Dragon Capital estimates Vietnam needs about 1,460 billion USD in total investment over 2026-2030, nearly double the previous period, to keep GDP growth above 10% a year, while credit already stands at about 145% of GDP. The funding gap of 120-150 billion USD per year should be filled through stocks, corporate bonds, government bonds and other long-term sources, since bank credit currently provides 82.8% of the economy's funding, compared with about 4.1% from equities and 13.1% from bonds. ADB Chief Economist Bùi Minh Giáp says the goal is not to shrink banks' role but to build complementary capital channels, as heavy reliance on credit could fuel inflation and asset quality risks. State Securities Commission Deputy Chairman Bùi Hoàng Hải says FTSE Russell's upgrade of Vietnam's stock market to secondary emerging status from September 21 can attract capital, but lasting appeal depends on the market's genuine operating quality and that of listed companies.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Thị trường vốn làm sao san sẻ gánh nặng với ngân hàng?
Keywords
VNINDEXcapital marketscreditbanks
Open a keyword to see other news on the same topic.
Related tickers and likely impact
VNINDEX
• NeutralRelevance: low
| Market | Vietnam stocks |
|---|---|
| Close on 10/19/2026 | 1,689.84 |
| Change that session | -0.94% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Monetary Policy Management: State Bank Directives and Balancing Growth with System Safety
According to PGS.TS. Trần Hoàng Ngân, the State Bank's call to cut listed deposit rates by at least 0.5% per year for tenors of 6 months or more, and lending rates by 1.5–2% per year, is a boost for businesses at year-end. Outstanding credit to the whole economy exceeded 20.72 million billion VND as of October 14, 2026, up 11.44% from end-2025. On October 18, 2026, the SBV issued Official Dispatch No. 9608/NHNN-CSTT directing credit institutions to cut rates and costs, avoid deposit rate hikes and not lower credit standards. Some banks moved quickly: BIDV offered short-term VND loans from 6% per year from October 15, 2026, while Vietcombank committed to cut lending rates by at least 2% per year until year-end.
- Governor: 'Interest rates on existing loans should also be considered for cuts'
Governor Phạm Đức Ấn has asked banks to prioritize rate cuts for production and business loans, applied selectively rather than across the board, and to consider applying them to existing loans. The average lending rate rose 0.2 percentage points to 10.7% in August, about 3 points higher than a year earlier, while legacy floating-rate loans for individuals reached 12-14%, and some car loans 16-17%. Banks were told to cut operating costs, share profits and reduce funding costs, including lowering deposit rates for terms of six months or more by at least 0.5%. Several banks, including BIDV, Vietcombank, Agribank and Sacombank, have announced preferential loan packages with rate reductions of up to 2 percentage points.
- State Bank Governor calls for interest rate cuts to be considered for both existing outstanding loans and new loans
On 19/10/2026, Governor Phạm Đức Ấn chaired a meeting with deputy governors, the Association of Banks and leaders of 46 commercial banks on banking operations. He said that as of last weekend, deposit mobilization had grown 11.22% and credit 11.44%, and the VND gap between loans and deposits had narrowed to below 1.5 quadrillion dong from nearly 2 quadrillion. Dispatch No. 9608/NHNN-CSTT requires credit institutions to cut listed deposit rates by at least 0.5% per year for terms of six months or more, and to reduce lending rates by 1.5–2% per year for production, business and priority sectors. Cuts must match each bank's financial capacity, be tied to cost reductions and profit sharing, avoid across-the-board moves, and apply to both existing and new loans.
- Vietnam central bank urges rate cuts by commercial banks - Xinhua
The State Bank of Vietnam has directed commercial banks to cut deposit rates by at least 0.5 percentage points for terms of six months or longer, and to lower lending rates for production, business and priority sectors by 1.5 to 2 percentage points, according to a Dan Tri report. The central bank also asked lenders to direct credit toward key economic projects and priority sectors such as science and technology, digital transformation, green development and education, while tightening lending in high-risk areas, particularly real estate. Banks were further instructed to mobilize resources, cut operating costs, share profits and take coordinated steps to bring down overall interest rates.
- From Tomorrow, 19/10, Agribank Cuts Lending Rates by 2%/Year for Many Customers
From 19/10/2026, Agribank will cut lending rates by up to 2.0% per year versus its usual rates, focusing on priority sectors and production and business customers. It is also continuing a 70,000 billion VND preferential credit program running from August 2026 to 2028 for small and medium enterprises, priority sectors and new growth drivers, with rates 1–2% per year below its average same-term lending rate. Agribank expects to set aside about 2,000 billion VND to share capital costs. The move follows a State Bank of Vietnam directive dated 18/10/2026 (No. 9608/NHNN-CSTT), which asks credit institutions to cut listed deposit rates by at least 0.5% per year for terms of six months or more and reduce lending rates by 1.5–2% per year for production, business and priority sectors.
- State Bank of Vietnam asks banks to monitor and reassess collateral values in line with market prices
The State Bank of Vietnam (SBV) has asked credit institutions to value collateral closer to market prices, regularly reassess it, and closely monitor its condition throughout loan terms, taking timely action if values fall. Under document No. 9608/NHNN-CSTT dated 18/10/2026, outright purchases of letter-of-credit documents without recourse must be risk-controlled like other lending and count against the SBV-set maximum 2026 credit balance. Banks must also tighten loan classification and provisioning, avoid concealing bad debt, and pay special attention to banks with high or rising bad debt. Other directives include controlling accrued interest receivable and dividend payouts, and reducing reliance on net interest income.
