Vietnam central bank chief urges shift from collateral to data-based SME lending

Published 28 Sep 2026Data as of 19 Sep 2026VietnamCreditSME

Correction: Governor's name and conference setting specified.

SME credit grew 12.4% year to date to VND 4.1 quadrillion (about USD 155 bn; about 20% of total credit)
19 banks run preferential loan programmes totalling over VND 407 trn, priced 1–2 pt a year below normal rates
Integration of tax, e-invoice and land registry data and a national SME data centre were proposed

Facts

Remarks: SBV Governor Pham Duc An, speaking at a conference on improving SMEs' access to finance on 19 September 2026, called on banks to shift towards actively seeking out business borrowers. Source: Viet Nam News (2026-09-19).

Figures: According to SBV statistics as of 28 August, SME credit has grown 12.4% since the start of 2026 ¹, to VND 4.1 quadrillion (about USD 155 bn; about 20% of total credit). 19 banks (up from 4) now run preferential loan programmes totalling over VND 407 trn, with rates 1–2 pt a year below normal rates. Source: as above.

Obstacles and proposals: collateral requirements, weak financial transparency, limited management capacity and difficulty demonstrating stable cash flow were cited as barriers. Proposed solutions include moving from collateral-based to cash-flow and data-based underwriting; integrating tax, e-invoice, land registry and business data into credit systems; establishing a national SME data centre; strengthening risk-sharing between government, banks and businesses; and using credit guarantee funds. Source: as above.

Analysis

SME credit growth (12.4%) exceeds overall credit growth (10.24% year to date, reported 17 September). Preferential-rate programmes increase the volume of funds, but as long as underwriting barriers remain, benefits tend to flow to existing customers. The Governor's remarks shift the focus from volume to how credit is assessed.

By comparison, Thailand's SME lending has contracted for 16 consecutive quarters; Thailand also champions alternative-data underwriting, but credit is moving in the opposite direction (September 2026).

Implications

ExecutivesAs use of tax and e-invoice data spreads, lenders able to verify micro-businesses' actual sales will find it easier to widen their borrower base.

InvestorsExpanded preferential lending boosts SME credit volume, but who bears the risk of the rate discount is a key question for bank profitability.

OperatorsIntroducing data-based underwriting requires consent collection and validation of credit models that account for sector-specific seasonality.

Counterpoints and uncertainties

The Governor's remarks are a statement of direction; no concrete design or timeline has been given for measures such as the national SME data centre. Credit expansion through preferential rates could lead to future asset-quality deterioration (ADB says rapid credit growth and asset quality warrant monitoring).

Figures: see definitions

SME credit growth, year to date: 12.4%
Cited at the SBV conference of 19 September 2026.
. Growth of credit to SMEs versus end-2025, SBV statistics as of 28 August 2026. SME lending. Basis date: 28 Aug 2026. Source: Viet Nam News: SBV urges banks to proactively seek SME borrowers (2026-09-19)

Sources

Reports are for information only and are not investment advice. Methodology: sources, verification and definitions