Tiếng Việt
Overview
Research Report on Developing Public Products for Capital Market Development in Vietnam, Indonesia and The Philippines
FiinRatings led the study “Capital Market Development in Southeast Asia: Vietnam, Indonesia and the Philippines” under the UK Government's MOBILIST programme, in collaboration with Mandiri Institute (Indonesia) and Ipsos (Philippines). The research was funded by the UK's Foreign, Commonwealth & Development Office (FCDO) and the Swiss State Secretariat for Economic Affairs (SECO).
The report examines capital market development across the three countries, identifies barriers to mobilising institutional capital and recommends measures to strengthen public products and broaden institutional investor participation.
Across the three markets, the research finds that Indonesia, the Philippines, and Vietnam have made substantial strides in capital market development over the past decade, implementing regulatory reforms, modernising infrastructure, and expanding product offerings. Yet public products still play a limited role, constrained by gaps in issuer readiness, investor base and market infrastructure, leaving companies heavily dependent on bank financing.
Key findings from the research:
🔹 Capital markets have made substantial advances. Over the past decade, all three countries have made meaningful progress in modernising market infrastructure, strengthening regulation and expanding their capital markets.
🔹 Bank financing remains dominant. Companies in all three countries continue to rely heavily on bank lending, while public capital markets have yet to fulfil their potential as alternative sources of long-term financing.
🔹 Institutional investor participation remains limited, or is concentrated primarily in lower-risk assets.
🔹 Secondary-market liquidity remains underdeveloped. Issuer bases remain narrow, while pricing infrastructure and hedging instruments require further development.
Against this backdrop, the report identifies substantial opportunities for development finance institutions (DFIs) to support the next phase of market maturation through targeted interventions in credit enhancement, issuer readiness and institutional investor development.
For Viet Nam, these findings come at a pivotal moment. FTSE Russell's upgrade of Viet Nam to Secondary Emerging Market status opens the door to greater international investment. Turning this opportunity into sustained long-term financing will require further market deepening, a broader range of investment products and higher standards of corporate transparency and governance to meet institutional investors’ requirements.
The research was presented by FiinRatings and MOBILIST at a seminar in Hanoi on 12 October 2026, bringing together representatives from the FCDO, the British Embassy in Hanoi, SECO, the World Bank and IFC, as well as regulators, stock exchanges, DFIs, institutional investors and corporates.
The three-market study forms part of FiinRatings' ongoing work in capital market analysis and credit risk assessment. Through international research partnerships and dialogue, FiinRatings aims to continue contributing independent perspectives and practical recommendations that help investors and market participants identify opportunities and make informed investment decisions.
📖 DOWNLOAD THE FULL REPORT HERE
🔎 Read more insights from the report on MOBILIST's website
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Beyond credit ratings, FiinRatings provides Corporate Key Risk Assessment, Integrity Due Diligence (IDD), sector credit research and market assessment services, helping investors and financial institutions strengthen investment analysis and risk management in Viet Nam.
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