Directing capital flows into production and stimulating innovation

Vietnam in general and Ho Chi Minh City in particular are facing a golden opportunity to restructure the economy towards sustainability and innovation. However, if speculative capital flows are not tightly controlled and capital flows are not promptly regulated into areas that create high productivity, added value and technological innovation, growth will easily fall into a spiral of inefficiency and unsustainability. In 2025, the State Bank aims for credit growth of about 16%, equivalent to more than 18 million billion VND. This is a large number, bringing expectations to create new momentum for economic recovery and growth. However, if this capital flow continues to flow into highly speculative channels such as real estate , cryptocurrencies or speculative stocks, the economy will face the risk of asset bubbles, resource imbalance and decline in growth quality. What is needed now is to direct capital flows into production, technological innovation and sustainable development.