diff --git a/doc/api/esm.md b/doc/api/esm.md
index 459f87771815cc..b587c233cf3785 100644
--- a/doc/api/esm.md
+++ b/doc/api/esm.md
@@ -142,6 +142,25 @@ provided via a `--loader ./loader-name.mjs` argument to Node.js.
 When hooks are used they only apply to ES module loading and not to any
 CommonJS modules loaded.
 
+### Hook Context
+
+This context contains access to functions that are scoped to the current load
+process.
+
+A hook context consists of the following properties:
+
+- `defaultResolve` {Function} A shortcut to the resolve algorithm that ships
+  with Node.js.
+  - `specifier` {string} The specifier of the module to import.
+  - `parentURL` {string} The URL of the module that requested the specifier.
+- `resolve` {Function} A shortcut to the current resolve function. Especially
+  useful if resolve is not hooked.
+  - `specifier` {string} The specifier of the module to import.
+  - `parentURL` {string} The URL of the module that requested the specifier.
+- `vmModuleLinkHook` {object} This value can be passed to [`module.link`][] to
+  allow linking the import requests of a [`vm.Module`][] instance to the
+  loader.
+
 ### Resolve hook
 
 The resolve hook returns the resolved file URL and module format for a
@@ -153,7 +172,7 @@ baseURL.pathname = `${process.cwd()}/`;
 
 export async function resolve(specifier,
                               parentModuleURL = baseURL,
-                              defaultResolver) {
+                              hookContext) {
   return {
     url: new URL(specifier, parentModuleURL).href,
     format: 'esm'
@@ -195,7 +214,7 @@ const JS_EXTENSIONS = new Set(['.js', '.mjs']);
 const baseURL = new URL('file://');
 baseURL.pathname = `${process.cwd()}/`;
 
