SBV Excludes Vingroup, Masterise, Sun Group Loans from Credit Room to Boost Growth

Overview

The State Bank of Vietnam (SBV) announced it will exclude loans for 18 projects by Vingroup, Masterise, and Sun Group from banks’ credit room calculations. The move, effective late June, is intended to channel capital into national key projects in transport, urban rail, airports, and real estate, supporting economic growth. The exemption covers projects with total capital needs of approximately VND 752 trillion.

Key Facts

• SBV exempts credit room for loans to 18 projects by Vingroup, Masterise, and Sun Group.
• Total capital demand for the listed projects is about VND 752 trillion.
• The exemption aims to boost economic growth and support national key projects, according to SBV Deputy Director Pham Chi Quang.
• SBV also excludes loans for social housing, rental housing, industrial park, and export processing zone projects from credit room.
• As of June 26, total outstanding loans in the economy reached VND 19.97 quadrillion, up 7.41% year-to-date.
• SBV targets system-wide credit growth of about 15% for 2026.
• VIC shares closed at VND 220,300 (+1.47%), VHM at VND 150,400 (+1.14%), and VRE at VND 28,150 (-0.53%) on July 2.

What Happened

At a press conference on July 2, SBV Deputy Director of Monetary Policy Pham Chi Quang explained that the central bank decided to exclude loans for 18 specific projects from credit room calculations to facilitate investment in national key projects. The three conglomerates—Vingroup, Masterise, and Sun Group—are undertaking projects with significant spillover effects on the economy, including transport infrastructure, urban railways, airports, and real estate.

SBV Deputy Director of Credit Nguyen Xuan Bac added that the policy also covers social housing, rental housing, industrial park, and export processing zone projects. The central bank aims to simultaneously provide additional capital to the economy, maintain stable interest rates, and ensure system liquidity. The credit room mechanism has been in place for a decade to control lending quality and serve macroeconomic goals.

Market Context

Vingroup (VIC) shares on HOSE rose 1.47% to VND 220,300 on July 2, while Vinhomes (VHM) gained 1.14% to VND 150,400. Vincom Retail (VRE) edged down 0.53% to VND 28,150. The policy exemption directly benefits these tickers as they are key subsidiaries of Vingroup. The broader real estate sector has been under pressure from tight credit conditions, and this move signals government support for large-scale projects.

Strategic Significance

The SBV’s decision provides a significant capital channel for Vingroup and its affiliates, enabling them to proceed with capital-intensive projects without straining bank credit limits. This aligns with the government’s push for infrastructure development and economic stimulus. For long-term investors, the exemption reduces financing risk for Vingroup’s major projects, potentially accelerating revenue and profit recognition. The policy also underscores the government’s willingness to use targeted credit measures to support strategic sectors.

What to Watch

• Q2 2026 earnings reports for VIC, VHM, and VRE, expected in late July, for updates on project progress and financial impact.
• SBV’s next monetary policy meeting for any adjustments to credit growth targets or room exemption criteria.
• Disbursement pace of the 18 projects and any additional capital needs beyond the VND 752 trillion estimate.
• Foreign ownership limits and any changes in foreign investor sentiment toward Vietnamese real estate stocks.
• Government directives on further credit easing for other sectors or companies.