2026越南创新与私募资本报告

As Viet Nam targets high-tech industries as the engine of its next growth phase, thecountry has responded to shifting global trade patterns not with caution but withambition, accelerating its push toward a knowledge-based, innovation-driven economy.With GDP growth remaining among the strongest in the region, the foundations are inplace to sustain and deepen that momentum through technology. This is a pivotal moment. The country is deepening its integration into global valuechains, attracting a new generation of strategic investors, and building the foundationsfor industries that will define the next decade. Vietnamese entrepreneurs areincreasingly looking beyond domestic markets, and the ecosystem is maturing to supportthat ambition. The road ahead carries real headwinds. AI is compressing timelines and raising the bar forcompetitiveness. Global capital remains selective. Geopolitical shifts continue to reshapewhere investment flows. Sustaining momentum will require moving faster on talent,regulation, and institutional infrastructure. But the direction is clear. Viet Nam has the demographics, the dynamism, andincreasingly the policy conviction to become a leading destination for innovation andprivate capital in Southeast Asia. This report is a reflection of that journey, and aninvitation to be part of what comes next. Director,VietNamNationalInnovationCenter Research Partners 1.Viet Nam's capital markets at an inflection point, with reformsin place, performance already proven, and a clear pipeline ofcatalysts ahead1 2.Viet Nam Innovation & Private Capital Landscape2 3.From Policy to Impact: Viet Nam's Innovation Ecosystem in 20253 CONTENT 4.About BCG4 Viet Nam's capital markets at an inflection point,with reforms in place, performance alreadyproven, and a clear pipeline of catalysts ahead Section 1: Viet Nam's ~$270B annual investment needs require deeper capital markets Section 2: Ongoing waves of structural changes to unlock the potential of the capitalmarkets Section 3: The market is already delivering with top ASEAN performance and compellingvaluations Section 4: Momentum expected to continue with further opportunities for all stakeholders Key messages Viet Nam’s ~$270B annual investment needs require deeper capital markets1 •Viet Nam's annual investment needs grow from ~$160B today to ~$270B by 2030 and ~$500B by 2045•Bank financing is not sufficient,funding 35-45% of investment with credit/GDP above 140% (highest in SEA)•Capital markets remain early stage(e.g. equity market cap at78% of GDP vs. the 120% 2030 strategy target) Ongoing structural changes are unlocking the capital markets2 •Infrastructure & accessibility:Viet Nam has caught up with SEA peers in three years, with KRX delivering 5-8x order capacity, pre-funding abolished, and IPO-to-listing compressed to 30 days•International integration:FTSE EM reclassification confirmed for September 2026 with $5-8B of inflows expected, with further upside from MSCI EM inclusion(3-4xlarger pool) and an investment-grade credit upgrade•Regulatory & governance:standards are converging on the institutional-grade bar EM funds require, with the Securities Law 2024, IFRS from 2026 and bilingualdisclosure, while enforcement steps up•Institutional depth & ecosystem:VIFC (2025) creates a dedicated hub for global institutional capital, while an expanding mutual fund and ETF industry buildsthelocal institutional base The market is already delivering with top ASEAN performance and compelling valuations •Performance and attractive valuations:VN-Index returned +41% in 2025, the best in ASEAN, with still attractive valuation•Resilience proven through stress:$5B of foreign net selling in 2024-25 fully absorbed by domestic flows, while FDI stayed strong at ~$28B•Liquidityhas reached a new tier at ~$1.2B daily turnover (+33% YoY, 6x in five years), in the same band as Singapore and Thailand, with 12M+ retail accounts•The IPO pipeline is revivingwith $3-5B for 2026-27, the first private-sector-led cycle since 2018, diversifying the index away from banks and real estate 6•New pools of capitalcould open further with MSCI EM inclusion, an investment-grade credit upgrade, pension reform and mandatory ESG disclosure•The investable universe will broadenwith free-float expansion, a continued IPO pipeline beyond 2027, and the VIFC sandbox enabling new asset classes•Consistent implementation will lift asset quality, supported by enforcement, corporate practices converging to international standards, and a maturing localinvestor base•A strategic window opens for every participant: corporates raising new capital, PE/VC deploying at frontier valuations and exiting through IPOs, foreign investorsallocating to SEA's fastest-growing market, and local banks and AM building wealth franchises ahead of international entrants Viet Nam's capital markets at an inflection point,with reforms in place, performance alreadyproven, and a clear pipeline of catalysts ahead Sectio