Vietnam drafts loan rules for digital assets

TLDR

Vietnam plans to let small and medium enterprises (SMEs) use digital assets as loan collateral, but the proposal is still a draft and not yet law.

1. Vietnams finance ministry drafted revisions so SMEs can pledge digital assets, virtual assets and IP as collateral, with a target law start date of July 2027 if approved.
2. The move would pull crypto and other digital assets into Vietnams formal credit system, but banks still lack clear methods to value and liquidate such collateral.
3. Watch the National Assemblys October 2026 session and follow-up rules on valuation, custody and which types of tokens will actually qualify.

Deep Dive

1. What Vietnam Is Proposing

Vietnams Ministry of Finance has drafted changes to the Law on Support for SMEs that would allow SMEs to use digital assets, virtual assets, intellectual property and other intangible assets as bank loan collateral, alongside a push for more cash flow based lending rather than only fixed asset backed lending. According to the ministrys draft law summary, public feedback ran in late May 2026, with plans to send the bill to the National Assembly in October 2026 and a proposed effective date of 1 July 2027 if passed.

Vietnam also signals a broader digital asset framework: the same document notes the country is preparing regulations that could allow regulated crypto market activity as early as Q3 2026.

2. Why This Matters For Crypto

Letting SMEs pledge digital assets as collateral is effectively an official acknowledgment that such holdings can have bankable value, not just speculative value on exchanges. Vietnam ranks high in global crypto adoption, so many startups hold tokens or onchain assets rather than land or machinery, and this rule could let them convert that into local-currency credit instead of relying only on equity or informal finance.

Practically, banks are likely to start cautiously, prioritising liquid, transparent assets (for example, major coins, tokenized securities, or well governed stablecoins) and demanding conservative loan-to-value ratios because of volatility. Over time this can create local demand for regulated custody, better price feeds, and standardized onchain audit trails.

3. Key Risks And What To Watch

The draft does not specify how banks should value digital assets or manage liquidation, which is a major risk given price swings and thin liquidity in many tokens. Without clear standards, banks may either avoid the asset class or over concentrate in a few large names, limiting the benefit for most projects.

Key milestones to watch are:

1. Whether the National Assembly passes the law in or after October 2026.
2. Follow-on regulations defining eligible asset types, valuation haircuts and approved custodians.
3. How local banks pilot these loans and whether regulators tighten rules after early experiences.

Conclusion

Vietnams draft loan rules aim to unlock SME financing by recognizing digital and virtual assets as usable collateral, but the real impact will depend on strict, practical standards for valuation, custody and liquidation. If those frameworks materialize, the country could become a meaningful testbed for integrating crypto into bank lending, with benefits focused on higher quality, more transparent digital assets rather than the broader token universe.