Viet Nam to roll out 8.4 billion USD preferential loan scheme

The programme will be funded by state-owned commercial banks, which have pledged to provide concessional loans to help SMEs gain better access to capital to expand production and business activities, and support economic growth.

According to Ha, the central bank has instructed and encouraged commercial banks, particularly state-owned lenders, to take the lead in allocating low-interest credit for eligible businesses. Following consultations with participating banks, the SBV is now completing implementation guidelines to ensure the programme can begin as soon as possible.

The credit package forms part of the SBV's broader efforts to stimulate growth amid persistent global uncertainties stemming from geopolitical conflicts and trade tensions.

Despite external headwinds, Viet Nam's economy has posted encouraging results. Gross domestic product (GDP) expanded 8.18% in the first half of 2026 while inflation during the first seven months stood at 4.39%, with core inflation at 4.19%. However, growth remains below the Government's first-half target of 9.7%, underscoring the need for continued policy support.

To facilitate credit expansion, the SBV has maintained an accommodative monetary policy, keeping key policy interest rates unchanged while flexibly managing open market operations to support banking system liquidity. It has also adjusted exchange rates in line with market developments and introduced measures to improve capital availability.

A notable policy took effect on August 1 under Decision No. 1743/QD-NHNN, allowing banks to deduct 50% of fixed-term deposits held by the State Treasury when calculating their loan-to-deposit ratio. The SBV said the move would strengthen banks' funding capacity, improve liquidity management and create greater room for credit expansion.

At the same time, the central bank has instructed commercial banks to provide financing for 18 key infrastructure projects. It also raised the maximum ratio of short-term funds permitted for medium- and long-term lending to 40% from July 1, 2026, while allowing 25 credit institutions to exclude additional lending for social housing, industrial parks and export processing zones from their real estate credit growth limits.

As a result of these measures, outstanding credit across the banking system exceeded 20.15 quadrillion VND as of July 29, up 8.38% from the end of 2025. Credit has continued to be channelled into production, business activities, priority sectors and key growth drivers identified by the Government.

Ha said the SBV will continue pursuing a proactive and flexible monetary policy in the remaining months of the year, coordinating it closely with fiscal and other macroeconomic policies to contain inflation, maintain macroeconomic stability, ensure adequate credit supply and support sustainable economic growth.