Sunday, November 10, 2024 6:44:30 PM - Markets closed
VN-INDEX 1,252.56 -7.19/-0.57%
HNX-INDEX 226.88 -0.61/-0.27%
UPCOM-INDEX 92.15 -0.17/-0.18%
Housing credit on the rise: SBV's office
vietnamnews - 9/12/2024 9:27:48 AM
 (0 ratings. You must sign in to rate.)
According to the State Bank of Vietnam (SBV), housing credit has been on the rise as the property market finds its footing and path to recovery.
 
 
In front of the HCM City’s SBV Office at 8 Vo Van Kiet Street, HCM City. —VNA/VNS Photo
 
Housing credit has been on the rise as the property market finds its footing and path to recovery, according to the State Bank of Vietnam (SBV).
 
A report from the HCM City’s SBV Office said the city’s total outstanding credit for the property market reached over VNĐ1 trillion (US$40 million), 27.6 per cent of the system’s total outstanding credit and an increase of 5.5 per cent compared to the end of last year. The city, Vietnam’s largest economic driver, has also reported an increase in credit of 3.9 per cent during the first seven months of 2024.
 
Housing credit, including social housing, commercial housing and several other categories, accounted for a significant portion, at 57 per cent of the property market’s outstanding credit. Social housing credit reached VNĐ2.54 trillion, an increase of 78 per cent since the beginning of this year, according to the SBV’s HCM City office.
 
Meanwhile, the number of loan applications, including for industrial parks and infrastructure, office buildings, restaurants, hotels, and tourist areas, has been growing strongly.
 
In the first seven months of 2024, loans for the development of industrial parks and infrastructure reached VNĐ48.39 trillion, and loans for office buildings reached VNĐ24.04 trillion, an increase of 18.4 per cent and 14 per cent, respectively, compared to the end of last year.
 
Nguyễn Đức Lệnh, deputy director of the SBV’s HCM City Office, a sharp rise in credit could be attributed to the financial system’s efforts in speeding up the disbursement of social housing credit. Since the beginning of the year, a part of the government’s VNĐ120 trillion social housing credit package, estimated at VNĐ170 billion, has gone to a worker housing project in Thủ Đức City, one of HCM City’s satellites.
 
“Housing market credit remains primarily medium and long-term loans. An effective and sustainable growth model will have a tremendous impact on commercial banks’ credit management,” he said.
 
Lệnh said that strict adherence to credit regulations and the intended use of borrowed capital, as well as the effectiveness of business operations, will not only ensure safe and effective credit growth but also promote the development of the real estate market.
 
He said the central bank has instructed all local offices to strictly adhere to regulations and scrutinise loan applications to ensure credit is going to prioritised sectors of the economy. Meanwhile, policies must be implemented by the government to rear the market towards sustainable development. — VNS
 
 
Read original article here
Newer News
04/11 High real estate credit growth raises concern
31/10 HCM City adjusts land prices to reflect market value
19/10 Construction ministry raises solutions to stabilise housing prices
17/10 Experts say developing a legal framework for joint real estate investment in Vietnam will be difficult
16/10 Increasing enforcement of laws critical to tackling real estate market bottlenecks
15/10 Property sector remains vulnerable to money laundering: SBV
08/10 Gov’t set to implement state-funded $1.2b credit package for social housing
08/10 HCM City affordable housing supply unable to meet huge demand
04/10 Tax imposition, credit tightening can’t help stop real estate speculation
27/09 Ministry of Construction proposes solutions to reduce housing prices
Older News
09/09 Vietnam ranks 49th out of 89 economies in term of real estate transparency: JLL
05/09 New land law: opportunity to promote investment in green agriculture
29/08 Massive real estate inventory of $20b poses threat to macroeconomic stability
26/08 Risk of 'virtual price traps' from suburban land auctions
23/08 Developers eye retirement housing to capitalise on Vietnam's aging population
23/08 Vietnam's property market remains resilient: CBRE
19/08 New land and housing laws expected to better allocate resources for economic growth
17/08 Flexible policies needed for social housing mega-project
16/08 ​​​​​​​Real estate inventories remain high: MoC
15/08 Mixed opinions on the increase in the lending rate for social housing buyers
 
Newsletter Signup
Top Stories
VCCI recommends mineral mining rights be granted through auction and bidding
Central bank works to raise interbank rates and ease forex market
Inflation a concern following salary increases
National Council for Sustainable Development established
Việt Nam, Cambodia look forward to $20 billion trade
Market Update
Last updated at 3:05:02 PM
VN-INDEX 1,252.56 -7.19/-0.57%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.