The Vietnamese government has proposed allowing small and medium-sized enterprises (SMEs) to use digital and virtual assets, as well as intellectual property rights, as collateral for bank loans. The initiative is designed to expand access to financing for businesses and support technology startups.
As part of revisions to the Law on Support for Small and Medium-Sized Enterprises, which has been released for public consultation, Vietnam’s Ministry of Finance (MoF) proposed allowing SMEs to pledge various forms of digital assets as collateral for bank financing, according to Vietnam News.
If approved, the changes would enable Vietnamese companies to secure bank funding not only with real estate and other traditional assets, but also with tokenized assets, property rights, intellectual property, intangible assets, and digital and virtual assets.
The initiative is intended to unlock resources within the private sector and aligns with Politburo Resolution No. 68-NQ/TW, which identifies private businesses as one of the key drivers of the country’s economic growth.
The draft legislation also encourages banks to expand lending based on borrowers’ creditworthiness, business plans, market expansion potential, and cash flows, rather than relying primarily on tangible collateral.
Authorities say the reform is necessary because SMEs continue to face significant barriers to accessing bank credit. According to the Ministry of Finance, SMEs and household businesses account for more than 98% of all enterprises in Vietnam, yet they receive only about 20% of total bank lending.
Data from the State Bank of Vietnam shows that, as of the end of April 2026, outstanding loans to SMEs totaled nearly VND 3.8 quadrillion, or approximately $144.2 billion. That represents roughly one-fifth of the banking sector’s total loan portfolio.
According to the ministry, limited access to financing is largely driven by a lack of eligible collateral, insufficient financial transparency, limited capital resources, and weak risk resilience. The challenge is particularly acute for startups and innovation-focused companies that own technology, software, and intellectual property, but lack real estate or other conventional collateral assets.
The draft law also introduces additional support measures for companies involved in innovation and environmentally focused projects. Proposed incentives include:
- preferential credit guarantees;
- interest rate subsidies for green initiatives;
- tax incentives for environmental projects;
- accelerated depreciation for energy efficiency investments;
- support for digital transformation.
Businesses would also be eligible for assistance with certification, sustainability reporting, and compliance with environmental, social, and governance (ESG) standards.
Notably, Vietnam’s Digital Technology Industry Law came into force on January 1, formally establishing the legal status of digital assets, including cryptocurrencies. The government is also considering the introduction of taxes on cryptocurrency transactions for individuals and companies operating in the digital asset sector.
