HÀ NỘI — Việt Nam’s financial system closed 2025 on a high note, with credit growth expected to reach about 19 per cent – the fastest pace in recent years. The surge underscores the State Bank of Việt Nam (SBV)’s efforts to support economic recovery and stimulate investment at a time when global uncertainty continues to dampen confidence..

However, from the perspective of enterprises, the 2025 credit landscape still shows mixed colours. Although borrowing costs have cooled compared to previous years, access to capital – particularly medium and long-term funding – remains a significant challenge for many businesses.

Phạm Văn Xô, chairman of the HCM City Import-Export Association and chairman and CEO of Linker Group, said lending rates this year have remained relatively reasonable and more in line with businesses’ capital absorption capacity. The business community hopes that interest rates will remain stable during 2026–27, providing a foundation for long-term investment and expansion plans.

Previously, when lending rates remained high, many firms – especially small and medium-sized enterprises (SMEs) – found it difficult to secure bank financing. Recognising this pressure, the Government and the State Bank introduced a series of coordinated measures to cool interest rates and remove barriers for businesses.

Policies such as policy rate cuts, directing commercial banks to streamline costs, and simplifying loan procedures produced positive results, allowing capital to circulate more smoothly.

Phạm Thị Minh Huệ, chief financial officer of Anh Duong Import-Export and Trading Co. in HCM City, said monetary policy in 2025 showed encouraging improvements as borrowing rates fell from the previous year. In the first six months alone, lending rates dropped by around 0.3–0.6 percentage points, consistent with the State Bank’s objective of supporting production and business activity.

However, Huệ also noted that easier rates do not automatically mean easier credit access. After several years of volatility, banks remain more cautious, tightening credit conditions. Medium- and long-term loans – crucial for expansion – remain the most difficult to secure.

Short-term loans of three to six months are still relatively stable, but they do not meet demand for long-term investment. Meanwhile, medium- and long-term loans require high standards of cashflow documentation, collateral, and risk tolerance that many firms cannot meet, limiting their ability to build capital bases and grow.

Many businesses believe the core issue today is not the cost of capital but the ability to obtain credit at all. Collateral requirements remain a major barrier for SMEs. Most lenders continue to favour firms with clear assets to pledge, even when smaller enterprises can demonstrate orders, cashflow and stable business performance.

Policy expectations for 2026

While SMEs struggle with access, large manufacturing firms face high financial costs – particularly as lending rates show signs of inching upward at year-end.

Nguyễn Thanh Nghĩa, chairman and CEO of Dai Thien Lo Joint Stock Company, said steel companies require substantial capital due to high import dependency – especially hot rolled coil (HRC). As a result, credit availability and borrowing costs are decisive.

According to Nghĩa, recent upward adjustments in lending rates have had a direct impact on financial planning. For a company with over VNĐ1 trillion in outstanding loans, a one-percentage-point increase in lending rates significantly adds to financial expenses and reduces profitability.

Beyond capital costs, steel manufacturers also face international trade pressures. US anti-dumping measures and tightened EU import quotas have reduced the export market for galvanised, cold-rolled, and colour-coated steel products. Falling export volume weakens cashflow and heightens financial risk.

Domestically, end-of-year labour and welfare expenses – including minimum wage adjustments and holiday benefits – place further pressure on companies with large workforces. When banks adjust rates upward during this period, financial strain intensifies.

Commenting on market conditions, Vũ Bình Minh, representative of the Capital Markets and Securities Services at HSBC Vietnam, said the financial picture in 2025 is far from uniformly positive. In the first half of the year, the central bank’s flexible policy management helped stabilise interbank rates and support credit growth despite rising trade tensions and tariff risks. However, in the final months, upward pressure on Việt Nam đồng interest rates became evident as loan demand rose seasonally. The widening gap between credit growth and deposit mobilisation signals liquidity strain, making it more difficult for rates to stay as low as businesses hope.

This situation narrows the room for maintaining low interest rates and pressures some lenders to adjust borrowing costs upward toward year-end. Against this backdrop, businesses hope for steady, predictable monetary policy in 2026 – with fewer abrupt changes – enabling proactive financial planning and long-term investment.

Stepping into 2026, enterprises want the Government and the State Bank to continue prioritising macro-economic stability while deepening credit policy reforms. Businesses hope authorities will maintain reasonable interest rates, simplify loan procedures, and modernise collateral and credit criteria to better reflect real business dynamics, especially for SMEs.

This policy direction was reaffirmed at the State Bank’s year-end policy briefing on December 29. According to Deputy Governor Phạm Thanh Hà, in the face of intertwined challenges, the SBV will continue to align its decisions with the goals of the Party and Government, managing monetary policy proactively and flexibly, in close coordination with fiscal policy and other macro-economic tools to maintain stability, control inflation, and support growth.

Regarding credit, the SBV indicated that credit growth will continue to be guided by macro-economic goals and the economy’s actual capital absorption capacity – balancing growth support with system safety. Credit flows will continue prioritising key economic sectors and growth drivers while strengthening risk supervision to prevent capital from flowing into speculative or high-risk areas. These measures aim to create a foundation for sustainable growth in the period ahead. — VNS