diff --git a/test/es-module/test-esm-dynamic-import.js b/test/es-module/test-esm-dynamic-import.js
index 9a6cfad18e1..47995d50d9c 100644
--- a/test/es-module/test-esm-dynamic-import.js
+++ b/test/es-module/test-esm-dynamic-import.js
@@ -35,15 +35,15 @@ function expectFsNamespace(result) {
 }
 
 // For direct use of import expressions inside of CJS or ES modules, including
-// via eval, all kinds of specifiers should work without issue.
+// via direct/indirect eval, all kinds of specifiers should work without issue.
 (function testScriptOrModuleImport() {
-  // Importing another file, both direct & via eval
+  // Importing another file, both direct & via direct eval
   // expectOkNamespace(import(relativePath));
   expectOkNamespace(eval(`import("${relativePath}")`));
   expectOkNamespace(eval(`import("${relativePath}")`));
   expectOkNamespace(eval(`import(${JSON.stringify(targetURL)})`));
 
-  // Importing a built-in, both direct & via eval
+  // Importing a built-in, both direct & via direct eval
   expectFsNamespace(import('fs'));
   expectFsNamespace(eval('import("fs")'));
   expectFsNamespace(eval('import("fs")'));
@@ -70,6 +70,8 @@ function expectFsNamespace(result) {
   // be treated as a file: URL.
   expectOkNamespace(import(targetURL.pathname));
 
+  // Import with an indirect eval. In this case, the referrer is null and
+  // defaults to the realm record.
   // If the referrer is a realm record, there is no way to resolve the
   // specifier.
   // TODO(legendecas): https://github.com/tc39/ecma262/pull/3195
diff --git a/test/es-module/test-vm-main-context-default-loader-eval.js b/test/es-module/test-vm-main-context-default-loader-eval.js
new file mode 100644
index 00000000000..3226c3512f4
--- /dev/null
+++ b/test/es-module/test-vm-main-context-default-loader-eval.js
@@ -0,0 +1,73 @@
+'use strict';
+/**
+ * This test verifies that dynamic import in an indirect eval without JS stacks.
+ * In this case, the referrer for the dynamic import will be null and the main
+ * context default loader in createContext() resolves to cwd.
+ *
+ * Caveat: this test can be unstable if the loader internals are changed and performs
+ * microtasks with a JS stack (e.g. with CallbackScope). In this case, the
+ * referrer will be resolved to the top JS stack frame `node:internal/process/task_queues.js`.
+ * This is due to the implementation detail of how V8 finds the referrer for a dynamic import
+ * call.
+ */
+
+const common = require('../common');
+
+// Can't process.chdir() in worker.
+const { isMainThread } = require('worker_threads');
+
+if (!isMainThread) {
+  common.skip('This test only works on a main thread');
+}
+
+const tmpdir = require('../common/tmpdir');
+const fixtures = require('../common/fixtures');
+const fs = require('node:fs');
+const {
+  Script,
+  createContext,
+  constants: { USE_MAIN_CONTEXT_DEFAULT_LOADER },
+} = require('node:vm');
+const assert = require('node:assert');
+
+common.expectWarning('ExperimentalWarning',
+                     'vm.USE_MAIN_CONTEXT_DEFAULT_LOADER is an experimental feature and might change at any time');
+assert(
+  !process.execArgv.includes('--experimental-vm-modules'),
+  'This test must be run without --experimental-vm-modules');
+assert.strictEqual(typeof USE_MAIN_CONTEXT_DEFAULT_LOADER, 'symbol');
+
+async function main() {
+  tmpdir.refresh();
+  process.chdir(tmpdir.path);
+
+  //
+  {
+    const options = {
+      importModuleDynamically: USE_MAIN_CONTEXT_DEFAULT_LOADER,
+    };
+    const ctx = createContext({}, options);
+    const s = new Script('Promise.resolve("import(\'./message.mjs\')").then(eval)', {
+      importModuleDynamically: common.mustNotCall(),
+    });
+    await assert.rejects(s.runInContext(ctx), { code: 'ERR_MODULE_NOT_FOUND' });
+  }
+
+  const moduleUrl = fixtures.fileURL('es-modules', 'message.mjs');
+  fs.copyFileSync(moduleUrl, tmpdir.resolve('message.mjs'));
+  {
+    const options = {
+      importModuleDynamically: USE_MAIN_CONTEXT_DEFAULT_LOADER,
+    };
+    const ctx = createContext({}, options);
+    const moduleUrl = fixtures.fileURL('es-modules', 'message.mjs');
+    const namespace = await import(moduleUrl.href);
+    const script = new Script('Promise.resolve("import(\'./message.mjs\')").then(eval)', {
+      importModuleDynamically: common.mustNotCall(),
+    });
+    const result = await script.runInContext(ctx);
+    assert.deepStrictEqual(result, namespace);
+  }
+}
+
+main().catch(common.mustNotCall());
diff --git a/test/es-module/test-vm-main-context-default-loader.js b/test/es-module/test-vm-main-context-default-loader.js
index bda954be6eb..9e45bbd9a12 100644
--- a/test/es-module/test-vm-main-context-default-loader.js
+++ b/test/es-module/test-vm-main-context-default-loader.js
@@ -16,7 +16,6 @@ const fs = require('fs');
 const {
   compileFunction,
   Script,
-  createContext,
   constants: { USE_MAIN_CONTEXT_DEFAULT_LOADER },
 } = require('vm');
 const assert = require('assert');
@@ -112,34 +111,8 @@ async function main() {
     await testNotFoundErrors(undefinedOptions);
     await testNotFoundErrors(nonPathOptions);
 
