Vietnam banks launch preferential credit programs for SMEs

Following directives from the State Bank of Vietnam (SBV), commercial banks are launching preferential credit programs to support small and medium-sized enterprises (SMEs) and key economic drivers. The initiative aims to lower borrowing costs by at least 1% compared to average market rates to stimulate production and support double-digit economic growth.

Major state-owned lenders have announced significant credit packages. Agribank is implementing a VNĐ70 trillion program through 2028, targeting sectors such as agriculture, high-tech manufacturing, semiconductors, and green projects. Other major banks, including BIDV, Vietcombank, and VietinBank, have each committed approximately VNĐ50 trillion to similar preferential lending schemes.

The SBV is also coordinating high-level meetings with the Prime Minister and banking leadership to address issues regarding interest rates, credit expansion, exchange rates, and systemic safety. While banks face challenges such as rising funding demands and the need to maintain financial stability, the push focuses on channeling capital into the digital economy, AI, and supporting industries to ensure sustainable macroeconomic stability.