Vietnam mulls digital assets as collateral for SME loans

Vietnam’s Ministry of Finance has opened a public consultation on a draft amendment that would let small and medium‑sized enterprises use digital assets, intellectual property and other intangible assets as loan collateral [2]. The move seeks to ease the long‑standing reliance on real‑estate‑backed lending that has limited credit for many Vietnamese firms.

Key takeaways

• The proposal would expand acceptable collateral to include movable, future, property‑rights, IP, intangible and digital assets [2].
• Around 75 % of Vietnamese SMEs say they cannot obtain loans without collateral, and many cite unfavourable interest rates and cumbersome procedures [1].
• Banks are already shifting toward cash‑flow‑based lending, with VPBank reporting an 8.4 % rise in SME loans in Q1 2026 [1].
• The draft law also offers preferential treatment for green‑transition projects, such as subsidised rates and tax incentives [2].
• The reform could position Vietnam as a regional leader in financing innovation‑driven companies [2].

Expanding Collateral Beyond Real Estate

Vietnam’s current credit system heavily favours businesses that own land or property, leaving younger, technology‑focused firms at a disadvantage [2]. The draft amendment to the Law on Support for Small and Medium Enterprises would allow banks and credit institutions to accept a broader range of assets, including “movable assets, future assets, property rights, intellectual property, intangible assets, digital assets, virtual assets, and other legally recognised forms of ownership” [2]. By recognising these forms of ownership, policymakers aim to support sectors such as AI, fintech, gaming and other digital services that have limited physical collateral but strong growth potential.

The proposal is part of a wider effort to modernise Vietnam’s financing landscape. It coincides with ongoing shifts by major banks toward cash‑flow‑based lending. For example, VPBank has moved from strict collateral requirements to evaluating business plans, cash flows and operational capacity, resulting in a 10.2 % increase in total outstanding loans and an 8.4 % rise in SME lending in the first quarter of 2026 [1]. Similarly, SeABank now offers loan packages to micro‑enterprises with as little as three months of operating history, extending tenors up to 300 months for property‑related purchases [1].

Green Incentives and International Implications

The draft law also embeds incentives for sustainable businesses. SMEs engaged in environmental protection, circular‑economy initiatives or energy‑efficiency projects could receive easier credit guarantees, subsidised interest rates, seed funding and tax benefits [2]. Accelerated depreciation for green‑transition assets and support for ESG reporting are also outlined, signalling a policy push toward a greener economy.

International investors have taken note of Vietnam’s growing role as a manufacturing and technology hub. Recognising intangible assets as legitimate collateral could attract more venture capital and foreign direct investment, especially for tech firms that rely on intellectual property rather than land [2]. If adopted, the reform could serve as a model for other emerging markets seeking to unlock innovation without depending on real‑estate‑driven financing.