Vietnam central bank to further facilitate real estate credit access
The State Bank of Vietnam (SBV) will continue to implement measures to increase credit access for the ailing real estate market, Governor Nguyen Thi Hong said at a conference Monday.

The State Bank of Vietnam's headquarters in Hanoi. Photo by The Investor/Trong Hieu.
She said the central bank will continue to improve the legal framework on banking activities towards making it suit reality.
It will urgently evaluate the implementation of Circular 03 on social housing management and Circular 06 on lending activities of credit institutions and foreign bank branches to make suitable amendments and supplements, thus increasing credit access for the economy and ensuring system safety.
The central bank will continue to direct credit institutions to implement solutions that improve businesses and people’s capital access; as also implement policies extending debt repayment deadlines and keeping debt groups unchanged to support customers in difficulty.
It will coordinate with the Ministry of Construction to accelerate implementation of the VND120 trillion ($5.1 billion) credit package, contributing to promoting people’s social housing investment, construction and purchases, the governor noted.
At the same time, it will work with ministries and agencies to complete regulations to support sustainable development of the real estate market while controlling risks and ensuring the safety of credit institutions' operations.
It will also strengthen supervision work to prevent and fight violations in the banking sector.
According to the SBV governor, since the beginning of 2023, the banking industry has implemented drastic solutions to help remove difficulties and improve credit access for customers. As a result, by October 31, 2023, credit value topped VND12,800 trillion ($525.13 billion), an increase of 7.39% compared to the end of 2022.
Regarding the real estate sector, the SBV has encouraged credit institutions to focus capital on three segments - low-cost commercial housing, social housing and housing for workers, while controlling credit risks.
In the year to September 30, the credit institutions’ total outstanding loans for the real estate sector reached VND2,740 trillion ($112.37 billion), up 6.04% from December 31, 2022 and accounting for 21.46% of the total credit. Credit for real estate consumption made up 64% of the credit outlay, while business activities accounted for the remaining 36%.
In the year to the end of Q3/2023, about 460 meetings and dialogues had been held between banks and businesses. Through several programs, credit institutions granted new loans worth more than VND1,600 trillion ($65.6 billion) to nearly 184,000 businesses and other customers. They also allowed debt repayment extensions for more than 1,200 businesses and other customers for loans worth about VND8.2 trillion ($336.3 million).
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