SBV Refinancing for Innovation

SBV Refinancing for Innovation

Funds Vietnamese innovation-oriented technology firms through State Bank refinancing lines passed to commercial banks.

The SBV Refinancing for Innovation program refers to the State Bank of Vietnam's (SBV) preferential-rate refinancing facilities channelled through commercial banks — most prominently VietinBank (Vietnam Joint Stock Commercial Bank for Industry and Trade) — to provide subsidised credit lines to technology and innovation-oriented SMEs. SBV is Vietnam's central bank and primary monetary regulator, responsible for monetary policy, currency management, payment systems, foreign exchange administration, and supervision of credit institutions; it does not itself disburse loans directly to businesses. Rather, SBV refinances commercial banks at preferential rates on the condition that the banks on-lend to qualifying borrowers — including technology developers, innovative manufacturing enterprises, and digitally oriented SMEs — at below-market interest rates. VietinBank, 64.46% state-owned via SBV as of Q3 2025 and the second-largest bank in Vietnam with assets exceeding VND 1,800 trillion, is the primary commercial-bank conduit for these refinancing lines. Loan tickets for this program range from VND 5 billion to VND 1 trillion per borrower.

Eligibility for beneficiary enterprises is determined at the commercial bank level according to SBV's refinancing criteria, which prioritise technology-intensive sectors and SMEs contributing to Vietnam's digital and industrial transformation goals. For-profit enterprises registered and operating in Vietnam are the primary eligible borrowers; universities, research organisations, and non-profits may access the channel subject to commercial bank assessment. There is no open competitive application window to SBV directly; applicants engage VietinBank or other SBV-designated commercial bank partners to apply for on-lent credit under the refinancing programme.

This program is a loan facility, not a grant: all disbursements are repayable with interest, though at below-market rates subsidised by the SBV refinancing mechanism. The Vietnamese Dong (VND) is the operating currency. Organisations seeking non-repayable innovation support in Vietnam should consider separate grant instruments from the National Foundation for Science and Technology Development (NAFOSTED) or Ministry of Science and Technology competitive programmes, as this facility is purely a credit instrument.