SBV Excludes 18 Key Infrastructure Projects from Credit Growth Limits, Boosting Bank Lending Capacity

Overview

The State Bank of Vietnam (SBV) has issued a directive to exclude outstanding loans for 18 key infrastructure projects by Vingroup, Sun Group, and Masterise from commercial banks’ annual credit growth limits. This move effectively expands lending capacity for major banks, including ACB and BID, which are among the lenders financing these projects. The policy aims to support national-scale infrastructure development while maintaining credit discipline.

Key Facts

• SBV agreed to exclude outstanding loans for 18 key infrastructure projects from annual credit growth limits.
• Projects are developed by Vingroup, Sun Group, and Masterise.
• The policy allows commercial banks to increase lending without breaching their credit growth caps.
• ACB closed at VND 22,500 (+0.67%) on June 24, 2026, with volume of 10.8 million shares.
• BID closed at VND 42,100 (-1.29%) on June 24, 2026, with volume of 3.0 million shares.
• The VN-Index rose nearly 9 points on June 24 to close at 1,878.02 points.
• Experts note that the market has already priced in expectations, with some bank stocks rising sharply recently.

What Happened

The SBV issued an official letter agreeing to exclude outstanding loans for 18 key infrastructure projects from the annual credit growth limits of commercial banks, following proposals from Vingroup, Sun Group, and Masterise. The decision is seen as a strong government commitment to accelerate major national projects. According to Nguyen Tuan Anh, Chairman of FinPeace, the policy directs credit to large enterprises and key projects, reducing risks compared to broad-based credit expansion. He emphasized that the credit limit is an administrative mechanism, and national-scale projects require substantial capital.

Banks financing these projects gain advantages: expanded lending room and reduced credit risk due to large corporate clients with clear development plans and collateral. However, Anh cautioned that stock prices of some private banks have already risen sharply, suggesting market expectations are priced in, and investors should not rely solely on this news for short-term decisions.

Market Context

On June 24, the VN-Index rose nearly 9 points to close at 1,878.02, though declining stocks outnumbered gainers. Liquidity remained near weekly averages, with BSC noting that capital flows concentrated in specific stocks. ACB (listed on HOSE) closed at VND 22,500, up 0.67%, while BID (listed on HOSE) fell 1.29% to VND 42,100. Technical indicators show a tug-of-war sentiment, with the index approaching resistance at 1,880-1,890 points, suggesting potential profit-taking and increased volatility.

Strategic Significance

The SBV’s decision provides a targeted credit boost to infrastructure projects, benefiting banks with exposure to these developers. For ACB and BID, the policy expands their lending capacity without increasing systemic risk, as loans are backed by large, creditworthy borrowers. This aligns with the government’s focus on infrastructure-driven growth, potentially improving asset quality and earnings for participating banks. However, the market may have already discounted this positive catalyst, as reflected in recent price gains for some bank stocks.

What to Watch

• Q2 2026 earnings reports for ACB and BID to assess loan growth and asset quality.
• Further SBV policy announcements on credit growth limits for other sectors.
• Progress of the 18 infrastructure projects and disbursement of loans.
• Foreign ownership changes in ACB and BID following the policy.
• VN-Index movement around the 1,880-1,890 resistance level.