Vietnam grants special credit treatment for 18 key infrastructure projects

The State Bank of Vietnam (SBV) has introduced a special lending mechanism for 18 major infrastructure and urban development projects proposed by Vingroup, Masterise Airport Infrastructure JSC and Sun Group, allowing banks to exclude loans to those projects from their credit growth calculations.

The projects are seen as key to promoting economic growth, improving regional connectivity, and boosting national competitiveness.

Under Official Letter No. 5386/NHNN-TD, the central bank instructed commercial banks to proactively engage with project developers and consider extending credit in accordance with existing regulations. Outstanding loans associated with the approved projects will not count toward banks' annual credit growth limits, commonly known as "credit room".

The move is expected to encourage lenders to finance large-scale infrastructure developments without reducing their capacity to expand lending elsewhere in the economy.

According to the SBV, the 18 projects and project components have total financing needs of about VND752.14 trillion ($28.57 billion). Of that amount, developers expect to raise around VND210.05 trillion in 2026, VND244.19 trillion in 2027 and more than VND187 trillion in 2028.

The list includes several nationally significant infrastructure schemes. Among them are Gia Binh International Airport and connecting transport links to Hanoi and the northern province of Bac Ninh - projects involving investment by Masterise that are expected to support economic development in the capital region.

The approved portfolio also covers infrastructure related to a future APEC summit in Phu Quoc Island, including an APEC convention and exhibition center and associated facilities aimed at strengthening Vietnam's capacity to host major international events.

Several public-private partnership (PPP) projects also qualify for the preferential treatment, including the Rach Chiec National Sports Complex in Ho Chi Minh City, which has an estimated investment of more than VND145.6 trillion ($5.53 billion), as well as transport infrastructure connecting Gia Binh Airport with Hanoi and Bac Ninh.

The SBV said the projects were selected because of their strategic importance, regional spillover effects and potential contribution to Vietnam's economic and social development. The special mechanism is intended to mobilize funding for investment as the country accelerates efforts to meet its economic growth targets.

However, the central bank stressed that exempting these loans from credit growth calculations does not relax lending standards. Banks must continue to conduct full credit assessments, evaluate project viability and repayment capacity, and comply with all prudential regulations and risk management requirements before extending financing.

Analysts said the decision reflects the SBV's strategy of directing credit toward projects capable of expanding infrastructure and productive capacity, rather than broadly loosening lending conditions. As financing needs for strategic infrastructure continue to rise, the mechanism could help unlock capital and speed up implementation of nationally important projects.