Vietnam has about 914,000 small and medium enterprises (SMEs), yet only around 80,000 have an outstanding loan, according to FiinGroup’s 2026 SME report. Among the firms without a loan, FiinGroup identifies about 67,000 with at least five years of operation, positive cash flow and rising revenue. These are established businesses whose cash flows often sit outside the reach of collateral-based underwriting.
Quick Answer
Supply chain finance (SCF) lets a bank fund a supplier against an approved invoice, usually relying on the buyer’s credit instead of the supplier’s collateral. In Vietnam, where nearly 90% of SMEs have no recorded loan, this moves the credit question from collateral to cash flow. Lenders reach these SMEs by combining verified invoice data, anchor buyer participation, and cash flow-based underwriting.
Key Takeaways
- Only 8.8% of Vietnamese SMEs had access to loans in the cited 2026 FiinGroup data, despite a sizeable group with long operating histories and positive cash flow.
- Supply chain finance can shift part of the credit assessment from the supplier’s collateral to an approved invoice and the buyer’s ability to pay.
- E-invoices improve data availability but do not replace buyer confirmation, duplicate financing checks or dispute controls.
- Programmes scale when lenders combine anchor participation, invoice verification, cash flow underwriting and low transaction costs.
How Large Is the SME Credit Shortfall in Vietnam
FiinGroup’s Vietnam SME Business Report 2026, released on August 24, counts about 914,000 SMEs. Only 8.8% have access to loans, down 0.5 percentage points from 2025. The figure for large enterprises is 47.1%.
Other 2026 data points show the same pattern:
- SMEs with an outstanding loan: about 80,000 of 914,000 (FiinGroup, 2026).
- SME share of total bank credit: about 20%, or roughly $155 billion, as of August 28, 2026 (State Bank of Vietnam, SBV).
- SME credit growth: 12.4% since the start of 2026, ahead of the 10.24% growth in total credit (SBV).
- SME closure rate in 2025: 12.7%, against 4.9% for large enterprises (FiinGroup).
Credit to SMEs is growing. However, the SBV says access is still limited by collateral, financial transparency, management capacity, and the ability to show cash flows.
Shares vary by source. FiinGroup puts SMEs at about 94% of businesses, while the SBV cites about 98% of active businesses.
Which SMEs Are Underserved
Underserved SMEs include many firms with a track record and no bank relationship. FiinGroup’s 2026 data shows the following:
- About 222,000 SMEs have operated for more than five years without borrowing.
- Of those, about 67,000 report both positive operating cash flow and revenue growth. Only 47.8% of the 222,000 have positive operating cash flow.
- Fewer than 10% of SMEs in the trade sector have access to loans.
- Among about 249,000 trade sector SMEs that have not borrowed, 59,000 are rated low risk and 97,000 medium risk. Only 23.4% of them generate positive operating cash flow.
- About 39% of SMEs are rated high risk or above, while 37.2% fall in the low or very low risk groups.
SME participation in trade turnover is small. Only about 36,000 SMEs are exporters, making up 6.7% of export turnover. Around 83,000 are importers, making up 9% of import turnover.
FiinGroup advises banks to screen cash flow quality and risk level, instead of favoring firms only because they have no loans. Invoice-level underwriting is one way to apply that advice.
Why Collateral-Based Lending Leaves Them Out
VietnamNet reported in July 2026 that around 70% of SMEs still struggle to obtain bank loans, mainly because they lack collateral. Existing support tools, including the SME Development Fund and Credit Guarantee Funds, have not delivered the expected results.
Collateral rules out asset-light firms. A distributor with large receivables and little land has little to pledge. So does a contract manufacturer that rents its factory.
Banks also say they cannot loosen standards. SBV Governor Phạm Đức Ấn said in September 2026 that expanding credit does not mean lowering lending standards. That limits how far terms can be relaxed across the board.
SCF applies a different test. The lender asks whether the buyer will pay an approved invoice, not whether the supplier owns property.
How SCF Changes the Credit Question for a Supplier
In a typical receivables-based SCF program, the flow looks like this:
- The supplier delivers goods and issues an invoice to a larger anchor buyer.
- The buyer approves the invoice and confirms it to the bank.
- The bank pays the supplier early at a discount, priced on the buyer’s credit.
- The buyer pays the bank on the invoice due date.
The supplier’s own balance sheet matters less. It still matters for fraud, disputes, and dilution risk.
Vietnam already has a documented program. In March 2025, the International Finance Corporation (IFC) and Switzerland launched the second phase of their SCF program in Vietnam. They reported that the first phase facilitated $33 billion in financing for 500,000 SMEs over five years.
