Real estate credit focuses on consumption/self-use purposes accounting for 64% and outstanding loans for real estate business activities account for 36% of outstanding credit loans in the real estate sector.
On November 13, 2023, in Hanoi, the State Bank of Vietnam (SBV) coordinated with the Ministry of Construction to organize a credit conference for real estate and social housing development.
The conference aimed to actively implement the Prime Minister's Official Telegram No. 993/CD-TTg, review and evaluate the real estate market situation and real estate credit, and discuss and agree on proactive measures to overcome difficulties. for businesses, real estate projects, and difficulties and problems of commercial banks in real estate credit activities.
According to data reported at the conference, by October 31, 2023, credit to the economy reached more than 12.8 million billion VND, an increase of 7.39% compared to the end of 2022.
Regarding the real estate sector, the State Bank encourages credit institutions to focus capital on the segments of low-cost commercial housing, social housing, and housing for workers; At the same time, control credit risks for the real estate business sector to promote healthy and sustainable development of the real estate market.
By September 30, 2023, the total outstanding credit debt to the real estate sector of credit institutions reached 2.74 million billion VND, an increase of 6.04% compared to December 31, 2022, accounting for 21.46% of the total outstanding balance.
Real estate credit focuses on consumption/self-use purposes accounting for 64% and outstanding loans for real estate business activities account for 36% of outstanding credit loans in the real estate sector.
However, in the first 9 months of the year, real estate business credit had a higher growth rate than the general credit growth rate, in the same period last year. This shows that the solutions and efforts of the Government, the Banking industry, ministries, branches, and localities in removing difficulties and obstacles for the real estate market are gradually effective. In addition, credit institutions also actively deploy loans according to programs of the Government and the Prime Minister on housing.
Currently, the real estate market still faces many difficulties and challenges, including many lingering problems and problems such as problems with legal procedures related to land, planning, and construction investment; The imbalance between supply and demand in different segments, with a surplus of high-end housing and villas while social housing and low-cost housing are still limited; Market demand in some segments is decreasing sharply; The financial capacity of businesses is limited and depends mainly on external sources of mobilization such as loans, bonds, and mobilization from home buyers; Other capital mobilization channels have not been effective, especially the capital market (corporate bond market, stock market) which has some problems and has not developed commensurate with its supply role medium and long-term capital for the economy; Housing prices are high compared to the financial capacity and income level of many people...
To contribute to promoting the real estate market's healthy and sustainable development, many opinions at the Conference said that it is necessary to implement comprehensive solutions with the coordination of many ministries, branches, and localities to continue to handle the problem. , resolving legal procedural problems with the real estate sector; developing medium and long-term capital markets; At the same time, and continuing to carry out the tasks assigned by the Prime Minister in documents such as Resolution 33/NQ-CP, Official Telegram No. 993/CD-TTg.
As for the banking industry, in the coming time, closely following the direction of the Government and the Prime Minister, the State Bank will continue to proactively, flexibly, and synchronously operate monetary policy tools, and closely coordinate with the fiscal policy and other governments. Other macroeconomic policies to control inflation, stabilize the macroeconomy, contribute to promoting the economic recovery process, and at the same time, continue to synchronously deploy solutions.
(Theo Nhip song thi truong)