Vietnam's Agribank Aids 2M Household Businesses' Formalization by 2030

Agribank's new program aims to boost Vietnam's private economy. With loans and digital tools, household businesses can grow and formalize.

, and Administrator

2025 October 28 . 3:16 AM

1 min read

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Vietnam's Agribank Aids 2M Household Businesses' Formalization by 2030

Vietnam's government is pushing household businesses to formalize and grow, with Agribank launching initiatives to support the transition. The 'Breakthrough Transition - Transform Your Business' program, launched on July 15, 2025, aims to reach 2 million enterprises by 2030.

The shift is driven by changes in tax policies and the mandatory use of electronic invoices from 2024. Agribank's 'Prosper with SMEs in 2025' program offers VND60,000 billion ($2.27 billion) in short-term preferential loans at reduced interest rates to aid this transition. The loans help small and medium-sized enterprises stabilize their finances, especially during digital transformation and production expansion. Incentives include waived account management fees, complimentary Agribank Corporate eBanking services, a free 1POS sales management software package, and an e-invoicing solution. Agribank, committed to supporting household businesses, aims to help enterprises grow and contribute to the nation's economic sustainability. Currently, over 5 million household businesses exist in Vietnam, many of which have grown to enterprise scale.

Agribank's 'Breakthrough Transition - Transform Your Business' program, running from July 15, 2025, to July 15, 2026, is a significant step in formalizing household businesses and boosting Vietnam's private economy. The government's focus on developing the private sector as a key driver of economic growth is expected to benefit from these initiatives.