12 Vietnamese Banks Launch 408,000 Billion VND Credit Program for Growth

Overview

Twelve Vietnamese commercial banks have registered to participate in a credit program totaling approximately 408,000 billion VND, as announced by the State Bank of Vietnam (SBV). The program directs capital toward economic growth drivers and small and medium-sized enterprises (SMEs), supporting the government’s double-digit growth target. The four state-owned banks—Agribank, BIDV, Vietcombank, and VietinBank—account for 220,000 billion VND of the total.

Key Facts

• Total credit program size: approximately 408,000 billion VND, registered by 12 commercial banks as of August 24, 2026.
• The four state-owned banks committed 220,000 billion VND: Agribank 70,000 billion VND; BIDV 50,000 billion VND; Vietcombank 50,000 billion VND; VietinBank 50,000 billion VND.
• SBV issued Document No. 7125/NHNN-TD on August 7, 2026, requesting banks to build credit programs with preferential interest rates and fees.
• Sacombank: 10,000–15,000 billion VND for priority sectors, business households, and FDI enterprises.
• Nam A Bank: 25,000 billion VND; BVBank: 2,500 billion VND; MSB: 3,000 billion VND; TPBank: 8,000 billion VND.
• The program targets economic growth drivers and SMEs, with banks also aiming to stabilize interest rates and reduce lending rates.

What Happened

The State Bank of Vietnam announced that 12 commercial banks have registered, notified, or communicated their participation in a credit program totaling about 408,000 billion VND. This follows the SBV’s directive in Document No. 7125/NHNN-TD dated August 7, 2026, which urged banks to proactively develop credit packages to support businesses, including preferential interest rates and fees.

Within a short period, banks responded by launching programs aimed at key economic sectors and SMEs. The four state-owned banks—Agribank, BIDV, Vietcombank, and VietinBank—submitted formal registration documents to the SBV, committing a combined 220,000 billion VND. Joint-stock commercial banks also joined, with Sacombank, Nam A Bank, BVBank, MSB, and TPBank announcing packages ranging from 2,500 billion VND to 25,000 billion VND. The initiative reflects the banking system’s commitment to supporting businesses and stabilizing lending rates.

Market Context

BIDV (BID) closed at 36,700 VND on August 25, 2026, on the HOSE. Other affected tickers include Vietcombank (VCB) at 60 VND, VietinBank (CTG) at 32 VND, and Sacombank (STB) at 75 VND, all trading on HOSE. The credit program aligns with the SBV’s broader push for double-digit economic growth, which could boost loan demand and support bank earnings. However, the program’s impact on net interest margins depends on how banks balance preferential rates with funding costs.

Strategic Significance

For long-term investors, this credit program signals a coordinated policy effort to accelerate credit growth, which is a key driver for bank profitability. The participation of major state-owned banks like BIDV, Vietcombank, and VietinBank underscores their role in executing national economic policy. The focus on SMEs and growth sectors could improve asset quality if lending is directed to viable projects, but it also carries risks if credit standards are relaxed. The program may also intensify competition for market share, particularly among joint-stock banks.

What to Watch

• Q3 2026 earnings reports from BID, VCB, CTG, and STB to assess credit growth and asset quality.
• SBV data on actual credit disbursement under the program in the coming months.
• Any changes in the SBV’s monetary policy stance, including interest rate adjustments.
• Further announcements from other banks about joining the program.
• The impact on net interest margins as banks offer preferential rates.