Vietnam’s Capital Market Needs More Shares to Attract Long-Term Capital
Vietnam’s capital market has an opportunity to attract long-term capital, but rising listed-company profits have yet to lift share prices. Forum speakers said stronger governance, more high-quality tradable shares and deeper domestic long-term funding are key to retaining investors.
At a Vietnam Investment Forum discussion on November 12, Trần Thị Khánh Hiền, head of research at CTCP Chứng khoán MB, said profits at listed companies rose about 35% in the first nine months of 2026, but share prices did not rise accordingly. Investor deposits at 42 large securities companies fell 49% year on year in the third quarter. She said the market had already priced in the earlier earnings growth, while investors were concerned about rising costs for raw materials, transport and other inputs. She expects listed-company profit growth to slow to 20%–22% in the fourth quarter and about 12%–15% in 2027.
A capital-market discussion at the Vietnam Investment Forum.（VietVance）
Financial expert Đào Phúc Tường said investor confidence is the main obstacle to attracting long-term capital. International institutional investors are concerned about macroeconomic stability over the coming years, exchange rates and their ability to exit investments safely. Trần Thị Khánh Hiền also stressed the need for transparency in listed companies’ disclosures and governance. Phạm Thị Thùy Linh, head of market development at Vietnam’s State Securities Commission, called for unlocking domestic sources of long-term capital, including voluntary pension funds, to make the market more resilient to fluctuations in foreign capital flows.
Phạm Thị Thùy Linh said regulators are advancing measures including a non-prefunding mechanism and shorter opening times for indirect investment capital accounts, with central counterparty clearing planned to begin operating in 2027. Nguyễn Hoàng Việt, deputy general director of CTCP Chứng khoán DNSE, said the low free float of some strong listed companies limits purchases by foreign funds. He proposed increasing the supply of shares through the equitization of state-owned enterprises and listings by leading private companies and eligible foreign-invested enterprises. Companies also need to price initial public offerings reasonably and ensure sufficient shares are available for trading.
Nguyễn Hoàng Việt, deputy general director of CTCP Chứng khoán DNSE.（VietVance）
Securities companies also face pressure to adjust their businesses. In the third quarter, shareholders’ equity at 42 securities companies rose 39%, while after-tax profit fell 49% and return on equity declined to 7.7%. Nguyễn Hoàng Việt expects the industry to shift further toward wealth management and integrated financial platforms in 2027, generating recurring revenue from services such as data and asset-allocation advice. On the market outlook, Trần Thị Khánh Hiền expects cost and interest-rate pressures to persist in the first half of 2027, with conditions potentially improving in the second half as those pressures ease.
Source: VietVance
