 9 months of 2026, capital mobilization across securities markets expanded noticeably. Official figures released by the Minister of Finance on October 31, 2026 revealed that total market capital mobilized during the first 9 months of 2026 rose 15% year-on-year. Specifically, public equity issuance value in the first 9 months of 2026 grew 60%, while private placement volume climbed 80%, indicating healthy corporate financing appetites according to findings from the [Vietnam Government Portal](https://baochinhphu.vn/bo-truong-tai-chinh-ly-giai-ve-kiem-soat-lam-phat-va-tien-do-giai-ngan-102261031132627603.htm). Initial public offerings (IPOs) experienced a distinct revival after several subdued years. Data presented by the Ministry of Finance showed that between late 2025 and October 31, 2026, a total of 10 enterprises completed IPO transactions, securing over VND 60,000 billion in public proceeds. This total capital surpassed the cumulative IPO volume raised during the entire five-year span from 2021 to 2025 by a factor of 9, as reported by the [Securities Investment Newspaper](https://www.tinnhanhchungkhoan.vn/bo-truong-tai-chinh-tiep-tuc-phat-trien-thi-truong-chung-khoan-giam-phu-thuoc-vao-tin-dung-post400560.html). | Capital Mobilization Indicator | 9-Month 2026 Performance | Historical Comparison | | :--- | :--- | :--- | | Total market capital mobilization growth | Increased 15% | Compared to 9-month 2025 | | Public equity offering value | Increased 60% | Compared to 9-month 2025 | | Private placement equity value | Increased 80% | Compared to 9-month 2025 | | Completed enterprise IPOs | 10 enterprises | From late 2025 to October 31, 2026 | | Total capital raised via IPOs | Over VND 60,000 billion | 9 times the 2021-2025 total | Source: [Vietnam Government Portal](https://baochinhphu.vn/bo-truong-tai-chinh-ly-giai-ve-kiem-soat-lam-phat-va-tien-do-giai-ngan-102261031132627603.htm) and [Securities Investment Newspaper](https://www.tinnhanhchungkhoan.vn/bo-truong-tai-chinh-tiep-tuc-phat-trien-thi-truong-chung-khoan-giam-phu-thuoc-vao-tin-dung-post400560.html) (2026-10-31). The strong return of IPO activity reflects renewed investor appetite for audited, well-governed corporate assets, expanding the supply of liquid institutional holdings under policy oversight from the [Vietnam Securities Depository and Clearing Corporation](https://vsdc.vn/sd/XAz40d2Q-9j569TvBgLQaQ). ## Easing Commercial Bank Credit Pressure via Capital Markets Vietnam historical corporate funding model placed disproportionate reliance on commercial banks. Because commercial lenders fund operations primarily through short-term retail deposits, deploying long-term corporate credit created persistent asset-liability maturity mismatches and heightened systemic risk. To resolve this imbalance, the 2026-2030 five-year national financial plan passed on October 31, 2026 requires total social investment capital to average 40% of GDP to sustain annual economic growth above 10%, according to announcements on the [Vietnam Government Portal](https://baochinhphu.vn/bo-truong-tai-chinh-ly-giai-ve-kiem-soat-lam-phat-va-tien-do-giai-ngan-102261031132627603.htm). According to data from the [CafeF Electronic Newspaper](https://cafef.vn/chung-khoan-thang-11-doi-mat-nhieu-thach-thuc-dong-tien-tim-co-hoi-o-dau-188261031155926995.chn), under the 2026-2030 plan, overall resource mobilization must expand by 2.21 times compared to the 2021-2025 period. At the same time, according to government projections, national capital productivity must improve, pushing the Incremental Capital Output Ratio (ICOR) downward to between 4.5 and 4.8. Meeting these rigorous financing targets without bloating bank balance sheets necessitates broadening the stock market to 120% of GDP and corporate debt markets to 50% of GDP by 2030, reinforcing the macro themes analyzed in [credit risk and bond yield spreads](/en/blog/assessing-credit-risk-and-bond-yield-spreads). Diversifying capital formation toward equity markets allows corporations to build permanent equity capital, reducing debt service