Expert: Vietnamese Firms Struggle to Meet Financing Standards and Connect With Capital
Vietnamese firms need more medium and long-term financing, but many struggle to meet international investors’ requirements. At a November 6 forum, experts cited financial transparency, corporate governance and credit ratings as barriers. The international financial center in Ho Chi Minh City is studying how e-commerce transaction data could support financing for small and medium-sized enterprises.
On November 6, 2026, Nguyễn Hữu Huân, vice chairman of the Vietnam International Financial Center in Ho Chi Minh City, told a forum that Vietnamese firms’ financing difficulties were not simply due to a lack of capital. He said household savings and international investment capital still held potential, but too few firms met the conditions for accessing that capital, and mechanisms to help them meet the relevant standards needed improvement.
Nguyễn Hữu Huân discusses financing requirements for Vietnamese firms at the forum.（VietVance）
Nguyễn Hữu Huân said that, at present, mainly large corporate groups and listed companies can raise funds in international markets through stocks, bonds and other instruments. Firms need to improve governance, establish financial accounting systems that meet international standards, and satisfy credit rating requirements. He also said Vietnam’s sovereign credit rating remained below investment grade, and an improved rating would help firms obtain overseas funding at lower interest rates.
The forum discussion on November 6, 2026.（VietVance）
The obstacles are more pronounced for small and medium-sized enterprises. Maintaining multiple sets of accounts, lacking collateral or having opaque cash flows makes it harder for banks and investment funds to assess risk. Forum speaker Dương Như Hùng said foreign investors consider both expected returns and risk; unreliable financial reports or insufficient information are harder for them to accept than a loss in a single year.
Trịnh Thanh Cần, general director of Kafi Securities, said initial public offerings are generally suited to mature firms. Firms at earlier stages could consider private equity funds, family offices or strategic partners. Other options for building factories and financing projects include issuing bonds and taking out syndicated loans, while firms seeking to expand export markets could look for joint venture partners.
Nguyễn Hữu Huân said the financial center is studying financing mechanisms for small and medium-sized enterprises and discussing loans for small businesses and household businesses with some e-commerce platforms, using transaction and cash flow data. Implementing such a model in Vietnam would still require an appropriate legal framework and a regulatory sandbox.
Source: VietVance
