HCMC — The State Bank of Vietnam (SBV) has announced a landmark VND500 trillion (US$19.2 billion) credit program aimed at bolstering infrastructure, digital transformation, technology and innovation.

Speaking at the “2025 Banking Sector Digital Transformation Day” event on Thursday, May 29, Nguyen Thi Hong, governor of the SBV, the nation’s central bank, said 21 commercial banks would offer loans at interest rates at least one percentage point lower than the average for medium- and long-term loans. The program targets strategic sectors, including transportation, energy, digital infrastructure, science, technology, and innovation. The participating banks are ready to deploy the funds, Hong said. “The State Bank of Vietnam will work closely with relevant ministries to guide and facilitate the implementation of this credit program.” She underscored the initiative’s alignment with Vietnam’s broader economic goals, particularly in fostering digital transformation and modernizing infrastructure. Speaking at the event, Prime Minister Pham Minh Chinh praised the banking sector’s commitment and described the huge loan program as a worthwhile contribution to implementing the Politburo’s Resolution 57 which promotes breakthroughs in science, technology, innovation and national digital transformation. He urged the SBV and participating banks to act swiftly, emphasizing accountability and measurable outcomes. “The goal is to encourage individuals and businesses to access these funds, bringing the program to life and injecting capital into the economy,” he noted. He also called for further interest rate cuts, proposing a minimum cut of 1.5 percentage points compared to standard rates to maximize accessibility.