stress during macroeconomic downswings. Healthier balance sheets among publicly traded enterprises stabilize systemic liquidity, consistent with findings explored in [GDP growth and stock market paradox](/en/blog/gdp-q3-2026-stock-market-paradox) published on Ginity, drawing on market updates from the [Securities Investment Newspaper](https://www.tinnhanhchungkhoan.vn/bo-truong-tai-chinh-tiep-tuc-phat-trien-thi-truong-chung-khoan-giam-phu-thuoc-vao-tin-dung-post400560.html). ## Legal Foundation and Market Transparency Reforms According to strategic directives from the [CafeF Electronic Newspaper](https://cafef.vn/chung-khoan-thang-11-doi-mat-nhieu-thach-thuc-dong-tien-tim-co-hoi-o-dau-188261031155926995.chn), achieving a stock market capitalization of 120% of GDP by 2030 requires robust regulatory architecture and reliable financial infrastructure. The statutory foundation remains anchored by [Securities Law No. 54/2019/QH14](https://vanban.chinhphu.vn/?docid=198541&pageid=27160), ratified on November 26, 2019, which defines rigorous listing standards, public offering conditions, and mandatory information disclosure duties to safeguard investor rights. Regulatory revisions enacted during 2026 removed persistent foreign investment bottlenecks, notably implementing the Non-Pre-funding (NPS) mechanism to eliminate pre-trade cash deposit hurdles. This reform forms an integral prerequisite for Vietnam planned upgrade from frontier market to emerging market status. Under supervisory guidance executed by the [Vietnam Securities Depository and Clearing Corporation](https://vsdc.vn/sd/XAz40d2Q-9j569TvBgLQaQ) on October 31, 2026, proactive surveillance and strict penalties against market manipulation remain imperative to maintain market integrity. Harmonious expansion across equity shares, corporate bonds, and exchange-traded derivatives will cultivate a diversified capital allocation structure. When public markets operate transparently, domestic savings and foreign capital flow directly into productive enterprise investments, realizing long-term economic development goals framed by the [CafeF Electronic Newspaper](https://cafef.vn/chung-khoan-thang-11-doi-mat-nhieu-thach-thuc-dong-tien-tim-co-hoi-o-dau-188261031155926995.chn). ## Sources - Vietnam Government Portal: [Finance Minister explains inflation control and public disbursement progress](https://baochinhphu.vn/bo-truong-tai-chinh-ly-giai-ve-kiem-soat-lam-phat-va-tien-do-giai-ngan-102261031132627603.htm) (2026-10-31) - Securities Investment Newspaper: [Finance Minister: Continuing capital market development, reducing credit reliance](https://www.tinnhanhchungkhoan.vn/bo-truong-tai-chinh-tiep-tuc-phat-trien-thi-truong-chung-khoan-giam-phu-thuoc-vao-tin-dung-post400560.html) (2026-11-01) - Vietnam Government Legal Portal: [Securities Law No. 54/2019/QH14](https://vanban.chinhphu.vn/?docid=198541&pageid=27160) (2019-11-26) - Vietnam Securities Depository and Clearing Corporation: [Securities Clearing and Settlement Operational Regulations](https://vsdc.vn/sd/XAz40d2Q-9j569TvBgLQaQ) (2025-04-29) - CafeF Electronic Newspaper: [November stock market faces challenges, where is capital finding opportunities?](https://cafef.vn/chung-khoan-thang-11-doi-mat-nhieu-thach-thuc-dong-tien-tim-co-hoi-o-dau-188261031155926995.chn) (2026-10-31) ## Frequently asked questions ### What is Vietnam stock market capitalization target by 2030? According to the Ministry of Finance on October 31, 2026, the stock market capitalization target is 120% of GDP by 2030, up from approximately 90% of GDP in 2026. ### How did capital mobilization perform in the first 9 months of 2026? In the first 9 months of 2026, total capital mobilized on the stock market rose 15% year-on-year, with public offerings up 60% and private placements up 80%. ### What were the IPO results from late 2025 to October 31, 2026? A total of 10 enterprises completed IPOs raising over VND 60,000 billion, representing 9 times the total capital raised across 2021-2025. --- _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._