Deputy Prime Minister Nguyen Van Thang signed Decision No. 1413 on July 27 approving the "Comprehensive reform of Vietnam's financial market in support of sustained high economic growth through 2045."

The reform blueprint seeks to develop a modern, market-oriented financial system that is fully integrated with global markets. The government said the financial market should evolve into a balanced ecosystem capable of mobilizing and allocating capital efficiently while serving as a key provider of medium- and long-term funding to support sustainable high economic growth.

Under the plan, Vietnam aims to raise the value of foreign investment assets in its capital and securities markets to approximately 15% of GDP by 2030. The government also targets net assets under management by securities investment funds at 5% of GDP, while assets managed by pension funds are expected to grow at an average annual rate of 11.5% between 2026 and 2030.

By 2045, the government expects the stock market to consolidate its role as the country's primary source of medium- and long-term financing. The banking system is expected to operate under modern, prudent standards, while the insurance sector is projected to develop sustainably. Vietnam also aims to establish its International Financial Center as a key regional hub linking capital flows, financial institutions and cross-border financial services.

As part of the market infrastructure roadmap, the government plans to complete a modern, self-reliant national payment infrastructure by 2028, enabling bilateral and multilateral payment connectivity with regional and global partners.

Vietnam also plans to introduce a central counterparty (CCP) clearing mechanism for the cash equity market in 2027. Between 2030 and 2035, authorities aim to develop and operate a shared financial market database to strengthen regulatory oversight and market supervision.

Eight priority reform areas

The reform plan outlines eight strategic priorities.

The first focuses on strengthening the legal and regulatory framework by reviewing and amending sector-specific legislation, studying the introduction of a law governing financial market supervision, and transitioning from compliance-based oversight to a risk-based supervisory model.

The second aims to diversify financial products by expanding green finance, including green equities, green corporate bonds, ESG investment funds, and green stock indices.

The government also plans to broaden the range of government bond products, including green bonds, floating-rate bonds and inflation-linked securities, while directing credit toward productive sectors, small and medium-sized enterprises, green finance and financial inclusion. The plan also calls for the effective regulation and operation of tokenized asset markets.

The third priority is to broaden the institutional investor base by expanding pension, infrastructure, real estate and venture capital funds, while simplifying account opening procedures, foreign exchange conversions and profit repatriation for foreign investors.

The fourth focuses on strengthening financial intermediaries by developing larger commercial banks, encouraging systemically important lenders to move toward Basel III standards from 2026, resolving non-performing loans, and addressing cross-ownership within the banking sector.

The fifth priority seeks to modernize financial infrastructure through upgrades to the national interbank payment system, payment switching platforms, and the digital transformation of securities trading and settlement systems.

The sixth emphasizes stronger macroeconomic management through closer coordination between monetary and fiscal policies, maintaining inflation control and macroeconomic stability, while implementing measures to improve oversight of the domestic gold market.

The seventh aims to accelerate Vietnam's stock market upgrade and advance the development of the country's International Financial Center.

The eighth focuses on developing a highly skilled workforce through specialized financial education programs at leading universities, with greater emphasis on expertise in artificial intelligence for finance, cybersecurity, big data, and quantitative risk management.