Key findings from the report:
1. Viet Nam’s growth ambitions require deeper capital markets
Annual investment demand is projected to rise from ~$160B today to ~$270B by 2030 and ~$500B by 2045. With credit/GDP already above 140%, bank financing alone will not be sufficient, highlighting the need for deeper and more diversified capital markets.
2. Structural reforms are unlocking the next phase of market development
Rapid improvements in market infrastructure, regulatory standards, and international integration are reshaping Viet Nam’s capital markets. FTSE Emerging Market reclassification, KRX implementation, IFRS adoption, and the launch of VIFC are accelerating institutional readiness.
3. The market is already showing strong momentum
The VN-Index was the best-performing market in ASEAN in 2025, while liquidity, retail participation, and IPO activity continue to strengthen. Domestic flows have also demonstrated resilience amid sustained foreign net selling.
4. A broad pipeline of catalysts is opening a strategic window
Future catalysts — including MSCI EM inclusion, investment-grade potential, pension reform, ESG regulation, and a stronger IPO pipeline — could further expand market depth and attract long-term institutional capital.
5. Viet Nam's private capital market posted its strongest recovery in years. Total investment reached $4.5B across 149 deals, with PE surging to an all-time high of $4B and VC returning to $509M, confirming that investor confidence has returned across both asset classes.
6. VC capital concentrated into fewer, higher-conviction bets. Despite deal count falling to 103, capital surged 28% to $509M. The $3M–$10M and $50M+ segments led the recovery, with stable Series A and Pre-A activity, alongside the highest C+ deal count since 2022, signaling a healthy pipeline of maturing startups.
7. PE hit record territory on multiple fronts. Beyond the all-time high in total capital, the mid-market reached a record 12 deals, Consumer Staples surged to $1.2B — its highest in a decade — and Growth Equity returned at its strongest level since 2021.