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Tuesday, July 16, 2024

Outstanding real estate loans down by VND7,000 billion

The Saigon Times

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HCMC – Financial resources for the real estate sector including bonds, funds raised via the stock market, and especially bank loans contracted substantially in the third quarter of this year.

As of August 31, outstanding loans for the real estate sector totaled VND777,235 billion, a fall of VND7,340 billion compared to the value reported on June 30, according to the State Bank of Vietnam. The contraction indicated banks refrained from making new loans for the sector.

Urban and residential construction projects accounted for 23.9% of the total outstanding loans, while credits for house building and repair for lease and sale made up 18.5% of the total.

The proportions of loans used for acquisition of land, hotel and restaurant construction, tourism and resort facilities, and office buildings were 10.0%, 7.3%, 4.6%, and 5.4%, respectively.

The outstanding loans for industrial park and export processing zone projects accounted for 4.8% of the total.

In related news, the real estate sector had attracted US$3.5 billion in foreign direct investment (FDI) in the year to September 20, accounting for 18.7% of the total.

The country’s total FDI had hit US$18.7 billion as of September 20, equivalent to 84.7% of that in the same period last year, according to the Ministry of Planning and Investment.

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