Vietnam May Allow SMEs to Use Digital Assets for Loans
Vietnam’s Ministry of Finance has proposed allowing small and medium-sized enterprises (SMEs) to use digital assets, virtual assets, and intellectual property as collateral for bank loans. This marks a significant policy shift aimed at addressing the credit bottleneck that severely limits funding for SMEs, which comprise over 98% of businesses in Vietnam.
The proposal, part of a draft amendment to the Law on Support for SMEs, is now open for public consultation, according to Vietnam News. Under the framework, businesses could secure loans not only with physical assets but also with future-formed assets, property rights, and intangible assets, including intellectual property and cryptocurrencies.
Unlocking a $24 Billion Credit Gap
Vietnamese SMEs play a crucial role in the economy, contributing significantly to GDP and employment. However, access to credit remains a persistent issue. As of April 2026, SMEs accounted for only 20% of total outstanding bank loans—roughly VND 3.8 quadrillion (USD 144.2 billion), according to the State Bank of Vietnam. Experts estimate an annual credit gap of up to USD 24 billion, especially as SMEs seek funding for green and sustainability transitions.
A major obstacle has been the lack of eligible collateral. Many startups and tech-driven SMEs possess high-value intellectual property, software, or patents but lack physical assets like land or equipment to pledge. The Ministry’s proposal to accept digital and intangible assets as collateral could unlock significant capital for these companies, particularly in the fast-growing technology sector.
Other Proposed Reforms
The draft law also encourages banks to move beyond traditional collateral-based lending. It advocates for credit decisions based on business plans, cash flows, and market potential, signaling a shift toward modern, data-driven credit assessment practices. This aligns with broader global trends in SME financing, where technology and risk-based pricing are playing a larger role.
Additionally, the law includes incentives for green and sustainable businesses, such as preferential access to concessional financing, tax benefits, and support for environmental, social, and governance (ESG) compliance.
Vietnam’s Growing Crypto Market
The move to allow digital assets as loan collateral also reflects Vietnam’s rising prominence in the global crypto market. The country ranked fourth in Chainalysis’ 2025 Global Crypto Adoption Index, trailing only India, the U.S., and Pakistan. Vietnam is also preparing for its first regulated crypto market, with trading activity expected to launch as early as Q3 2026. Five companies, including affiliates of major banks like Techcombank and VPBank, have already passed initial licensing rounds.
If the draft law is implemented, it could further integrate digital assets into Vietnam’s formal financial system, potentially boosting liquidity for both startups and the broader crypto ecosystem.
What’s Next?
Public consultation on the draft law is ongoing, and no timeline for final approval has been disclosed. If passed, the policy could dramatically reshape credit access for Vietnam’s SMEs, providing new funding channels for startups and green initiatives. Moreover, it could position Vietnam as a leader in adopting crypto and digital assets for real-world economic use cases.
For SMEs and crypto stakeholders, this proposal is worth monitoring closely. The outcome could redefine how businesses in Vietnam access financing and further cement the country’s role as a key player in the global digital asset economy.