Vietnam's Ministry of Finance proposes to allow businesses to capitalize with digital assets

Vietnam's Ministry of Finance has proposed a mechanism to allow small and medium-sized enterprises (SMEs) to use digital assets, virtual assets and intellectual property rights as collateral for borrowing.

6/2/20263 min read

Credit gap for SMEs

The main reason behind the proposal of the Ministry of Finance reflects the long-standing challenge in Vietnam's credit system, where tens of millions of small and medium-sized enterprises are unable to access capital from official credit institutions. The SME sector currently accounts for more than 98% of the total number of enterprises in the economy, playing an important role in creating jobs, expanding livelihoods, promoting innovation and improving the resistance of the economy. However, the access to credit of this group of businesses is still quite limited, with credit balances for the SME sector only reaching nearly 3.8 million billion VND, equivalent to about 20% of the total debt balance of the whole system.

The Ministry of Finance assesses that this rate is not commensurate with the size and role of the SME sector in the economy, with the gap of 80% of official credit still beyond the reach of SMEs. The main challenge arises from the traditional collateral requirements of banks, where SMEs often do not have real estate or cars that meet standards to use as collateral, as well as the lack of transparent financial records that credit institutions require.

Details Of The Ministry Of Finance's Proposal

The proposal of the Ministry of Finance to supplement the Law on Supporting Small And Medium Enterprises (amended), is expected to be submitted to the National Assembly for consideration at the 2nd session of October 2026. Specific proposals include:

1. Supplementing The Diversity Guarantee Mechanism

The Ministry of Finance proposes to add a mechanism to encourage credit institutions for small and medium-sized enterprises to borrow capital on the basis of a variety of loan guarantee forms. In which, digital assets, virtual assets (cryptocurrency), and intellectual property rights (including patents, trademarks, software copyrights) will be officially recognized as assets that can be used as collateral for loans.

2. Amending the Law on Supporting SMEs

The draft amendment to the law will give credit institutions and financial companies the right to approve new forms of security, including:

Cryptocurrency (Bitcoin, Ethereum, stablecoin)
Blockchain tokens from legal projects
Other digital assets
Intellectual property rights

3. Encourage Banks To Accept New Assets

The Ministry plans to use incentive tools to motivate credit institutions to accept these new forms of guarantees, which may include:

Reduce the requirement for additional guarantee
Support the guarantee fund for loans using digital assets
Technical guidance on digital asset valuation
Training bank staff on risk management related to digital assets

Supporting Legal Framework

This proposal is supported by a rapidly developing legal framework in Vietnam:

Law on Digital Technology Industry 2025 (Effective 2026)

The new law marks a major change in Vietnam's approach to digital technology regulation, including the official recognition of virtual/encrypted assets as legal assets with legal value. This regulation creates a legal foundation for using digital assets in financial transactions.

Resolution 05/2025/NQ-CP

This resolution clearly recognizes virtual/encrypted assets as a legal asset in Vietnam's legal system, paving the way for financial mechanisms based on digital assets.

Draft Law On Supporting SMEs (Amended)

The new draft, which is expected to be submitted to the National Assembly in October 10-2026, will officially legalize the use of digital assets as financial instruments in the banking system.

Challenges And Concerns

Digital assets are highly volatile, which can drop in price suddenly. Banks and credit institutions will need to develop complex risk management mechanisms, including:

Daily asset valuation
Request additional guarantee if the price drops
Automatic liquidation if the price falls below the minimum

Digital assets require a high security infrastructure to avoid theft or hacking. The asset custody system needs to be 100% guaranteed and insured.

The Ministry of Finance needs to issue detailed instructions on:

Different ways to value digital assets
Appropriate loan rate (LTV)
Requirements for the retention company
Handle the loan when the property price decreases

Credit officers need to be trained on blockchain technology, cryptocurrencies, and risk management related to digital assets.

Next Schedule

May-August 2026: Continue to collect comments from ministries, banks, and related parties
October 2026: Expected to submit to the National Assembly for consideration and approve the draft Law on Supporting SMEs (amended)
November-December 2026: Ministries issue detailed instructions on implementation
In 2027: Officially implement new regulations

Evaluation and conclusion

The proposal of the Ministry of Finance to recognize digital assets as financial tools for SMEs is an important step in the development of the digital economy in Vietnam. If approved and successfully implemented, this proposal can help tens of thousands of SMEs access capital, reduce financial costs, and promote innovation in the economy.

However, to achieve success, close coordination is needed between ministries, banks, credit institutions, and the blockchain technology community to develop appropriate risk management mechanisms, establish secure asset storage infrastructure, and create clear regulations to guide implementation.

Disclaimer: The information presented in this article is the author's personal opinion in the field of cryptocurrencies. This is not financial or investment advice at all. Every investment decision should be based on careful consideration of your personal portfolio and risk tolerance. The opinion in the article does not represent the official position of the platform. We recommend that readers do their own research and consult experts before making any investment decisions.

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