Vietnam Capital Markets Overhaul Targets Deeper Bond Market Growth

A major Vietnam capital markets reform programme aims to expand outstanding bonds to around 60% of gross domestic product by 2045 while making capital markets a significantly larger source of long-term financing.

Under Decision 1413/QD-TTg, Vietnam will tighten credit-rating requirements, broaden bond products and modernise market infrastructure after outstanding bonds reached around 34% of GDP during 2025, below earlier targets.

Planned reforms include infrastructure, ESG and public-private partnership bonds together with improved valuation services to increase market transparency.

The strategy also seeks to raise foreign participation in capital markets to approximately 15% of GDP by 2030 and investment fund assets to 5%.

The overhaul also covers insurance, digital banking, financial inclusion, risk-based supervision and the development of an international financial centre to strengthen Vietnam's appeal for regional and global investors.