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On May 4, 2025, the Politburo issued Resolution No. 68-NQ/TW, identifying small and medium-sized enterprises (SMEs) as a key driver of sustainable growth. For the first time, financial leasing was recognized as a medium- and long-term funding channel supporting SMEs in accessing resources, fostering innovation, and enhancing competitiveness. With its flexibility in credit assessment and the ability to finance productive assets, financial leasing is increasingly becoming a viable alternative for enterprises unable to meet traditional bank lending requirements.

Diversifying Resources for SME Development

Resolution 68-NQ/TW focuses on removing institutional barriers and diversifying financial and non-financial resources to develop the SME sector. The State directs comprehensive reforms across land use, credit access, labor, and market development—where expanding financial channels is considered pivotal. A portion of commercial credit is to be prioritized for SMEs, supporting industries, and startups. Meanwhile, financial institutions are encouraged to evaluate creditworthiness based on business plans, cash flow, and supply chains, rather than solely on collateral assets.

The policy also expands the scope of eligible collateral to include movable assets, intangible assets, and future-formed assets; promotes unsecured lending; and fosters the development of alternative financing models. Furthermore, Resolution 68 advocates for data sharing between banks, tax authorities, and other relevant bodies. It also calls for the enhancement of legal frameworks for credit guarantee funds and SME development funds, while encouraging co-financing mechanisms among central, local, and financial institutions to strengthen capital supply.

These reforms aim to improve the credit environment and build a modern, inclusive financial ecosystem that supports SMEs in sustainable development, particularly in the context of digital transformation and the green transition. Within this ecosystem, financial leasing is identified as an effective medium- and long-term capital solution tailored to SMEs and aligned with the digital economy agenda.

Financial Leasing: A Bridge to Medium- and Long-Term Capital

For the first time, non-deposit-taking financial institutions, such as financial leasing companies, are explicitly mentioned in the Resolution, with a directive to review and amend relevant regulations to diversify credit supply to the private sector. This marks a significant advancement in financial policy thinking—particularly in alignment with the growing “asset-light” business model common among SMEs, which requires funding for operations and growth without the need to own fixed assets.

The Resolution recommends expanding the categories of leasable assets to include software, operating rights, intellectual property, and data—non-traditional assets that are becoming increasingly valuable in the digital economy. This creates new opportunities for innovative business models and signals a modern approach to financial policy in the digital era.

It also encourages shifting from traditional collateral-based lending to cash flow–based and supply chain–based credit assessment models. This approach empowers financial leasing companies to design more flexible products that better match the actual needs and operating realities of SMEs.

ESG and Green Credit: A Parallel Path Forward

Resolution 68 also places strong emphasis on promoting green credit and encouraging the integration of Environmental, Social, and Governance (ESG) criteria into capital allocation policies. The State plans to implement interest rate support mechanisms and incentivize financial institutions to reduce lending rates for businesses engaged in environmentally friendly initiatives, circular economy models, and digital transformation.

This orientation is fully aligned with the strategic development goals of BSL Financial Leasing Co., Ltd. In recent years, BSL has embedded ESG principles and the Sustainable Development Goals (SDGs) into its customer evaluation processes, product design, and operational models. The company is progressively building a green and sustainable financial foundation, accompanying enterprises through their transformation and long-term growth journeys.

BSL – A Trusted Financial Partner for SMEs

With over eight years of operation, BSL Financial Leasing Co., Ltd. has established itself as a trusted financial partner for hundreds of SMEs in Vietnam across sectors such as manufacturing, logistics, high-tech agriculture, supporting industries, trade and services, textile and garments, and transportation.

BSL focuses on developing flexible financial solutions tailored to SME cash flows and operating models, while also expanding its portfolio to include digital and non-traditional assets. As Resolution 68 opens new doors for SMEs to access diverse capital sources, BSL reaffirms its commitment to accompany enterprises as a provider of medium- to long-term financing, contributing to sustainable private sector growth and building a resilient, future-ready SME community.

Read the full text of Resolution 68-NQ/TW here (in Vietnamese): https://www.vietnam.vn/en/toan-van-nghi-quyet-so-68-nq-tw-ve-phat-trien-kinh-te-tu-nhan 

My Hoang