Finance industry boasts a prestigious legacy and prepares to flourish hand in hand with the nation's development
Vietnam's finance sector is gearing up for a transformative journey, aiming to become a developed, high-income economy by 2045. This ambitious goal is being pursued through a series of strategic milestones that emphasise institutional reforms, innovation, climate financing, and private sector growth.
The Ministry of Finance, a cornerstone of Vietnam's 80 years of development, is spearheading this transition. The ministry has contributed significantly to the country's progress, and its role is set to become even more crucial in the years to come.
One of the key strategies involves the establishment of Special Financial Centers in Ho Chi Minh City and Danang. These centres, slated to attract foreign investment and foster a vibrant financial ecosystem, will offer simplified regulations, tax incentives, support for fintech startups, and streamlined business dispute resolution.
Institutional and administrative reform is another priority. The government is consolidating ministries, eliminating low-level bureaucracies, and forming regional economic centres that pool talent, improving public governance and enhancing administrative efficiency.
Recognising the importance of the private sector, Resolution 68 by the Communist Party focuses on removing barriers, improving the business climate, and supporting technology-driven enterprises. By 2030, at least 20 private firms are targeted to reach a global scale.
Technology and innovation are at the heart of Vietnam's finance sector transformation. The sector is integrating digital economy goals from the National Digital Transformation Strategy to boost GDP contribution from digital technologies, encourage R&D, and reduce dependence on foreign platforms. Science, technology, and innovation are core drivers for development in 2026-2030.
Addressing the dual goals of economic growth and climate vulnerability, Vietnam aims to mobilise substantial funding for climate mitigation and adaptation. This requires innovative financial instruments and reforms in climate finance alignment with national priorities.
Maintaining macroeconomic stability while enhancing resilience against shocks such as climate change, pandemics, geopolitical tensions, and cybersecurity threats is a strategic priority.
To diversify economic bases and improve productivity, Vietnam is developing high-value financial, legal, engineering, and creative industries supported by technology.
The demographic challenges posed by Vietnam's "golden population" window closing by 2039 are being addressed through strategies to increase labor force participation, preventive healthcare access, and more female workers in formal employment.
Minister of Finance Nguyen Van Thang was present at a recent event, and the estimated average economic growth rate for the 2021-2025 period is about 6.3%. The target for 2025 is to achieve 8.3-8.5% growth, with GDP per capita reaching about $5,000.
The finance sector has effectively managed state reserves, providing essential goods to people affected by natural disasters and epidemics. Foreign investment in Vietnam is rising sharply, driven by capital adjustments and share purchases.
Health insurance covered 95.5 million people (94.3% of the population) in 2024, and the target for 2025 is to achieve 95% coverage. The government has waived, reduced, or deferred around VND1.1 quadrillion ($44 billion) in taxes, fees, and land use charges to support citizens and businesses.
Vietnam is planning to pilot more than one crypto exchange, and the institutional, legal, and infrastructure framework for the sustainable development of insurance and securities markets has been established and perfected by the finance sector. The finance sector has researched, drafted, and submitted numerous important laws to the government and National Assembly.
An upgrade of Vietnam's stock market status to emerging could improve the country's image, raise market standards, and promote institutional reforms. Vietnam's stock market, celebrating its 25th anniversary, has 2,300 listed companies and a market capitalization of about 65% of GDP.
Party General Secretary To Lam presented the First-Class Independence Order to the Ministry of Finance, recognising its significant contributions to Vietnam's development. The finance sector's journey towards becoming a key driver of Vietnam's economic growth is well underway, and the country is poised to become Asia's next "tiger economy".
The Ministry of Finance, with its significant contributions to Vietnam's development, is taking the lead in transforming the finance sector, aiming to establish Special Financial Centers in Ho Chi Minh City and Danang that will attract foreign investment and foster a vibrant financial ecosystem.
Recognizing the importance of the private sector, the government is pursuing strategies such as removing barriers and supporting technology-driven enterprises, with a target of achieving 8.3-8.5% economic growth by 2025. By doing so, Vietnam is aiming to become Asia's next "tiger economy."
