Regulatory AlertsVietnam: lending & credit regulation
RegulatedLending regulated by SBV; P2P banned; Microfinance/SME via licence
- Lead regulator
- State Bank of Vietnam (SBV)
- Also involved
- Ministry of Finance (tax) · Ministry of Public Security (collections)
- Core law
- Law on Credit Institutions 2024
- Entry capital
- VND 3,000 billion (Commercial Bank)
- Approval timeline
- 6-12 months for new credit institution
- Customer assets
- Segregated in licensed credit institution
- Data protection
- Law on Cybersecurity 2018 · Decree 13/2023/ND-CP
- Sandbox
- No
Vietnam maintains a strict, SBV-centric regime for lending. Traditional credit institutions require SBV licences and significant capital. P2P lending is effectively prohibited as it is not a licensed activity. Microfinance and SME lending are regulated under specific SBV circulars, with recent 2026 reforms simplifying administrative procedures for established entities.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Consumer lending | LicenceCredit Institution Licence[1][2] Requires full credit institution licence; no specific consumer-only licence | VND 3,000 billion (Bank) / VND 300 billion (Finance Co.) | 6-12 months | State Bank of Vietnam |
| SME / commercial lending | LicenceCredit Institution Licence[2] SME lending is a permitted activity for licensed credit institutions | VND 3,000 billion (Bank) / VND 300 billion (Finance Co.) | 6-12 months | State Bank of Vietnam |
| Microfinance | LicenceMicrofinance Institution Licence[3] Recent Circular 14/2026 simplifies admin procedures for MFI establishment | VND 30 billion (estimated) | 3-6 months | State Bank of Vietnam |
| Buy-now-pay-later | LicenceCredit Institution Licence[2] BNPL is treated as consumer credit; requires full banking licence | VND 3,000 billion (Bank) | 6-12 months | State Bank of Vietnam |
| P2P lending platform | Prohibited P2P lending is not a licensed activity and is effectively banned | — | — | — |
| Credit bureau / scoring | Uncertainverify with regulator No specific credit bureau licence defined in provided docs | — | — | — |
| Debt collection | LicenceDebt Collection Licence Requires police registration for debt collection activities | — | — | Ministry of Public Security |
New — what changed recently
- 2026-05Circular No. 14/2026/TT-NHNN — Simplified administrative procedures for microfinance institution establishment and termination[3]
- 2026-05Circular No. 15/2026/TT-NHNN — Decentralized approval authority for cooperative credit institutions[1]
- 2026-01Circular No. 85/2025/TT-NHNN — Updated refinancing procedures for housing support due to organizational restructuring[2]
Market-entry checklist
- 1Secure SBV Credit Institution LicenceApply for a full banking or finance company licence with minimum capital of VND 300 billion.
- 2Establish Microfinance EntityRegister as a Microfinance Institution under SBV Circular 14/2026 for simplified approval.
- 3Register Debt Collection AgencyObtain registration from the Ministry of Public Security for any debt collection operations.
- 4Comply with Cybersecurity LawImplement data localization and security measures per Decree 13/2023/ND-CP.
- 5Avoid P2P ModelDo not operate a P2P platform as it is not a licensed activity in Vietnam.
Sources
- Circular No. 15/2026/TT-NHNN Amending and Supplementing Certain Articles of Circulars on Credit Institutions Being Cooperatives Related to Cutting Back, Decentralizing, and Simplifying Administrative Procedures · 2026-05-19
- Circular No. 85/2025/TT-NHNN amending and supplementing SBV Governor's circulars on letter of credit operations and guiding credit programs due to organizational restructuring · 2026-01-19
- Circular No. 14/2026/TT-NHNN dated May 19, 2026, amending and supplementing a number of articles of Circulars on microfinance institutions related to cutting, decentralizing, and simplifying administrative procedures · 2026-05-19