A customer can borrow up to 400 million VND in the form of peer-to-peer lending.

Decree No. 94/2025/ND-CP of the Government on Controlled Testing Mechanism in the Banking Sector (Decree No. 94) has officially taken effect from July 1, 2025, marking a new step forward in creating a legal corridor to support innovation activities in the finance and banking sector.

To deploy the testing of peer-to-peer lending solutions as prescribed in Decree No. 94, the State Bank of Vietnam has issued two decisions to create an environment and testing conditions for peer-to-peer lending solutions.

Specifically, Decision No. 2866/QD-NHNN dated July 22, 2025 stipulates that the maximum outstanding balance for a customer borrowing from a peer-to-peer lending solution is VND 100 million, and at the same time sets a limit on the total outstanding balance of customers at all peer-to-peer lending solutions participating in the controlled testing mechanism of VND 400 million.

This regulation aims to ensure a common principle of risk management, consistent with the pilot nature of the testing mechanism, while limiting financial losses for both lenders and borrowers, contributing to the stability of the financial system.

A person can borrow up to 400 million VND from peer-to-peer lenders. (Illustration photo).

Decision No. 2970/QD-NHNN dated August 11, 2025 promulgating regulations guiding the connection, reporting and checking of customer credit information between peer-to-peer lending companies and the National Credit Information Center of Vietnam (CIC).

This Decision specifies the technical conditions for connection with CIC, the list of indicators, the time limit and frequency of supply, the rights and obligations of companies participating in the testing mechanism when connecting with CIC.

" Participating in the credit information system will help peer-to-peer lending companies participating in the pilot mechanism have a basis to manage the maximum outstanding balance of a customer on their platform, as well as all platforms according to regulations; at the same time, they can have more information about the borrower to provide to the lender (when approved by the borrower according to current laws), contributing to improving loan quality ," the State Bank informed.

The issuance of the above two decisions affirms the State Bank's readiness to accompany financial technology organizations, promote innovation and financial inclusion in the banking sector in Vietnam, while still ensuring risk control.

These two decisions are also an important legal basis to create conditions for organizations wishing to register to participate in the Pilot Mechanism to proactively research, develop, prepare technical conditions and management capacity, and operate safe and effective peer-to-peer lending solutions.

Peer-to-peer lending is a form of direct connection between lenders and borrowers through an online platform, without the need for traditional financial intermediaries such as banks and financial companies. Vietnam currently has about 100 companies operating in the field of peer-to-peer lending with many foreign invested units.

Ngoc Vy

Source: https://vtcnews.vn/mot-khach-hang-co-the-duoc-vay-toi-da-400-trieu-dong-theo-hinh-thuc-cho-vay-ngang-hang-ar966164.html