Agribank actively supports household businesses in their transition to enterprises

In a bid to bolster the private sector, Agribank has been actively implementing programs to support household businesses in transitioning to enterprises.

This is part of the government's goal to develop the private economy, facilitating GDP growth, driving innovation, and creating favorable conditions for household businesses to scale up.

According to the Politburo's Resolution No. 68-NQ/TW, the private sector will serve as a key driver of the country's economic growth, with the goal of reaching 2 million enterprises by 2030. A key solution is to formalize existing household businesses, improving production efficiency, business operations, and their integration into the broader economy.

Vietnam currently has over 5 million household businesses, many of which have developed to the scale of enterprises, employing staff and operating sales systems. However, changes in tax policies and the requirement to use electronic invoices from 2024 are forcing many household businesses to transition in order to adapt.

To support this transition, Agribank launched the “"Breakthrough Transition - Transform Your Business"” incentive program from July 15, 2025, to July 15, 2026. This program targets business households transitioning to enterprises and businesses opening their accounts for the first time at Agribank.

Incentives include waived account management fees, complimentary Agribank Corporate eBanking services, a free 1POS sales management software package, and an e-invoicing solution (Invoice).

Additionally, the wholly state-owned bank has launched the 'Prosper with SMEs in 2025' program, offering VND60,000 billion ($2.27 billion) in short-term preferential loans at reduced interest rates to help small and medium-sized enterprises stabilize their finances, particularly during their digital transformation and production expansion efforts

Agribank said the lender is committed to supporting household businesses throughout the transition process, helping enterprises grow and contribute to the sustainable development of the nation's economy.