Vietnam expands SME credit access through digital finance and new credit packages

Vietnamese financial institutions are expanding credit access for small and medium-sized enterprises (SMEs) following a State Bank of Vietnam initiative. Currently, 19 credit institutions have registered to participate in credit packages totaling over 400 trillion VND aimed at economic growth drivers.

Banks are shifting their approach to customer acquisition by utilizing digital data, such as sales figures from e-commerce and modern sales channels, to better assess the creditworthiness of SMEs. This evolution aligns with the needs of businesses facing rising operating costs. A UOB study of 226 large and medium enterprises in Vietnam noted that 45% of businesses are concerned with increasing operating costs, with many seeking financial support for rent and operational optimization.

At a recent conference on enhancing SME credit access, MISA Group proposed three directions to improve lending: promoting data-driven financial models, strengthening connections between banks and technology platforms, and utilizing AI to support credit assessment. MISA has developed the MISA Lending platform to connect micro, small, and medium enterprises with financial institutions by leveraging authorized data such as electronic invoices, accounting records, and cash flow information.