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Thursday, June 13, 2024

Lending to real estate investors surges

The Saigon Times

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HCMC – Lending to real estate developers had increased by over 6% in the year to September, while outstanding loans to real estate trading had surged more than 20%.

The State Bank of Vietnam (SBV) announced this information prior to the commencement of a webinar on the implementation of the prime minister’s official dispatch to remove obstacles in the real estate market, which was held yesterday.

As of September 30, loans granted by credit institutions for the real estate sector reached VND2,740 trillion, up 6.04% against the beginning of this year. Of this total, outstanding loans for real estate businesses accounted for 36%, or VND986.4 trillion.

Compared to the previous year, credit growth in this segment has increased substantially.

Last year, loans for real estate trading made up 31% of the total for the entire sector, reaching VND800 trillion by late 2022.

According to the SBV, the rise in credit for real estate investors in January-September showed the effectiveness of the Government’s policies in an effort to remove hardships for the property sector over the past year.

The prime minister has instructed relevant agencies multiple times to address the challenges faced by the real estate sector since 2022. However, hindrances related to legal issues, price evaluation, complicated bureaucracy, and loan access have posed significant challenges for the real estate market so far.

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