To make the private economy one of the most important drivers of the national economy, the Politburo’s Resolution 68 pointed out that diversifying capital sources and creating the most favorable conditions for this sector to access financial resources, while reviewing and improving suitable credit mechanisms and policies is one of the most important tasks.

Commercial banks play a particularly important role in providing capital to private enterprises.

Nguyen Phi Lan, Director of the Forecasting, Statistics, Monetary, and Financial Stability Department under the State Bank of Vietnam (SBV), said that total credit outstanding for the entire economy has reached VND16.5 trillion, indicating improved capital absorption capacity.

Under Decisions No 2415 and 2416, the SBV Governor directed banks to simplify lending procedures and create the most favorable conditions for businesses and individuals to access capital.

In addition to Resolution 68, the banking sector has carried out various credit programs, particularly a VND500,000 billion loan program for infrastructure investment and innovation.

Reports show that 21 commercial banks have prepared resources to implement the VND500,000 billion credit package. Among them, four state-owned commercial banks (Agribank, VietinBank, Vietcombank, BIDV) play a leading role with each committing to provide VND60,000 billion. 

Meanwhile, 12 large-scale joint-stock commercial banks have registered over VND20,000 billion each, while smaller-scale banks have registered VND4,000 billion each.

Dau Anh Tuan, VCCI (Vietnam Chamber of Commerce and Industry) Vice President, said one of the challenges for commercial banks is connecting with businesses. He noted that Resolution 68 has partially addressed this issue by requiring enhanced information connectivity between tax authorities, treasuries, legal agencies, and the banking system.

“Banks can access data on businesses’ legal compliance history. Instead of spending time and costs collecting information, data sharing helps banks easily assess and select potential customers,” Tuan said.

Resolution 68 has encouraged lending based not only on collateral but also on cash flow. However, Tuan noted that to do this, legal barriers need to be removed.

“Currently, decrees and circulars still contain regulations that hinder commercial banks when applying cash flow-based lending. Reviewing and eliminating these obstacles will help credit operate more safely and effectively,” Tuan said.

Banks design tailored products for borrowers

Banks have recently made efforts to diversify products and services to better satisfy businesses’ taste. Some banks even support businesses to establish and connect with potential partners and markets as a way to nurture long-term revenue sources.

According to Nguyen Bao Thanh Van, Deputy General Director of VietinBank, in addition to providing financial resources, the bank also offers non-financial support, such consultation.

“Some small-scale business households face limitations in accessing bank products, understanding tax policies, and producing transparent financial reports to access capital. We have supported customers by designing products tailored to private enterprises, listening to their feedback to create the most suitable products,” Van said.

However, she noted that some commercial banks have engaged in unhealthy competition, leading to financial resources flowing into areas not aligned with the intended direction.

Green credit, manufacturing, agriculture, and other sectors are prioritized by the Government and SBV, requiring significant capital to create widespread impact and contribute to the country’s GDP.

“Healthy competition among banks also drives innovation, encouraging banks to truly focus on their customers, thereby promoting the development of the private economy,” the VietinBank representative said.

Dau Anh Tuan emphasized the need to encourage credit to flow into the production sector, which generates tangible goods, services, and jobs for many workers, helping address various social welfare issues.

With approximately 1 million enterprises and over 5 million individual business households, the private sector has contributed about 51 percent of GDP, more than 30 percent of total state budget revenue, and nearly 60 percent of total social investment capital. This sector also generates over 40 million jobs, accounting for 82 percent of the workforce in the economy.

According to Vu Hung Cuong from the Institute of Social Sciences Information, barriers in perception and mindset regarding the role of the private sector in policy-making still show signs of inequality, with a tendency to favor the state-owned economic sector in accessing resources such as credit, land, natural resources, and information.

Tuan Nguyen