Vietnam central bank to further facilitate real estate credit access

By Duc Trong, Minh Hue
Tue, November 14, 2023 | 8:13 am GMT+7

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.

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).

Comments (0)
  • Read More
Oman Investment Authority to expand investment fund in Vietnam

Oman Investment Authority to expand investment fund in Vietnam

Prime Minister Pham Minh Chinh has proposed Oman to enlarge the Vietnam-Oman Investment Fund (VOI) to $1 billion to better cater for the Southeast Asian country's investment needs.

Economy - Fri, May 30, 2025 | 11:26 pm GMT+7

Japanese retailer Aeon to build 2-hectare mall in Vietnam’s Mekong Delta

Japanese retailer Aeon to build 2-hectare mall in Vietnam’s Mekong Delta

Retail giant Aeon will develop a 2-hectare mall in the Mekong Delta province of Tien Giang, with an estimated investment of VND1.16 trillion ($44.6 million).

Industries - Fri, May 30, 2025 | 4:44 pm GMT+7

76% of Vietnamese survey respondents say trade uncertainty encourages them to explore new opportunities: HSBC

76% of Vietnamese survey respondents say trade uncertainty encourages them to explore new opportunities: HSBC

Vietnamese businesses have experienced exponentially higher cost increases than the global average and are expecting additional short-term costs due to trade uncertainty. But many survey respondents (76%) think trade uncertainty has encouraged their business to evolve and explore new opportunities, write HSBC analysts.

Consulting - Fri, May 30, 2025 | 2:41 pm GMT+7

AgriS partners with IFC: Optimizing environmental and social management system, accelerating net zero 2035 goal

AgriS partners with IFC: Optimizing environmental and social management system, accelerating net zero 2035 goal

TTC AgriS (Thanh Thanh Cong-Bien Hoa JSC or AgriS) and International Finance Corporation (IFC) - a member of the World Bank Group - has signed an MoU to strengthen sustainable development governance in alignment with global standards.

Companies - Fri, May 30, 2025 | 2:30 pm GMT+7

Vietnam's stock market attractively priced: Finnish fund PYN Elite

Vietnam's stock market attractively priced: Finnish fund PYN Elite

Vietnam’s stock market is attractively priced, with a price-to-sales (P/S) ratio of 1.3, said Petri Deryng, portfolio manager at Finnish investment fund PYN Elite.

Finance - Fri, May 30, 2025 | 2:09 pm GMT+7

S Korea's SK Group eyes 3 LNG power projects in Vietnam: chairman

S Korea's SK Group eyes 3 LNG power projects in Vietnam: chairman

SK Group, South Korea’s second-largest chaebol, is exploring several LNG-fueled power projects in Vietnam, including three proposed to be included in the country's green growth project portfolio, said chairman Tae-Won Chey.

Energy - Fri, May 30, 2025 | 1:37 pm GMT+7

Vietnam's Hoa Phat Group to become Southeast Asia’s first producer of steel rails for high-speed railways

Vietnam's Hoa Phat Group to become Southeast Asia’s first producer of steel rails for high-speed railways

Hoa Phat Group, a top steelmaker in Vietnam, on Thursday signed an agreement with Germany’s SMS Group under which the latter will provide the former technology and production lines for manufacturing steel rails and shaped steel, with an annual capacity of 700,000 tons.

Companies - Fri, May 30, 2025 | 11:48 am GMT+7

Vietnamese firm lands first $1 mln order on Alibaba after 8-year struggle to export

Vietnamese firm lands first $1 mln order on Alibaba after 8-year struggle to export

After five months of operating a virtual storefront on Alibaba’s B2B e-commerce platform, Sukavina Co., Ltd., a Binh Duong province-based manufacturer of metal tables, chairs, and beds, secured its first international order, marking a significant milestone in the company’s eight-year journey to global markets.

Companies - Fri, May 30, 2025 | 9:00 am GMT+7

Vietnam's telco giant Viettel signs deal with France’s John Cockerill Defense

Vietnam's telco giant Viettel signs deal with France’s John Cockerill Defense

Viettel High Tech, the core military and civilian R&D arm of Vietnam’s military-run telecom giant Viettel, has signed a cooperation agreement with John Cockerill Defense, a leading weapon designer and manufacturer in France.

Companies - Thu, May 29, 2025 | 9:14 pm GMT+7

MB showcases comprehensive financial solution Biz MBBank at Digital Transformation Day event

MB showcases comprehensive financial solution Biz MBBank at Digital Transformation Day event

Vietnam's leading bank MB on Thursday introduced its latest digital technology solutions, notably the Biz MBBank digital financial platform, at the "Smart Digital Ecosystem in the New Era" event organized by the central bank.

Companies - Thu, May 29, 2025 | 8:02 pm GMT+7

Vietnam's auto distributor TMT to launch $3.8 mln charging station firm

Vietnam's auto distributor TMT to launch $3.8 mln charging station firm

Vietnamese auto distributor TMT Motors has announced the establishment of a charging station company with a charter capital of VND100 billion ($3.84 million).

Companies - Thu, May 29, 2025 | 4:45 pm GMT+7

US's Excelerate Energy affirms intention to turn Vietnam into LNG hub for ASEAN

US's Excelerate Energy affirms intention to turn Vietnam into LNG hub for ASEAN

Excelerate Energy wants to make Vietnam a center for LNG distribution to the ASEAN region, president and CEO Steven Kobos told Prime Minister Pham Minh Chinh at a meeting in Hanoi on Thursday.

Energy - Thu, May 29, 2025 | 4:33 pm GMT+7

Bourse shifts to heat up Vietnam's banking stocks

Bourse shifts to heat up Vietnam's banking stocks

Several Vietnamese banks are planning to move their shares from the Unlisted Public Companies Market (UPCoM) to the Ho Chi Minh Stock Exchange (HoSE) this year, creating new momentum for banking stocks, long dubbed the “king” group.

Finance - Thu, May 29, 2025 | 2:48 pm GMT+7

Dairy giant TH Group proposes 5 projects in southern Vietnam

Dairy giant TH Group proposes 5 projects in southern Vietnam

TH Group, one of Vietnam’s leading dairy producers, has proposed five major projects in the southern province of Binh Phuoc, in the fields of industrial production and urban area, golf course and high-tech agricultural production zone developments.

Industries - Thu, May 29, 2025 | 12:02 pm GMT+7

2024 cyberattack 'a blessing in disguise' for Vietnam's leading broker VNDirect: chairwoman

2024 cyberattack 'a blessing in disguise' for Vietnam's leading broker VNDirect: chairwoman

The cybersecurity breach that major Vietnamese brokerage VNDirect Securities encountered in 2024 was "an unfortunate incident, but also a lucky chance", chairwoman Pham Minh Huong said on Wednesday.

Finance - Thu, May 29, 2025 | 9:48 am GMT+7

Vietnam prioritizes smart, green seaport projects: Deputy PM

Vietnam prioritizes smart, green seaport projects: Deputy PM

Vietnam encourages smart and green seaport investments, as technical barriers related to CO2 emissions and CO2 taxes begin to be tightened up globally.

Infrastructure - Wed, May 28, 2025 | 10:07 pm GMT+7