-    // createContext() with null referrer also resolves to cwd.
-    {
-      const options = {
-        importModuleDynamically: USE_MAIN_CONTEXT_DEFAULT_LOADER,
-      };
-      const ctx = createContext({}, options);
-      const s = new Script('Promise.resolve("import(\'./message.mjs\')").then(eval)', {
-        importModuleDynamically: common.mustNotCall(),
-      });
-      await assert.rejects(s.runInContext(ctx), { code: 'ERR_MODULE_NOT_FOUND' });
-    }
-
     await testLoader(undefinedOptions);
     await testLoader(nonPathOptions);
-
-    {
-      const options = {
-        importModuleDynamically: USE_MAIN_CONTEXT_DEFAULT_LOADER,
-      };
-      const ctx = createContext({}, options);
-      const moduleUrl = fixtures.fileURL('es-modules', 'message.mjs');
-      const namespace = await import(moduleUrl.href);
-      const script = new Script('Promise.resolve("import(\'./message.mjs\')").then(eval)', {
-        importModuleDynamically: common.mustNotCall(),
-      });
-      const result = await script.runInContext(ctx);
-      assert.deepStrictEqual(result, namespace);
-    }
   }
 }
 
diff --git a/test/parallel/test-vm-module-referrer-realm.mjs b/test/parallel/test-vm-module-referrer-realm.mjs
index 3957f147d8e..0b60f7b8531 100644
--- a/test/parallel/test-vm-module-referrer-realm.mjs
+++ b/test/parallel/test-vm-module-referrer-realm.mjs
@@ -3,6 +3,18 @@ import * as common from '../common/index.mjs';
 import assert from 'node:assert';
 import { Script, SourceTextModule, createContext } from 'node:vm';
 
+/**
+ * This test verifies that dynamic import in an indirect eval without JS stacks.
+ * In this case, the referrer for the dynamic import will be null and the
+ * per-context importModuleDynamically callback will be invoked.
+ *
+ * Caveat: this test can be unstable if the loader internals are changed and performs
+ * microtasks with a JS stack (e.g. with CallbackScope). In this case, the
+ * referrer will be resolved to the top JS stack frame `node:internal/process/task_queues.js`.
+ * This is due to the implementation detail of how V8 finds the referrer for a dynamic import
+ * call.
+ */
+
 async function test() {
   const foo = new SourceTextModule('export const a = 1;');
   await foo.link(common.mustNotCall());