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Tuesday, July 16, 2024

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A brighter credit market outlook

The prospects for the credit market are improving, backed by low lending rates and economic recovery. The dormant real estate market is expected to get a fresh boost from three new laws that will take effect in early August. Still in troubled waters In the year to June 24, 2024, credit in the banking system had expanded by 4.45%, or a monthly average of 0.73%, according to the General Statistics Office. However, this growth began gathering speed in March 2024. The first two months of the year saw outstanding loans falling compared to the previous month and the end of 2023. Major sectors like real estate and construction, which account for a majority of outstanding loans, have performed poorly due to low capital absorption and credit demand. On the sidelines of a recent finance conference, Pham Nhu Anh, CEO of MB Bank, said that in the real estate sector, there are four types of lending – home loans, industrial real estate development loans, residential development project loans and tourism real estate loans. But commercial banks are finding it hard to lend to three of them, he noted. For home loans, Anh said, demand was woefully low in the first half […]
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