Coverage of the launch noted that SCF can ease cash constraints by converting sales receivables into cash, which lets SMEs take larger orders.
What Policy and Data Changes Make SCF Easier in 2026
Several changes favor invoice-based lending:
- Resolution 68-NQ/TW (May 2025): directs the government to prioritize commercial credit for private enterprises, including supply chain credit.
- SBV direction: credit institutions have increased value-chain financing and cash flow-based lending, according to Vietnam News Agency reporting in June 2026.
- SBV governor’s call (September 2026): Governor Ấn said linking tax, e-invoice, land, and business registration data with the credit information system could shorten appraisal times.
- Draft SME Support Law amendments: would encourage banks to assess firms on data, cash flow, and supply chain performance, and to accept movable assets and intellectual property as collateral. As of July 2026, this was still a draft.
- E-invoicing rules: Decree 254/2026/ND-CP and Circular 91/2026/TT-BTC took effect on July 1, 2026. Mandatory e-invoicing now extends to household and individual businesses with turnover above VND 1 billion (about $38,000).
Benefits are uneven so far. Economica Vietnam’s CEO said in June 2026 that the effects of Resolution 68 have concentrated among large enterprises, while many micro and small firms have yet to benefit.
Where Lenders Get Stuck When Serving These SMEs
Policy support helps, but it does not remove the operational work. Five problems usually determine whether a programme can scale:
- Invoice verification: an e-invoice records a tax event. It does not prove the buyer accepted the goods or agreed to pay.
- Anchor onboarding: a program is only as large as the number of buyers willing to confirm invoices.
- Thin files: smaller suppliers have limited formal records, so underwriting has to lean on transaction history.
- Duplicate financing and dilution: the same invoice can be offered to two lenders, and credit notes can reduce its value.
- Unit cost: small invoices need low processing cost per transaction to stay viable.
Collateral-Based Loan vs SCF for Vietnamese SME Suppliers
| Factor | Collateral-based term loan | SCF against approved invoices |
| Main credit basis | Borrower’s assets and financial statements | Buyer’s credit and the approved invoice |
| Collateral | Land, buildings, equipment | Usually the receivable itself |
| Data needed | Financials, collateral valuation | Invoice, buyer approval, payment history |
| Tenor | Months to years | Matches the invoice due date |
| Main lender risk | Borrower default, collateral value | Invoice disputes, dilution, duplicate financing, buyer default |
| Best fit | Established SMEs with fixed assets | Asset-light SMEs selling to creditworthy buyers |
The two products serve different needs. An SME may use a term loan for equipment and supply chain finance for day-to-day working capital.
Evaluation Checklist for Lenders Entering SME SCF in Vietnam
- Identify anchor buyers by number of SME suppliers and confirm their willingness to approve invoices.
- Map the supplier base against underserved segments, such as firms with five or more years of operation and positive cash flow.
- Test whether your systems can match e-invoice data to buyer approvals.
- Write underwriting rules around buyer credit and cash flow, not only collateral.
- Set controls for duplicate financing, dilution, and invoice disputes.
- Set limits and pricing by buyer, then by supplier.
- Confirm regulatory treatment with your compliance team before launch.
- Track new-to-bank suppliers, utilization, and dispute rates from the first month.
Bottom Line
Vietnam’s SME credit shortfall reflects gaps in usable data and collateral as well as funding. FiinGroup’s figures point to many businesses with years of operation and positive cash flow that have never borrowed from a bank.
SCF gives lenders a way to price those firms on the buyer’s credit. The 2026 policy and e-invoicing changes help. Buyer approval, risk controls, and low unit costs still decide whether a program scales.
FAQs
What is supply chain finance for SMEs?
It is a way for a bank to pay a supplier early against an invoice the buyer has approved. The bank prices the financing mainly on the buyer’s credit. This helps SMEs that lack collateral but sell to creditworthy buyers.
Why do so few SMEs in Vietnam have bank loans?
The SBV points to collateral, financial transparency, management capacity, and difficulty showing cash flows. FiinGroup’s 2026 report finds only 8.8% of SMEs have access to loans, against 47.1% of large enterprises.
Does e-invoicing make SCF easier in Vietnam?
Partly. E-invoicing gives lenders standardized invoice records tied to the tax authority. It does not confirm that the buyer approved the invoice, so buyer confirmation is still needed. The SBV governor has also called for linking e-invoice data with the credit information system to speed up appraisal.
