Vietnam’s Ministry of Finance has launched a public consultation on a draft amendment that would allow small and medium-sized enterprises (SMEs) to use digital assets, virtual assets, and intellectual property as collateral for bank loans. The proposal, reported by Viet Nam News and WuBlockchain, aims to close a persistent credit gap for the country’s 98% majority of businesses that currently receive only about 20% of outstanding loans.
The draft revision to the Law on Support for SMEs explicitly lists future-formed assets, property rights, digital assets, and virtual assets among acceptable collateral types. This marks a potential policy shift that could open formal bank credit to asset-light technology startups and fintech firms, many of which hold valuable digital tools or IP but lack traditional fixed assets like land.
The initiative is tied to Resolution 68-NQ/TW, which identifies the private sector as a key driver of the national economy. However, the proposal remains at the consultation stage. Critical details are missing: the draft does not precisely define “digital assets” or “virtual assets,” nor does it specify how ownership or valuation will be verified. The State Bank of Vietnam has yet to issue guidance on crypto custody or lending, and existing regulations still prohibit cryptocurrency payments.
Stablecoins are cited as a likely first-use case due to their lower volatility compared to bitcoin or ether, but banks would still face challenges around margin calls, price swings, and recovery rights. Still, the mere act of formally proposing crypto-backed lending represents a notable regulatory experiment that contrasts with more hesitant approaches in Western markets.
