Issuing a Legal Framework for Testing P2P Lending
On July 1, 2025, Decree No. 94/2025/ND-CP of the Government on the regulatory sandbox for the banking sector officially took effect, establishing a new legal framework for innovation. To implement this decree, the State Bank of Vietnam (SBV) issued two key decisions to create an environment and conditions for testing peer-to-peer (P2P) lending solutions.
Decision No. 2866/QD-NHNN, dated July 22, 2025, stipulates that the maximum loan amount a customer can borrow from a single P2P lending platform is VND 100 million, with a total outstanding loan limit across all participating platforms not exceeding VND 400 million. This regulation aims to ensure risk management, limit losses for both lenders and borrowers, and maintain financial system stability during the pilot phase.
Meanwhile, Decision No. 2970/QD-NHNN, dated August 11, 2025, provides guidelines for connecting, reporting, and verifying credit information between P2P lending companies and the National Credit Information Center (CIC). It specifies technical requirements, data indicators, submission deadlines, frequency of data provision, and the rights and obligations of participating companies. The connection with CIC enables P2P lending companies to monitor a customer’s maximum outstanding loans across individual platforms and the entire system. Additionally, with the borrower’s consent, credit information can be shared with lenders, thereby improving loan quality.
These two decisions demonstrate the SBV’s proactive support for fintech organizations while prioritizing risk control to ensure a safe and effective testing process. They also provide a crucial legal foundation for organizations to prepare technical conditions, governance capabilities, and platform operations. The application of loan limits and CIC connectivity requirements not only protects stakeholders but also fosters trust in innovative banking activities.
These regulations are practical steps toward promoting financial inclusion and affirming the role of the regulatory sandbox in developing Vietnam’s fintech market.
