SBV Excludes Vingroup, Masterise, Sun Group Loans from Credit Growth Limits

Overview

The State Bank of Vietnam (SBV) has authorized commercial banks to exclude loans extended for large-scale projects of Vingroup (VIC), Masterise, and Sun Group from annual credit growth limits. The policy, confirmed in an SBV directive, targets a combined project pipeline with total capital demand of VND 752,138 billion, covering transport infrastructure, urban railways, airports, and real estate. The move is designed to accelerate key national and regional development projects without straining bank credit quotas.

Key Facts

• SBV allows commercial banks to exclude new loan disbursements for designated projects of Vingroup, Masterise, and Sun Group from annual credit growth calculations.
• The combined capital demand for the listed projects is VND 752,138 billion (approximately USD 31 billion).
• Projects include the APEC Conference Center, Phu Quoc International Airport expansion, Rach Chiec National Sports Complex, Ben Thanh – Can Gio railway, Hanoi – Quang Ninh railway, and Gia Binh Airport connectivity routes.
• Banks must require borrowers to provide total investment needs, confirm fund usage, and commit that total outstanding loans do not exceed project capital requirements.
• If credit limits for a single customer or related parties are exceeded, banks must report to SBV for Prime Minister approval.
• The directive applies to loans for projects deemed “large-scale, key, with spillover effects” as per Government Office directives.

What Happened

In a directive sent to commercial banks, the SBV acknowledged petitions from Vingroup, Masterise Group, and Sun Group regarding credit growth limits, short-term capital for medium/long-term loans, and credit caps for their large-scale projects. The SBV stated that these projects are critical for regional economic development and have been endorsed by the Government Office.

Under the new policy, banks can exclude the annual incremental outstanding loans for these projects when calculating their credit growth targets. However, banks must monitor and report the loan balances to the SBV. For loans exceeding statutory credit limits to a single borrower or related parties, banks must seek SBV approval, which will then be submitted to the Prime Minister for a decision. A senior banking executive noted that the key challenge remains whether banks can mobilize sufficient long-term funding for these projects.

Market Context

On June 23, 2026, VIC shares closed at VND 229,000 (+4.19%) on HOSE, VHM at VND 156,000 (+0.39%), and VRE at VND 29,800 (-2.93%). The policy announcement provides a clear catalyst for VIC and its real estate subsidiaries, as it directly addresses a major financing bottleneck for their large-scale developments. The real estate sector has been constrained by tight credit growth limits, and this exemption is a significant policy easing.

Strategic Significance

The SBV’s decision represents a targeted credit easing for Vietnam’s largest private conglomerates, enabling them to advance capital-intensive infrastructure and real estate projects without competing for scarce credit room. For Vingroup, the policy unlocks financing for its ambitious urban railway, airport, and sports complex projects, which are central to its long-term strategy of diversifying into infrastructure. The exemption also reduces the risk of project delays due to credit constraints, potentially improving the earnings visibility for VIC, VHM, and VRE. However, the requirement for Prime Minister approval on limit breaches adds a layer of administrative oversight.

What to Watch

• SBV’s quarterly credit growth data to track actual loan disbursements to these projects.
• Vingroup’s project progress reports and any updates on capital mobilization plans.
• Prime Minister decisions on any bank requests to exceed credit limits for these projects.
• Changes in VIC, VHM, and VRE stock foreign ownership limits as project financing progresses.
• Q2 2026 earnings reports from VIC, VHM, and VRE for signs of accelerated project execution.