" Identifying" business households in the business system to promote economic development
Resolution No. 68-NQ/TW dated May 4, 2025 of the Politburo emphasizes that the private economy is the most important driving force of the economy, a pioneer force in developing science, technology and innovation.
The Resolution is a "political pillar" in promoting the development of the private economy - a sector that increasingly plays a key role in the Vietnamese economy. The support solutions proposed in Resolution 68 contribute to promoting the production and business activities of enterprises in a more positive direction, thereby increasing credit demand in a " strong" way.
When businesses are strong, have a good financial foundation and operate stably, credit institutions will be more convenient in providing capital - both safe and effective. It can be seen that Resolution 68 is like a bridge, helping to ensure trust and cooperation between businesses and banks, creating a co- living relationship for sustainable development together.
With the goal of reaching 2 million enterprises by 2030, one of the focuses of Resolution 68 is to convert millions of existing business households into official enterprises, especially the micro-enterprise group - which accounts for a large proportion but has not been "identified" in the business system.
To achieve this goal, the Resolution has set out many solutions, including practical incentive policies to encourage business households to convert to businesses such as: exemption of corporate income tax in the first 3 years, exemption of tuition fees in the first year, support for a 30% reduction in land rent in 5 years.
Vietnam currently has more than 5 million operating business households, many of which have developed on the same scale as businesses when having stores, hiring staff, using electronic invoices, operating sales systems.
From 2024, changes in tax policy and the need to expand markets, sign large contracts, access loans or deploy electronic invoices... force businesses to make comprehensive changes. In addition, when Decree No. 70/2025/ND-CP, amending and supplementing Decree 123/2020/ND-CP regulating invoices and documents officially took effect from June 1, 2025, converting the business model to a business becomes even more urgent.
According to Article 11 of Decree 70, business households and individuals with a revenue of VND1 billion/year or more and businesses with direct sales of goods and services to consumers must use electronic invoices generated from computers that connect to transfer electronic data to tax authorities.
Economic experts assess that the conversion from business household to business model is not only to comply with legal regulations, but also brings many practical benefits to business people. This transformation contributes to promoting the growth of the private economic sector and improving competitiveness. In addition, the ability to access banking capital will be more effective because integrating data from electronic invoice systems and sales software will help banks accurately assess the status of businesses, make credit granting decisions quickly, accurately, and more suitable to practical needs.
Agribank offers great incentives for business households converting to enterprises
One of the tasks and solutions to effectively implement Resolution 68 is to promote and diversify capital sources for the private economy. Resolution 68 encourages banks to become strategic partners of businesses, creating conditions for businesses to access capital, transform digitally and develop sustainably. Accordingly, it can be seen that the banking industry plays an important role in promoting the private economy, especially in providing capital, financial support and other banking services for small and medium enterprises (SMEs) and innovative startups.
In the current context of the whole country having more than 940 thousand private enterprises and more than 5 million operating business households, accounting for more than 97% of the total number of enterprises, contributing about 50% of GDP, more than 30% of total state budget revenue and creating jobs for millions of workers, the banking industry identifies the role of credit institutions not only in providing credit but also as a long-term companion, loyal to businesses for sustainable development together.
As a leading commercial bank, Agribank always clearly identifies its pioneering role in implementing the directives and policies of the Party and State. Accompanying and supporting individual business households to change their operating models and improve competitiveness according to Decree 70/2025, Agribank has implemented a preferential program "Breakthrough Transformation - Enhancing Businesses". The program takes place from July 15, 2025 to July 15, 2026, for business households to convert to businesses from January 1, 2025 and businesses to open payment accounts at Agribank for the first time.
With the desire to accompany customers in the process of converting the operating model, Agribank offers many practical incentives within 12 months from the date the customer participates in the program. Accordingly, when participating in the program, customers will receive free account management, free electronic banking services (Agribank Corporate eBanking), and the 1POS Sales Management Solution package and the Invoice Electronic Invoice Solution to help units improve operational efficiency and financial management more effectively, conveniently and modernly. In addition, SMEs also receive preferential loan interest rates with a reduction of 0.8%/year - 1.2%/year compared to the normal lending interest rate floor, flexible funding in accordance with capital needs and production and business models of customers.
Previously, committed to accompanying small and medium-sized enterprise customers to promote production and business activities, Agribank launched the "Success with SMEs in 2025" Program, sponsoring VND 60,000 billion in short-term preferential capital with interest rates lower than the normal lending interest rate floor of up to 1.2%/year.
The program not only meets customers' regular moving capital needs but also provides SMEs with comprehensive financial solution consulting, meeting all production and business needs such as payment and cash flow management services, trade finance services... on diverse product supply channels.
SMEs who are transacting for the first time at Agribank also enjoy preferential interest rate policies, supporting businesses with stable capital to conduct business. In addition, SMEs operating in import-export can participate in preferential credit programs for import-export enterprises with many incentives on interest rates, exchange rates, service fees and foreign currency purchase and sale exchange rates. SMEs that are in the process of investing in expanding production and business, digital transformation or investing in green projects are supported with preferential capital for up to 24 months.
With practical financial incentives, ready to support customers in the transition period, Agribank is committed to accompanying SMEs, promoting the effective development of the private economic sector, contributing to the implementation of the country's economic development policy.
With the mission of serving the "third agricultural sector", Agribank prioritizes credit investment in essential fields, developing the agriculture, forestry, fishery and green projects. Agribank actively participates and is "identified" as a key bank, a pioneer in important projects such as the Sustainable Development Project of 1 million hectares of high-quality, low-emission specialized rice, contributing to the sustainable development of the country's agriculture.
Agribank's lending proportion in the "farm" area is always high (over 65%), demonstrating its strong commitment to its mission. Agribank strives to diversify capital flows, bring banking services to people, help people avoid black credit traps, especially in rural and remote areas; at the same time, actively deploy technological solutions to serve customers' easy, fast and convenient payment needs, support customers to access digital finance, spread non-cash payment methods, and contribute to comprehensive finance. In addition, Agribank regularly reduces lending interest rates, restructures repayment terms and makes new loans to support businesses to overcome difficulties, especially in the context of economic fluctuations.
Agribank's efforts not only contribute to promoting the development of the private economy, especially the business household and SMEs sector, but also contribute significantly to the implementation of the Party and State's policies and guidelines on long-term economic development of the country. Agribank is continuing to strive to affirm its position and brand as the leading commercial bank in Vietnam, the main investor in developing the "third-large" economy, making an important contribution to the country's economic development.
