Building a modern, integrated, and sustainable financial market
The plan aims to build a Vietnamese financial market that is comprehensively developed, modern, and integrated with the region and the world; with a balanced and rational structure, capable of effectively mobilizing and allocating domestic and foreign resources for socio-economic development; playing a crucial role in providing medium and long-term capital for the economy; and serving as a driving force to achieve high and continuous economic growth until 2045.
By 2045, the Vietnamese financial market strives to reach a high level of development, operating according to market principles, with an institutional system, infrastructure, products, investors, and management and supervision mechanisms that meet international standards; in which the stock market plays a key role, the banking system develops safely and modernly, and the insurance market develops sustainably. The Vietnam International Financial Center is gradually becoming an important component in connecting capital flows, financial services, and financial institutions in the region.
The plan sets out the goal of developing a balanced financial market structure with linkages and support between market components; developing a transparent and open capital market and securities market, increasing its scale and depth, enhancing the efficiency of mobilizing medium and long-term capital for businesses and the economy, promoting capital mobilization through public offerings of shares and bonds; and improving the operational efficiency of securities trading organizations and intermediary financial institutions.
It also aims to develop a sustainable investor base, prioritizing the development of institutional investors with strong financial potential (investment funds, pension funds, insurance companies, etc.). The plan seeks to increase the proportion of institutional investors to achieve a more balanced development between institutional and individual investors. The goal is to achieve, by 2030, an investment value of foreign investors in the capital market and stock market of approximately 15% of GDP; a total net asset value of securities investment funds of 5% of GDP; and an average annual growth rate of 11.5% in the total assets of pension funds during the 2026-2030 period.
Simultaneously, the plan aims to modernize the banking system, improve credit quality, develop digital banking and inclusive finance, and ensure the safety of credit institutions; develop a comprehensive, safe, and sustainable insurance market, contributing positively to financial stability, social security, and long-term investment.
It also focuses on modernizing financial infrastructure and promoting digital transformation. Establish a modern, synchronized, smoothly operating, and autonomous payment infrastructure, connected to bilateral and multilateral payment systems with partners, regions, and the world by 2028 at the latest. Implement a central clearing counterparty mechanism in the underlying securities market in 2027. Build a shared database to serve the management and supervision of the financial market in the period 2030-2035; effectively operate new products and new markets, and issue breakthrough mechanisms to develop the capital market in terms of both scale and liquidity.
8 key solution groups
To realize the set objectives, the Plan identifies 8 key solution groups that need to be focused on implementation, including:
(i) Solutions on institutional and policy frameworks;
(ii) Solutions on products and goods;
(iii) Solutions on the investor base;
(iv) Solutions for developing intermediary financial institutions and service providers;
(v) Solutions for market infrastructure and information technology applications;
(vi) Solutions for market management, supervision, and operation;
(vii) Solutions for financial integration, upgrading the stock market, and establishing an international financial center;
(viii) Solutions for improving the quality of financial human resources and disseminating financial knowledge.
by SBV/VNBA News