Hà Duy Tùng, vice chairman of the State Securities Commission, speaks at the event. Photo nhadautu.vn

HÀ NỘI — In response to the capital demand for high growth amid limited bank loans, experts emphasised the need to develop a synchronised and transparent capital market to reduce pressure on banks and expand long-term resources for the economy.

Speaking on Wednesday at a workshop on solutions to develop the capital market, Hà Thu Giang, director of the State Bank of Vietnam’s Department of Credit for Economic Sectors, said that by July 13 this year, outstanding bank loans reached nearly VNĐ20.1 quadrillion (US$762 billion), an increase of 7.86 per cent compared to the end of 2025.

According to Giang, though capital raising of credit institutions has improved, the gap between deposit growth and credit growth remains large, putting pressure on the banking system to balance capital sources in the context of the country’s estimated total social investment capital demand in 2026 of approximately VNĐ5.1 quadrillion.

Meanwhile, she said, the Vietnamese economy still heavily relies on bank credit, with the credit-to-GDP ratio in 2025 around 145 per cent, while the capital market has not developed proportionally. The demand for medium- and long-term capital for key projects is increasing, causing more pressure on capital sources, maturity mismatch risks, and liquidity risks for credit institutions.

Giang said that to achieve high growth targets, it is impossible to rely solely on credit and a comprehensive solution is needed, in which the development of the capital market, especially the corporate bond market, plays a key role in easing the burden on the banking system.

Hà Duy Tùng, vice chairman of the State Securities Commission, reported at the event that the Vietnamese stock market is continuing to expand and increasingly affirming its role as an important medium- and long-term capital channel for the economy.

He said that by the end of June 2026, the market capitalisation of the stock market reached approximately VNĐ10.8 quadrillion, equivalent to 82.6 per cent of GDP. The entire market had 54 companies with a market capitalisation exceeding $1 billion, including four companies surpassing the $10 billion mark.

Meanwhile, the size of the listed bond market reached approximately VNĐ2.8 quadrillion, equivalent to more than 22 per cent of GDP.

Notably, in the first six months of the year, the total value of capital raised through the stock and corporate bond markets reached over VNĐ325 trillion, an increase of nearly 16 per cent compared to the same period last year.

These figures show that the capital market is gradually developing and playing an increasingly prominent role.

However, Tùng noted that for the capital market to truly become a pillar of the economy, strong institutional reforms, improved product quality, and increased transparency are necessary.

Developing new financial products and attracting international capital flows are also crucial factors in the coming period, he said. — BIZHUB/VNS