Deputy Prime Minister Nguyen Van Thang has signed Decision No. 1809 approving a national scheme aimed at strengthening businesses' access to capital, especially for SMEs. The decision took effect on September 18.
Checking a bank cash transaction (Photo: Tien Tuan).
Under the scheme, authorities will continue refining the legal framework governing credit activities to enable banks and other credit institutions to expand lending to businesses. Regulations on factoring services will also be improved to help companies strengthen cash flow and broaden access to financing.
Credit institutions have been instructed to implement measures outlined in Resolution 68-NQ/TW on private-sector development and Resolution 79-NQ/TW on state-sector development. Banks are expected to streamline lending procedures and increase financing based on business plans, value chains and supply chains, while making greater use of payment and cash-flow data and diversifying collateral requirements in accordance with regulations.
The scheme calls for safe and effective credit growth to meet production and business financing needs, with priority given to productive sectors and key growth drivers. Banks are also encouraged to accelerate digital transformation, expand the use of technology and simplify procedures to make borrowing easier, particularly for SMEs.
A central element of the initiative is the development of a dedicated SME database within the National Business Information System. The database will provide information on enterprises and their compliance records, giving lenders additional data to assess creditworthiness and lending decisions.
The bank-business connectivity programme will continue to operate nationwide, helping authorities identify and address obstacles that companies face when seeking credit.
The State Bank of Vietnam has been tasked with leading implementation of the scheme in coordination with ministries, government agencies and local authorities. It will monitor progress, evaluate outcomes and propose adjustments where necessary.
The central bank has also been instructed to ensure credit institutions facilitate business access to funding and continue implementing government-directed credit programmes and policies.
In parallel, the State Bank of Vietnam will pursue a proactive and flexible monetary policy, coordinated with fiscal and other macroeconomic policies, to control inflation, maintain stability in the money and foreign-exchange markets and support sustainable economic growth.
The plan also calls for stronger supervision of the banking sector, continued restructuring of credit institutions and measures to address weak lenders.
According to the scheme, modernising the banking system, restructuring weak financial institutions and improving corporate access to capital are strategic priorities through 2030. Institutional reform, workforce development, infrastructure and data systems have been identified as key pillars, alongside greater emphasis on science, technology and innovation.
By 2030, Vietnam aims to have at least three state-owned commercial banks ranked among Asia's 100 largest banks by total assets, based on international rankings.
The restructuring of weak credit institutions will be carried out through legally compliant recovery and resolution plans, with the objective of preventing bank failures and safeguarding financial system stability under state oversight.