Outstanding credit in Vietnam reaches 20.1 quadrillion VND, a 7.86% increase since the end of 2025. Authorities warn that the banking system cannot sustain double-digit growth on its own.
The banking system of Vietnam has injected nearly 1.46 quadrillion VND in additional credit during the first half of 2026, according to data from the State Bank of Vietnam. The total balance amounts to 20.1 quadrillion VND, representing a 7.86% increase compared to the end of 2025.
However, the director of the Credit Department for Economic Sectors, Ha Thu Giang, warned that pressure on banks is increasing. The total demand for capital for social investment in 2026 is estimated at 5.1 quadrillion VND, and for the period 2026-2030, at 38.5 quadrillion VND.
The credit-to-GDP ratio was already around 145% in 2025, indicating a high dependence of the economy on bank credit. Giang noted that the mismatch between short-term deposits and medium- to long-term financing needs increases liquidity risk.
“It is necessary to develop the capital market, especially the corporate bond market, to create an effective channel for medium- and long-term capital flow into the economy, thus reducing pressure on the banking system,” stated Ha Thu Giang.
The president of the Vietnam Deposit and Compensation Corporation, Nguyen Son, agreed that an economy aspiring to double-digit growth cannot overly rely on bank credit. “Currently, the volume of credit is approximately 146% of GDP, while the stock market capitalization represents only about 82% of GDP. This capital structure is unbalanced,” he explained.
According to Son, in developed economies, bank credit accounts for between 25% and 30% of the capital structure, foreign investment around 15%, and the rest is obtained through the capital market. Vietnam should aim for that target by 2030.
The vice president of the State Securities Commission, Ha Duy Tung, reported that as of June 30, 2026, stock market capitalization reached about 10.8 quadrillion VND, a 6% increase compared to the end of 2025, equivalent to 82.6% of the estimated GDP. The market has 54 companies with a capitalization exceeding 1 billion USD, of which four exceed 10 billion USD.
The listed bond market totals approximately 2.8 quadrillion VND, 22.1% of GDP. In the first six months of 2026, the total value raised through stocks and corporate bonds amounted to 325.3 trillion VND, a 15.83% increase compared to the same period in 2025.
“There can be no sustainable economic development without a sufficiently large, deep, and solid stock market,” declared Ha Duy Tung.
Dr. Can Van Luc proposed the issuance of a comprehensive reform and development program for the financial market, unifying strategies for banking, securities, bonds, insurance, digital finance, and green finance. According to Luc, development must be based on three pillars: reliable institutions, transparent information and data, and strict market discipline.
For Vietnamese investors and companies, the message is clear: the capital market must grow to relieve pressure on banks and sustain economic growth. Expanding the stock and corporate bond markets will be key to channeling savings into productive investment.
Authorities are confident that reforms will reduce dependence on bank credit and move towards a more balanced and sustainable financial structure.
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