Expanding the Investor Base for the Capital Market: Policy Directions and International Experience from Infrastructure Investment Trust Models for Vietnam

The corporate bond market will struggle to function efficiently and achieve deeper development with its current lack of investor diversification. Therefore, expanding the investor base is essential to attract long-term, sustainable capital for the market’s growth.

Building on the analysis series from the Vietnam Corporate Bond Market Forum 2026, Market Commentary No. 04 focuses on policy directions to help reshape the investor base, while highlighting the role of infrastructure assets and structured finance instruments in unlocking long-term capital.

This report draws on insights shared by Mr. Bui Ngoc Huyen, Deputy Director, Department of Securities Offering Regulation, State Securities Commission of Vietnam, and Mr. Nguyen Ba Hung, Principal Country Economist, Asian Development Bank (ADB).

Key highlights include:

🔹 Clearer investor segmentation: Policy direction is evolving toward investor “segmentation”, whereby individual investors are being steered toward safer and more transparent products, while participation in the private placement market is subject to higher standards through credit ratings and payment guarantee/collateral mechanisms.

🔹 Local institutional investors are increasingly encouraged to participate in the C-bond market through the continued development of the legal framework for long-term investment vehicles (e.g. infrastructure bond funds), alongside the consideration of appropriately relaxing certain investment restrictions.

🔹 Recent legal reforms are also creating more supportive conditions to attract foreign investors and strengthen market discipline.

🔹 Improving investor confidence depends on coordinated reform pillars, including enhancing issuer standards, strengthening disclosure and transparency, diversifying products, and developing the intermediary ecosystem.

🔹 Against infrastructure investment needs estimated at USD 10–20 billion annually, beyond the capacity of the state budget and banking system, structured infrastructure products could emerge as an important asset class for attracting long-term capital.

🔹 Insights from international experience: International experience, including Infrastructure Investment Trusts (InvITs) in India and infrastructure debt securitization in Singapore, suggests that structuring infrastructure assets into investable products, supported by credit enhancement mechanisms, may offer relevant pathways for Vietnam in broadening its investor base.

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