HCMC – The State Bank of Vietnam (SBV) has set borrowing limits for individuals participating in peer-to-peer (P2P) lending under a regulatory sandbox.
According to the SBV, the move is part of two newly issued decisions to implement the pilot framework for P2P lending under Government Decree 94/2025.
P2P lending connects lenders and borrowers directly through online platforms without the involvement of banks or finance companies.
The SBV said the limits on outstanding loans, VND100 million per borrower per platform and VND400 million for the entire platform, are designed to manage risks and minimize potential losses for both lenders and borrowers, while ensuring stability in the financial system.
The central bank also issued guidelines requiring P2P firms to share credit data with the National Credit Information Center of Vietnam (CIC). This will allow lenders to better assess borrower exposure across platforms and improve loan quality, provided borrowers consent to the data sharing.
The new regulations provide a legal foundation for companies preparing to join the pilot scheme, reflecting the Government’s approach of encouraging innovation while maintaining risk control in the banking sector.
Only firms licensed by the SBV will be eligible to participate in the sandbox. Vietnam currently has around 100 P2P lending companies, many backed by foreign investors.