-export function resolve(specifier, parentModuleURL = baseURL, defaultResolve) {
+export function resolve(specifier, parentModuleURL = baseURL, hookContext) {
   if (builtins.includes(specifier)) {
     return {
       url: specifier,
@@ -204,7 +223,7 @@ export function resolve(specifier, parentModuleURL = baseURL, defaultResolve) {
   }
   if (/^\.{0,2}[/]/.test(specifier) !== true && !specifier.startsWith('file:')) {
     // For node_modules support:
-    // return defaultResolve(specifier, parentModuleURL);
+    // return hookContext.defaultResolve(specifier, parentModuleURL);
     throw new Error(
       `imports must begin with '/', './', or '../'; '${specifier}' does not`);
   }
@@ -238,7 +257,7 @@ This hook is called only for modules that return `format: 'dynamic'` from
 the `resolve` hook.
 
 ```js
-export async function dynamicInstantiate(url) {
+export async function dynamicInstantiate(url, hookContext) {
   return {
     exports: ['customExportName'],
     execute: (exports) => {
@@ -253,6 +272,8 @@ With the list of module exports provided upfront, the `execute` function will
 then be called at the exact point of module evaluation order for that module
 in the import tree.
 
+[`module.link`]: vm.html#vm_module_link_linker
+[`vm.Module`]: vm.html#vm_class_vm_module
 [Node.js EP for ES Modules]: https://github.com/nodejs/node-eps/blob/master/002-es-modules.md
 [addons]: addons.html
 [dynamic instantiate hook]: #esm_dynamic_instantiate_hook
diff --git a/doc/api/vm.md b/doc/api/vm.md
index cc9b3135381dad..f434f457c7bb20 100644
--- a/doc/api/vm.md
+++ b/doc/api/vm.md
@@ -395,6 +395,8 @@ that point all modules would have been fully linked already, the
 [HostResolveImportedModule][] implementation is fully synchronous per
 specification.
 
+The linker may also be passed from [`hookContext.vmModuleLinkhook`][].
+
 ## Class: vm.Script
 <!-- YAML
 added: v0.3.1
@@ -893,6 +895,7 @@ associating it with the `sandbox` object is what this document refers to as
 [`Error`]: errors.html#errors_class_error
 [`URL`]: url.html#url_class_url
 [`eval()`]: https://developer.mozilla.org/en-US/docs/Web/JavaScript/Reference/Global_Objects/eval
+[`hookContext.vmModuleLinkHook`]: esm.html#esm_hook_context
 [`script.runInContext()`]: #vm_script_runincontext_contextifiedsandbox_options
 [`script.runInThisContext()`]: #vm_script_runinthiscontext_options
 [`url.origin`]: url.html#url_url_origin
diff --git a/lib/internal/modules/esm/loader.js b/lib/internal/modules/esm/loader.js
index 18b0827eee0f68..307010a139d184 100644
--- a/lib/internal/modules/esm/loader.js
+++ b/lib/internal/modules/esm/loader.js
@@ -12,6 +12,7 @@ const defaultResolve = require('internal/modules/esm/default_resolve');
 const createDynamicModule = require(
   'internal/modules/esm/create_dynamic_module');
 const translators = require('internal/modules/esm/translators');
+const { vmModuleLinkHookMap } = require('internal/vm/module');
 
 const FunctionBind = Function.call.bind(Function.prototype.bind);
 
@@ -45,6 +46,16 @@ class Loader {
     // an object with the same keys as `exports`, whose values are get/set
     // functions for the actual exported values.
     this._dynamicInstantiate = undefined;
+
+    // Set up context passed to hooks
+    const k = Object.freeze(Object.create(null));
+    vmModuleLinkHookMap.set(k, this);
+
+    this.hookContext = Object.assign(Object.create(null), {
+      defaultResolve,
+      resolve: (specifier, parentURL) => this.resolve(specifier, parentURL),
+      vmModuleLinkHook: k,
+    });
   }
 
   async resolve(specifier, parentURL) {
@@ -53,7 +64,7 @@ class Loader {
       throw new ERR_INVALID_ARG_TYPE('parentURL', 'string', parentURL);
 
     const { url, format } =
-      await this._resolve(specifier, parentURL, defaultResolve);
+      await this._resolve(specifier, parentURL, this.hookContext);
 
     if (typeof url !== 'string')
       throw new ERR_INVALID_ARG_TYPE('url', 'string', url);
@@ -97,7 +108,8 @@ class Loader {
 
       loaderInstance = async (url) => {
         debug(`Translating dynamic ${url}`);
-        const { exports, execute } = await this._dynamicInstantiate(url);
+        const { exports, execute } =
+          await this._dynamicInstantiate(url, this.hookContext);
         return createDynamicModule(exports, url, (reflect) => {
           debug(`Loading dynamic ${url}`);
           execute(reflect.exports);
diff --git a/lib/internal/vm/module.js b/lib/internal/vm/module.js
index 5c8cc27c6042d8..e0b6f6341b660b 100644
--- a/lib/internal/vm/module.js
+++ b/lib/internal/vm/module.js
@@ -20,6 +20,8 @@ const {
 const { SafePromise } = require('internal/safe_globals');
 const { validateInt32, validateUint32 } = require('internal/validators');
 
+const vmModuleLinkHookMap = new WeakMap();
+
 const {
   ModuleWrap,
   kUninstantiated,
@@ -151,6 +153,15 @@ class Module {
   }
 
   async link(linker) {
+    const linkingFromLoader = vmModuleLinkHookMap.has(linker);
+    if (linkingFromLoader) {
+      const loader = vmModuleLinkHookMap.get(linker);
+      linker = (specifier, parent) =>
+        loader.getModuleJob(specifier, parent.url)
+        .then((j) => j.modulePromise)
+        .then((r) => r.module);
+    }
+
     if (typeof linker !== 'function')
       throw new ERR_INVALID_ARG_TYPE('linker', 'function', linker);
     if (linkingStatusMap.get(this) !== 'unlinked')
@@ -163,6 +174,9 @@ class Module {
 
     const promises = wrap.link(async (specifier) => {
       const m = await linker(specifier, this);
+      if (linkingFromLoader) {
+        return m;
+      }
       if (!m || !wrapMap.has(m))
         throw new ERR_VM_MODULE_NOT_MODULE();
       if (m.context !== this.context)
@@ -245,5 +259,6 @@ class Module {
 module.exports = {
   Module,
   initImportMetaMap,
-  wrapToModuleMap
+  wrapToModuleMap,
+  vmModuleLinkHookMap,
 };
diff --git a/test/fixtures/es-module-loaders/builtin-named-exports-loader.mjs b/test/fixtures/es-module-loaders/builtin-named-exports-loader.mjs
index 28ccd6ecf2076f..541d6c61335f96 100644
--- a/test/fixtures/es-module-loaders/builtin-named-exports-loader.mjs
+++ b/test/fixtures/es-module-loaders/builtin-named-exports-loader.mjs
@@ -18,12 +18,12 @@ export function dynamicInstantiate(url) {
   };
 }
 
-export function resolve(specifier, base, defaultResolver) {
+export function resolve(specifier, base, { defaultResolve }) {
   if (builtins.has(specifier)) {
     return {
       url: `node:${specifier}`,
       format: 'dynamic'
     };
   }
-  return defaultResolver(specifier, base);
+  return defaultResolve(specifier, base);
 }
diff --git a/test/fixtures/es-module-loaders/loader-shared-dep.mjs b/test/fixtures/es-module-loaders/loader-shared-dep.mjs
index 1a19e4c8927527..34a3303d73ec9e 100644
--- a/test/fixtures/es-module-loaders/loader-shared-dep.mjs
+++ b/test/fixtures/es-module-loaders/loader-shared-dep.mjs
@@ -1,7 +1,7 @@
 import dep from './loader-dep.js';
 import assert from 'assert';
 
-export function resolve(specifier, base, defaultResolve) {
+export function resolve(specifier, base, { defaultResolve }) {
   assert.strictEqual(dep.format, 'esm');
   return defaultResolve(specifier, base);
 }
diff --git a/test/fixtures/es-module-loaders/loader-with-dep.mjs b/test/fixtures/es-module-loaders/loader-with-dep.mjs
index 944e6e438c5cbd..db927f4050991d 100644
--- a/test/fixtures/es-module-loaders/loader-with-dep.mjs
+++ b/test/fixtures/es-module-loaders/loader-with-dep.mjs
@@ -1,5 +1,5 @@
 import dep from './loader-dep.js';
-export function resolve (specifier, base, defaultResolve) {
+export function resolve (specifier, base, { defaultResolve }) {
   return {
     url: defaultResolve(specifier, base).url,
     format: dep.format
diff --git a/test/fixtures/es-module-loaders/not-found-assert-loader.mjs b/test/fixtures/es-module-loaders/not-found-assert-loader.mjs
index d15f294fe674bb..53f460bd6e21ab 100644
--- a/test/fixtures/es-module-loaders/not-found-assert-loader.mjs
+++ b/test/fixtures/es-module-loaders/not-found-assert-loader.mjs
@@ -3,7 +3,7 @@ import assert from 'assert';
 // a loader that asserts that the defaultResolve will throw "not found"
 // (skipping the top-level main of course)
 let mainLoad = true;
-export async function resolve (specifier, base, defaultResolve) {
+export async function resolve (specifier, base, { defaultResolve }) {
   if (mainLoad) {
     mainLoad = false;
     return defaultResolve(specifier, base);