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.
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).
- Read More
Japan food firm Kyokuyo completes $14 mln factory in southern Vietnam
Kyokuyo Vina Foods Co., Ltd., under Japan’s food firm Kyokuyo, has completed the construction of a JPY2.1 billion ($13.5 million) factory, its first facility in Vietnam.
Companies - Wed, November 13, 2024 | 4:23 pm GMT+7
StanChart arranges $100 million syndicated loan for Vietnam-based Stavian Chemical
Standard Chartered Vietnam has acted as the sole mandated lead arranger and bookrunner in a $100 million maiden offshore syndicated loan transaction for Stavian Chemical JSC.
Banking - Wed, November 13, 2024 | 4:19 pm GMT+7
Vietnam dong hits historic low
The Vietnamese dong (VND) has reached a historic low against the U.S. dollar (USD) as the greenback continues strengthening on the international market.
Banking - Wed, November 13, 2024 | 3:48 pm GMT+7
Vietnam gov't seeks parliamentary green light for colossal high-speed railway project
An ambitious plan to build a transnational high-speed railway route has been proposed to the Vietnamese parliament for approval amid concerns about the project’s financial feasibility.
Infrastructure - Wed, November 13, 2024 | 3:19 pm GMT+7
Climate change can cut Asia-Pacific GDP by 16.9%, Vietnam by 30%: ADB
By 2070, climate change under a high-end emissions scenario can cause a total loss of 16.9% of GDP across the Asia-Pacific region, the Asian Development Bank (ADB) has said in its “Asia-Pacific Climate Report 2024.”
Economy - Wed, November 13, 2024 | 3:11 pm GMT+7
Japan beverage maker Suntory sees Jan-Sept Vietnam revenue rise to $749 mln
Japan-based brewing and distilling firm Suntory, a partner in Vietnam-based Suntory PepsiCo Vietnam Beverage Co. Ltd., earned in-country revenues of JPY116 billion ($749.2 million) in the first nine months of this year.
Companies - Wed, November 13, 2024 | 2:18 pm GMT+7
EV maker VinFast secures extra $3.4 bln funding from founder, Vingroup
VinFast, the electric vehicle (EV) arm of Vietnam's private conglomerate Vingroup, is set to receive financial aids of VND85 trillion ($3.36 billion) from its parent firm and Vingroup chairman-founder Pham Nhat Vuong.
Companies - Wed, November 13, 2024 | 10:54 am GMT+7
Vietnam gov’t proposes nuclear power project revival as energy demand surges
The Vietnamese government has proposed resuming the nuclear power project and accelerating offshore wind power development as energy demand is forecast to grow by two-digit rates to accommodate economic growth.
Energy - Wed, November 13, 2024 | 10:41 am GMT+7
Bamboo Capital at 13: deep roots, towering shoots
Vietnamese firm Bamboo Capital began its journey in 2011 as a small but promising startup. Thirteen years later, it has grown into a powerful multi-sector conglomerate.
Bamboo Capital - Wed, November 13, 2024 | 8:58 am GMT+7
Vietnam media giant YeaH1 profits handsomely from TV shows, divestments
YeaH1 Group, a leading media and entertainment company in Vietnam, reported an impressive profit in the first nine months of the year as also surging stock prices.
Companies - Wed, November 13, 2024 | 8:39 am GMT+7
Korea’s digital twin firm The PICT expands Asian presence with Vietnam branch
The PICT, a South Korean AI-driven digital twin and immersive content company, has established GEO Impact, its new branch in Ho Chi Minh City, Vietnam’s southern economic hub.
Companies - Wed, November 13, 2024 | 8:14 am GMT+7
Vietnam GDP can grow 6.7% or more in 2025: HDBank exec
Vietnam’s GDP growth in 2025 could reach 6.7% or more, says Tran Hoai Nam, deputy general director of Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank).
Economy - Wed, November 13, 2024 | 7:26 am GMT+7
Indonesia calls on US investors to support sustainable growth
Indonesian President Prabowo Subianto has urged U.S. business leaders to prioritize environmental, social, and governance (ESG) principles when investing in his country.
Southeast Asia - Wed, November 13, 2024 | 12:46 am GMT+7
Grab raises annual revenue forecast
Singapore's Grab Holdings has raised its forecast for fiscal 2024 revenue, as the firm anticipates robust growth in its food delivery and ride-hailing business services during the busy holiday season.
Southeast Asia - Wed, November 13, 2024 | 12:44 am GMT+7
Thai baht lags behind peers on concerns over central bank's autonomy
Thailand’s currency has fallen the most among Asian peers on investor concerns that the independence of the country’s central bank is being further eroded.
Southeast Asia - Wed, November 13, 2024 | 12:42 am GMT+7
Vietnam’s 2025 GDP growth target set at 6.5-7%
The National Assembly, Vietnam's legislature, on Tuesday assigned the government to work for a GDP growth rate of 6.5-7% next year.
Economy - Tue, November 12, 2024 | 11:31 pm GMT+7
- Consulting
-
Remove roadblocks to lure foreign investment into Vietnam: HSBC exec
-
Rethinking resilience: How typhoon Yagi redefines supply chain strategies in northern Vietnam
-
In trade and investment, ASEAN and China are better together
-
AI can be a game changer for Vietnam tourism
-
Investment opportunities in LNG-to-power projects in Vietnam
-
Pepper prices 2024: will the dream of 'black gold' repeat?