Vietnam: From Bank-Led Financing to Capital Markets

In brief

On 27 July 2026, the Prime Minister issued Decision No. 1413/QD-TTg ("Decision No. 1413"), setting out Vietnam's roadmap for financial market reform through 2045. Rather than introducing immediate legislative changes, the Decision outlines a broad reform agenda to be implemented over time across capital markets, banking, digital assets and financial infrastructure.

The reforms aim to support Vietnam's long-term growth while reducing the economy's reliance on bank credit. Key priorities include deepening capital markets, attracting long-term investment, modernizing market infrastructure and expanding available financing instruments. Taken together, Decision No. 1413 represents one of Vietnam's most significant financial-sector reform initiatives in recent years, signaling a gradual shift toward a more diversified and balanced financing ecosystem.

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