Vietnam currently needs tens of billions of US dollars annually to finance infrastructure expansion and sustain high economic growth. With bank credit capacity increasingly constrained, policymakers and experts say the country must diversify its capital mobilisation channels beyond traditional lending.

According to experts, Vietnam requires an additional US$70-80 billion in investment capital each year to implement key infrastructure projects nationwide. In Ho Chi Minh City alone, a series of large-scale transport, urban and industrial projects are moving forward while businesses continue to rely heavily on bank loans.

Nguyen Ngoc Hoa, chairman of the Ho Chi Minh City Business Association, said limited access to capital remains one of the biggest bottlenecks facing Vietnamese enterprises.

“Large corporations need long-term financing channels, while small and micro businesses also require affordable access to capital to maintain production and operations,” Hoa said.

He stressed that the international financial centre should be designed to ensure all categories of businesses can access funding opportunities while maintaining appropriate regulatory oversight.

Building new “capital pipelines”

To address these needs, VIFC-HCMC is developing a capital market expansion plan centred on establishing a new stock exchange that could eventually evolve into an international trading platform.

Associate Professor Dr. Nguyen Huu Huan, vice chairman of VIFC-HCMC’s executive agency, said the centre has signed a cooperation agreement with Nasdaq to prepare the technological infrastructure for the future exchange.

According to the expert, most technological, product and operational requirements are already in place, with the project currently awaiting final government approval.

“If implemented, the international exchange is projected to create a new medium- and long-term fundraising channel for domestic enterprises while expanding access to foreign investors,” he analysed.

Alongside the proposed exchange, VIFC-HCMC is also planning to develop a crowdfunding platform aimed at startups as well as small and medium-sized enterprises.

Under the Vietnamese government’s Resolution 323 on financial policies for the international financial centres, eligible startups and small businesses could raise up to approximately US$700,000 annually through crowdfunding mechanisms.

Unlike an international stock exchange targeting large corporations, crowdfunding is viewed as a tool to expand capital access for the small business sector, which accounts for a major share of Vietnam’s economy.

Investors seek transparency and risk protection

However, investors say infrastructure and preferential policies alone will not be enough to attract international capital flows.

Luu Trong An Ha, CEO of Lotus Investment Group, said global investors are placing greater emphasis on risk governance and transparency in line with international standards. Investors need clear information about how capital is used, how funds are monitored, and what protections are available if risks emerge.

He proposed that the financial centre establish independent and transparent mechanisms for fund management, disbursement supervision and capital efficiency monitoring.

For large-scale projects, international investors also expect stronger government participation and support mechanisms to help reduce market risks and build confidence.

“The most important thing is creating mechanisms that protect both fundraisers and investors. That is the real foundation for an effective international financial centre,” Ha said.

Institutions will determine success

At a recent working session with relevant ministries and local authorities from Ho Chi Minh City and Da Nang, Prime Minister Le Minh Hung instructed the Ministry of Finance and the State Bank of Vietnam to finalise operational regulations for the international financial centre based in HCM City and Da Nang City by June 2026.

Under the directive, new policy mechanisms must be sufficiently innovative to support medium- and long-term fundraising instruments such as government bonds, infrastructure bonds and financial products linked to strategic projects.

The move is seen as a crucial step toward building an internationally competitive financial centre capable of attracting global capital and supporting Vietnam’s next phase of economic development.

Vietnam is increasingly viewed by international investors as a promising destination thanks to its young population, strong economic growth and rising role within ASEAN.

However, experts said turning that potential into sustained capital inflows will require more than a modern financial hub. It will depend on building a transparent, secure and internationally standardised financial ecosystem.

Only then, analysts pointed out, can VIFC-HCMC truly become a new “capital pipeline” for Vietnam’s economy in the years ahead.