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By the end of last month there were over 3.73 million accounts, according to the Vietnam Securities Depository.
The average bank deposit interest of 4.4 percent by the end of last month was not attractive, which caused investors to look toward stocks, FiinGroup pointed out in a report.
Other asset classes like property, gold and foreign exchange are not providing high yields either, it added.
Mirae Asset Vietnam said in a note Vietnam’s benchmark VN-Index has gained over 23 percent this year, and prospects for growth remain good.
"We expect more idle cash will be transferred to stocks."
The government targets having 3 percent of the population participating in equity markets by the end of this year and 5 percent by 2025 under its Scheme for Restructuring Securities and Insurance Markets, which it finalized in early 2019.
