Tight control over real estate credit to mitigate risks
The State Bank of Vietnam (SBV)’s decision to tighten control over real estate credit has helped to restrict speculation while making the market transparent and preventing a real state bubble, economic experts have said.
The State Bank of Vietnam (SBV)’s decision to tighten control over real estate credit has helped to restrict speculation. (Illustrative photo: VNA)
Hanoi (VNA) - The State Bank of Vietnam (SBV)’s decision to tighten control over real estate credit has helped to restrict speculation while making the market transparent and preventing a real state bubble, economic experts have said.
Deputy Governor Dao Minh Tu underlined that the move only aims to restrict segments with high risk of speculation in major projects, instead of impeding investment flow in real estate.
Economic expert Nguyen Tri Hieu said control over real estate credit is necessary to purify the market and reduce risks for the economy, especially amid the boisterous development of the sector in the recent past.
According to expert Can Van Luc, data from the SBV showed loans for home purchases and repairs rose by about 15-16 percent, while loans for real estate trading were up 7-8 percent.
Real estate credit growth is forecast to rise 9-10 percent this year, Luc added.
In its latest strategy for the banking industry, the SBV said credit must be channelled into production and business industries to create positive impacts on socio-economic development. It also urged banks to refrain from providing credit to businesses operating in risky areas, such as real estate, securities, corporate bonds, or build-operate-transfer (BOT) and build-transfer (BT) transport projects.
Some banks have temporarily halted loans for the real estate sector in the short term in the wake of the SBV's policy on controlling credit growth in risky areas.
Sacombank has recently required all its branches and transaction offices to focus loans on a number of production and priority industries such as agriculture, rural development, exports, supporting production, small- and medium-sized enterprises, high-tech application, trade, service and logistics.
Sacombank has also directed its branches and offices not to fund the real estate sector until the end of June, except for the bank’s staff and relatives to buy, build or repair houses for living purposes.
Techcombank has recently also notified its business units about controlling the disbursement limit for loans to buy real estate. The bank said it would suspend the provision of real estate loans from March 25, and would consider the disbursement in the second quarter./.
Some banks have temporarily stopped providing loans to the real estate sector in the short term in the wake of the State Bank of Vietnam (SBV)'s policy on controlling credit growth in risky areas.
Foreign investment poured into real estate hit almost 2.7 billion USD in the first quarter of this year, outpacing the figure of the entire 2021, according to the Ministry of Planning and Investment.
Foreign investment poured into real estate hit almost 2.7 billion USD in the first quarter of this year, outpacing the figure of the entire 2021, according to the Ministry of Planning and Investment.
Residential real estate is one of the segments considered by Vietnam Report Joint Stock Company (Vietnam Report) as having strong growth potential in the property market. Accordingly, the new supply and the expectation of a high floor price will increase profit margins for real estate businesses.
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The State Bank of Vietnam (SBV)’s decision to tighten control over real estate credit has helped to restrict speculation. (Illustrative photo: VNA) 
