Consolidated Document 35/VBHN-NHNN: Housing Support Loan Regulations Under Resolution 02/NQ-CP
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Based on:35/VBHN-NHNN - Government Official Gazette
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The State Bank of Vietnam has issued Consolidated Document No. 35/VBHN-NHNN (dated January 23, 2026), which compiles the full text of Circular 11/2013/TT-NHNN on housing support loans under Government Resolution 02/NQ-CP (January 7, 2013), together with all subsequent amendments made by Circular 32/2014/TT-NHNN, Circular 25/2016/TT-NHNN, and most recently Circular 85/2025/TT-NHNN (effective December 31, 2025). This is a reference consolidation, not a new legal rule - it lets readers see the entire amendment history of the original circular in a single document. The housing support loan program uses refinancing capital from the State Bank, channeled through state-owned commercial banks and a limited set of designated joint-stock banks, to subsidize interest rates for individuals buying, renting, or rent-purchasing social housing or affordable commercial housing (under 70 sqm, priced below VND 15 million/sqm, or with a total contract value not exceeding VND 1.05 billion), as well as for enterprises developing social housing projects. The maximum lending rate is 6% per year, reset annually; the subsidized-rate period runs up to 15 years for individual homebuyers, 10 years for new-build or renovation loans, and 5 years for enterprise and household social-housing investment loans. New refinancing disbursements stopped back in 2016 and only apply to credit contracts signed before March 31, 2016 - banks now simply manage and wind down existing balances, with a final repayment deadline of June 1, 2031. For SME owners generally, the practical impact of this document is minimal since the program has been closed to new lending since 2016. The most recent update, Circular 85/2025/TT-NHNN, mainly updates legal citations to reflect the new SBV Law, Credit Institutions Law, and Decree 26/2025/ND-CP, revises the refinancing procedure in Article 8, and reissues the appendix form templates - it does not touch tax, accounting, e-invoicing, labor, or customs rules. Enterprises still holding social-housing project loans under the old refinancing scheme, and the participating commercial banks, should note the repayment timelines running through 2031.
Overview
Consolidated Document No. 35/VBHN-NHNN, certified by Deputy Governor Doan Thai Son on January 23, 2026, merges Circular 11/2013/TT-NHNN dated May 15, 2013 (effective June 1, 2013) on housing support loans under Resolution 02/NQ-CP, together with three rounds of amendments:
- Circular 32/2014/TT-NHNN (effective November 25, 2014)
- Circular 25/2016/TT-NHNN (effective August 1, 2016)
- Circular 85/2025/TT-NHNN (effective December 31, 2025) - amendments driven by the State Bank's institutional restructuring
Scope and covered parties
The circular governs housing support lending funded by State Bank refinancing, covering:
- Individual borrowers: buying, renting, or rent-purchasing social housing; renting or purchasing commercial housing under 70 sqm and priced below VND 15 million/sqm, or with a total contract value not exceeding VND 1.05 billion; building or renovating their own homes.
- Households/individuals investing in renovating or newly building social housing for rent, rent-purchase, or sale to workers, laborers, and students.
- Enterprises acting as developers of social housing projects, or commercial housing projects converted to social housing (per lists published by the Ministry of Construction).
- Participating lenders: state commercial banks with over 50% state-owned capital (Agribank, BIDV, VietinBank, Vietcombank, MHB) and other joint-stock banks designated by the State Bank.
Lending principles
The State Bank refinances participating banks to fund the housing support loans. Disbursement to individual and household borrowers from refinancing capital ran until December 31, 2016 at the latest. From June 1, 2016 onward, refinancing disbursement applies only to credit contracts signed before March 31, 2016 and reported to the State Bank using data through May 10, 2016. After the disbursement cutoff, banks continue disbursing any remaining committed amounts using their own capital at negotiated rates.
Lending conditions
Beyond standard credit-institution lending conditions, borrowers must meet group-specific requirements (purchase/rental contract, loan purpose, a commitment that they have not already received support loans elsewhere) and minimum equity contribution: 20% (individual homebuyers) or 30% (self-build/renovation, social housing investment, enterprise borrowers).
Interest rate and loan term
- The 2013 rate was 6% per year; the State Bank re-announces the rate each December, set at roughly 50% of the average market lending rate but capped at 6% per year.
- Maximum subsidized-rate period: 15 years for buying/renting social or commercial housing (not beyond June 1, 2031); 10 years for self-build/renovation (not beyond June 1, 2026); 5 years for enterprise and household social-housing investment loans (not beyond June 1, 2021).
- The maximum loan amount for self-build/renovation borrowers is VND 700 million per customer nationwide.
Refinancing mechanism
The State Bank disburses refinancing to participating banks based on their outstanding housing support loan balances, at a refinancing rate 1.5 percentage points below the bank's own lending rate. Each refinancing term is 364 days, automatically renewed up to a final date of June 1, 2031. The disbursement/collection process involves coordination among the Credit Department for Economic Sectors, the Monetary Policy Department, the State Bank Inspectorate, the Credit Institutions Supervision Agency, and the State Bank's Transaction Office.
Updates under Circular 85/2025/TT-NHNN (effective December 31, 2025)
Driven by the State Bank's institutional restructuring, Circular 85/2025/TT-NHNN updates legal citations to reflect the new SBV Law, Credit Institutions Law, and Decree 26/2025/ND-CP, revises the refinancing procedure in Article 8, and reissues the administrative form appendices (refinancing request, lending results report, enterprise loan registration, program participation request). These are administrative/technical changes and do not create any new tax, accounting, or labor obligations for businesses.
Effective date
The original circular took effect June 1, 2013. This consolidated document is for reference purposes only - the legal effect of each provision is governed by the original circular and its respective amending instruments.