Related markets
Latest news
- Duong Son Ba Arrested, Hai Phong Thermal Power Loses Lawsuit and Must Pay VND 115 Billion to Partner
Hai Phong Thermal Power (HND) disclosed an appellate ruling in a coal supply dispute with Dan Ka Mineral, under which the court accepted the plaintiff's appeal and ordered the company to pay nearly VND 115 billion, including a coal price difference of over VND 80.15 billion and interest of over VND 34.65 billion. The dispute stems from a 2021 contract, with disagreement over price adjustments after global coal prices rose sharply in 2022. Duong Son Ba, the company's general director, was arrested on 21 May 2026 over alleged forgery of documents of an agency or organisation, and the board dismissed him from the post on 13 October, with no successor yet announced. In the first half of 2026, the company reported net revenue of nearly VND 6,081 billion, up 8%, and after-tax profit of over VND 508 billion, up nearly 25%.
- Iran threatens to use the 'father of all missiles' to strike adversaries' energy facilities
Major General Mohammad Reza Naqdi, senior adviser to the IRGC commander, said at a rally in Sari on October 18 that Iran has prepared the most advanced missiles and will respond to any aggression. He warned that energy infrastructure and investments belonging to powers Tehran deems aggressive in the region could fall within Iranian missile range. His remarks answered US President Donald Trump's threat to use the GBU-43/B MOAB, often called the 'mother of all bombs' and weighing about 14 tons, against Iran's energy infrastructure and nuclear sites. Naqdi said Iran also possesses these bombs, having seized some that failed to detonate in the 12-day war, and called Trump's impatience a 'public admission of defeat'.
- Strategy on verge of golden cross, just weeks after bitcoin flashed same bullish signal
Strategy (MSTR) is about to form a golden cross, when its 50-day average rises above its 200-day average, possibly as early as Monday, just weeks after bitcoin showed the same bullish signal. The company holds $69.81 billion in bitcoin, and its stock has had two earlier golden crosses followed by big rallies: from $15.57 in September 2020 to $127.29 by February 2021, a 717% gain, and from $25.29 on March 2, 2023 to a peak of $473.83 in November 2024, up 1,774%. The article stresses the signal is unreliable, though: since 1999 MSTR has had 19 golden crosses, and only 10 were followed by a higher price 12 months later, a 50% hit rate, with a median 12-month return of just 3.3%. The two worst cases, in 2001 and 2007, were followed by a 61% loss.
- Director of the HCMC Institute of Economics, Natural Resources and Environment: Four major corporations have raised plans to invest in Vietnam, but pulled back when asked about power capacity
At a seminar co-organized by Tien Phong newspaper and the HCMC Department of Construction on October 16, TS. Phạm Viết Thuận said the city should treat infrastructure as an integrated system rather than focusing only on transport. He argued that 11 main and 13 secondary infrastructure categories, including power, water drainage, industrial zones and logistics, need to be synchronized for the city to develop its economy. To address flooding, he proposed surveying 159 flood-prone points and building ecological lakes at major spots. He also noted that four large corporations had considered investing in Vietnam but withdrew when asked about grid power capacity. Department director Trần Quang Lâm said capital mobilization and land policy need further study, while traffic congestion, flooding and pollution remain the city’s top priorities.
- Live updates: Bitcoin tags $83,000 and slips back as chip stocks lead a rebound
Bitcoin climbed from an overnight low near $80,700 to just above $83,000 early Monday, then slipped back to about $82,400 as sellers stepped in, and was up 0.3% over 24 hours. The bounce followed tech stocks, with Nasdaq 100 futures up 1.1%, snapping a weeklong 5.5% selloff, and an ETF tracking chipmakers jumping 3%. WTI crude recovered to $98.55 after touching $96.72, as the U.S. warned citizens across 12 Middle East locations of possible flight cancellations and airspace closures, raising fears of fresh strikes on Iran and disruption at the Strait of Hormuz. In Europe, the Stoxx 600 fell 0.8% after protests in France. Bitcoin would need to move through $84,000, its ceiling on October 13 and 14, to signal that the tech rebound is lifting it too.
- Baystreet . ca - When Might October Nasdaq Correction End ?
The Nasdaq Composite (QQQ ETF) is 6.96% below its 52-week high after falling 5.52% last week, close to the 10% threshold for a technical correction. The article says high oil prices, sustained by Iran's control of traffic through the Strait of Hormuz, keep September CPI and PPI rising, and that Iran wants higher oil prices to hurt the Republican Party before the midterm elections, so the correction in beaten-down stocks may continue. CoreWeave (CRWV) lost 25.21% last week, closing just 3% above its yearly low, while bears holding a 17% short float bet its $50 billion debt is unsustainable. Nebius (NBIS) fell 25% and Twilio (TWLO) dropped 15.6%, while Autodesk (ADSK), Salesforce (CRM) and Adobe (ADBE) drew buying. The article suggests volatility may ease after the midterms.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.