Central bank not tighten real estate credit: Deputy Governor
The State Bank of Vietnam (SBV) has never issued any documents or statements ordering credit for real estate be tightened, Deputy Governor Dao Minh Tu said on February 8.
Real estate posted the highest credit growth among sectors in 2022. (Photo: VNA)
Hanoi (VNA) – The StateBank of Vietnam (SBV) has never issued any documents or statements ordering creditfor real estate be tightened, Deputy Governor Dao Minh Tu said on February 8.
Real estate is a sector contributingconsiderably to the economy, and this market is linked with other sectors, hetold a meeting on real estate credit.
He noted that recently, the propertymarket has recorded supply - demand imbalance as seen in the excessive supply inthe high-end segment, shortages of housing for middle- and low-income earners, “landfever” in certain places, and wrongdoings by some corporate bond issuers related to real estate.
However, there is no such thing thatbanks are tightening credit for this field, the official affirmed.
Giving evidence of his statement, Tusaid real estate posted the highest credit growth, about 24.27% from the end of2021 to 2.58 quadrillion VND (109.3 billion USD) at the end of 2022. It accountedfor the majority of total credit for all sectors, 21.2% – a five-year high.
Credit institutions are stillproviding loans for the real estate sector in line with regulations, the DeputyGovernor went on, adding that there are no specific rules on “credit room” forany sector or line of business, but only common credit limits set to serveinflation control.
At the meeting, representatives ofsome enterprises pointed out that most obstacles facing the property market arerelated to legal procedures and the source of capital from bonds.
The SBV said to tackle difficultiesin credit access, it will continue a solid, proactive, flexible, and effectivemonetary policy that is harmoniously coordinated with the fiscal policy andother macro-economic ones to help stabilise the macro-economy, support economicgrowth, and facilitate sectors.
It will order credit institutions to guarantee safe and effective credit growth and also sufficient capital for theeconomy, including the real estate sector, with a focus on feasible projects and borrowingplans meeting real housing demand.
Institutions will not ease lendingconditions to minimise non-performing loans, control risks in the granting of creditfor the high-end segment that has excessive supply, and for certain groups ofclients to ensure safety of banking activities.
The central bank also underlined theneed to work with ministries and sectors to overhaul legal regulations tosupport the sustainable development of the property market and keep risksfacing credit institutions under control./.
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Real estate posted the highest credit growth among sectors in 2022. (Photo: VNA) 
