Vietnam is planning to change how banks decide who gets loans as part of wider financial reforms. The Ministry of Finance has proposed allowing small and medium-sized enterprises (SMEs) to use digital assets, virtual assets, and intellectual property as collateral. The aim is to help startups and firms that do not own land or buildings access credit more easily.
The proposal is embedded within a newly drafted amendment to the nation’s Law on Support for Small and Medium Enterprises. The public consultation window for the draft ran from May 25 to May 29, 2026, and has now closed. The Ministry of Finance plans to submit the draft to the National Assembly in October 2026, with a planned effective date of July 1, 2027 if the legislature approves it. If approved, companies would be able to use a wider range of assets, including future income rights and other legal claims, when applying for bank loans.
Per the draft’s definitions, SMEs are businesses with annual income of no more than VND 400 billion (~$15.2 million) and a workforce of no more than 300 employees.
The plan also shows a broader policy direction under Resolution 68-NQ/TW, which places the private sector at the center of economic growth. If implemented, the changes would shift how banks assess borrowers and expand financing options for asset-light businesses.
Breaking the real estate bottleneck
Vietnam’s banking system still depends heavily on real estate and physical assets when approving loans. However, many startups now rely on intangible assets such as software, patents, and digital products, which traditional lending models often do not recognize.
The Ministry of Finance says this gap is slowing business growth. According to ministry data, small and medium-sized enterprises and household businesses make up more than 98% of all enterprises in the country, yet they receive only about 20% of total bank credit. In concrete terms, outstanding SME loans totaled nearly VND 3.8 quadrillion (approximately $144.2 billion) as of the end of April 2026. Vietnam currently has approximately 930,000 registered enterprises, the vast majority of which qualify as SMEs, with the government targeting 2 million active businesses by 2030. As a result, many viable companies struggle to access financing despite strong business potential.
Moreover, in its draft form, the proposal encourages lenders not to focus only on assets. In particular, lenders will be required to take credit rating, cash flows, and business plans into account during the lending process.
The Q3 digital asset architecture
Vietnam is moving forward with plans to establish its first regulated crypto and digital asset market, with authorities targeting a launch by the third quarter of 2026. Regulators are working with financial and security agencies to set trading rules and define investor protections as the framework takes shape.
Deputy Finance Minister Nguyen Duc Chi has confirmed the government’s commitment to building a regulated market structure. Officials have also approved five companies to help operate future crypto trading platforms, marking an early step in the rollout process.
Major financial and industrial groups are already positioning for participation. Affiliates of Techcombank, VPBank, and LPBank have cleared initial qualification stages, while VIX Securities and Sun Group are also seeking entry into the pilot program. The developments point to growing competition as Vietnam prepares to open a regulated digital asset market.
Crypto regulation and tax framework take shape
Vietnam is also planning to introduce a specific tax treatment of cryptocurrency trading transactions as its approach to regulating cryptocurrency activities comes closer to fruition. According to the draft framework, individual investors trading through licensed platforms will pay a 0.1% personal income tax on each transaction; a rate that mirrors Vietnam’s existing tax treatment of traditional securities trading. The tax obligation applies regardless of residency status.
For institutional participants, the framework is stricter: corporate investors face a 20% corporate income tax on profits from crypto trading, after costs and expenses are deducted.
The draft also proposes that cryptocurrency transactions should not be subjected to value-added tax, implying that regulators are likely to view cryptocurrencies as financial assets rather than consumer goods.
Additionally, other than addressing issues pertaining to cryptocurrencies, the draft includes provisions aimed at fostering sustainable businesses within Vietnam. Such businesses are eligible for credit and concessional loans among others.
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