Consolidated Circular No. 39/VBHN-NHNN: Lending Policy for Supporting Industry Development (Updated per Circular 85/2025/TT-NHNN)
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Based on:39/VBHN-NHNN - Government Official Gazette
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The State Bank of Vietnam (SBV) has issued Consolidated Document No. 39/VBHN-NHNN, merging Circular No. 01/2016/TT-NHNN (effective 22 February 2016), which guides lending policy for supporting industry development, with the amendments introduced by Circular No. 85/2025/TT-NHNN (effective 31 December 2025). This is a technical consolidation for ease of reference and does not create new legal obligations. The core policy is unchanged: credit institutions and foreign bank branches lending to projects that produce supporting-industry products on the priority list (under Decree 111/2015/ND-CP) must apply short-term VND interest rates that do not exceed the ceiling set periodically by the SBV Governor. Small and medium enterprises (SMEs) borrowing with a guarantee from an eligible credit guarantee organization (such as the SME Credit Guarantee Fund or the Vietnam Development Bank) may also be considered for loans of up to 70 percent of the project's investment capital. The changes introduced by Circular 85/2025/TT-NHNN are mainly organizational: they update the legal basis to reference the SBV Law, the 2024 Law on Credit Institutions (No. 32/2024/QH15, as amended by Law No. 96/2025/QH15) and Decree 26/2025/ND-CP, and rename the receiving unit for reports from the 'Banking Supervision Agency' to the 'Department of Credit Institution Supervision' following an SBV restructuring. SMEs and enterprises investing in supporting-industry projects should update the address for their quarterly reports (Forms 01 and 02, due before the 10th of the month following each reporting quarter) and reference the updated legal basis when preparing loan or credit guarantee applications.
Scope and Applicability
Consolidated Document No. 39/VBHN-NHNN (authenticated by the State Bank of Vietnam on 23 January 2026) merges Circular No. 01/2016/TT-NHNN dated 4 February 2016, which guides lending policy for supporting industry development, with the amendments introduced by Circular No. 85/2025/TT-NHNN dated 31 December 2025.
The Circular guides lending to projects that manufacture supporting-industry products on the priority development list under Decree No. 111/2015/ND-CP. State investment credit for such projects falls outside the Circular's scope.
It applies to: (i) credit institutions and foreign bank branches lending to priority supporting-industry production projects; (ii) borrowers (organizations and individuals) investing in such projects; and (iii) other organizations and individuals involved in implementing the policy.
Interest Rate Policy and Loan Limits
Credit institutions and foreign bank branches must apply a short-term VND lending rate for the short-term portion of project financing that does not exceed the maximum short-term VND lending rate the SBV Governor sets periodically for priority economic sectors.
SMEs borrowing on the basis of a guarantee from an eligible credit guarantee organization to invest in priority supporting-industry projects may, in addition to the preferential rate above, be considered by credit institutions for loans of up to 70 percent of the project's investment capital, provided they meet the conditions in Point a, Clause 2, Article 12 of Decree 111/2015/ND-CP.
Lending Principles
The lending policy applies only to projects that have received preferential-treatment confirmation under Article 11 of Decree 111/2015/ND-CP. Credit institutions and foreign bank branches independently appraise and decide on loans and bear full responsibility for their lending decisions in accordance with current law.
Credit Guarantee Organizations for SMEs
Organizations recognized to guarantee SME loans under this Circular include: the SME Credit Guarantee Fund (established under Decision No. 58/2013/QD-TTg); the Vietnam Development Bank (guaranteeing under Decision No. 03/2011/QD-TTg); and other organizations permitted by law to provide such guarantees.
Debt Classification and Risk Provisioning
Debt classification, debt rescheduling, overdue-debt transfer, and the setting aside and use of risk provisions for these loans follow the SBV's generally applicable credit regulations.
Responsibilities of Borrowers and Credit Institutions
Borrowers must provide complete, accurate information and documentation; use loan proceeds for their stated purpose; and repay principal and interest on time under the credit contract. Credit institutions and foreign bank branches must comply with lending regulations and safety limits/ratios for their business operations, and must report quarterly lending results (before the 10th of the month following each reporting quarter) using Forms 01 and 02 attached to the Circular.
Responsibilities of SBV Units
Under the amendments in Circular No. 85/2025/TT-NHNN (effective 31 December 2025):
- Department of Credit for Economic Sectors: the focal point for monitoring and consolidating lending activity; leads resolution of issues arising during implementation.
- Monetary Policy Department: advises the SBV Governor on setting the maximum short-term VND lending rate for each period.
- SBV Inspectorate: inspects credit institutions' lending under this Circular.
- Department of Credit Institution Supervision (the new name replacing the 'Banking Supervision Agency'): supervises implementation by credit institutions and foreign bank branches.
- SBV Regional Branches: monitor local lending activity, coordinate on resolving issues, and report to the provincial People's Committee and the Department of Credit for Economic Sectors when an issue exceeds their authority.
Effective Dates
Circular No. 01/2016/TT-NHNN took effect on 22 February 2016. Loan agreements signed before that date continue under their original terms until expiry; any amendment to such agreements must comply with the Circular.
Circular No. 85/2025/TT-NHNN took effect on 31 December 2025. It also repeals certain provisions of Circular 25/2016/TT-NHNN and Circular 32/2014/TT-NHNN concerning housing-support loans, and terminates Circular No. 06/2009/TT-NHNN on preferential-rate lending for poor districts (except for a few retained provisions).
Periodic Reporting
Credit institutions and foreign bank branches with outstanding supporting-industry loans must report quarterly using two forms: Form 01 (a consolidated summary of supporting-industry lending, broken down by province/city) and Form 02 (lending to SMEs with credit guarantees). Reports must be submitted in writing and by email to [email protected] before the 10th of the month following each reporting quarter.