Outstanding real estate credit balance in Ho Chi Minh City increases, reaching nearly 1 million billion VND

Total outstanding real estate credit in the city reached 992,800 billion VND, accounting for 28% of the total outstanding credit in the city - Photo: NGOC HIEN

Real estate credit balance increases, home loans also increase again

The State Bank of Vietnam, Ho Chi Minh City branch, said real estate credit in the city has maintained a positive growth rate in the past three months.

Specifically, March increased by 0.96%, April increased by 1.15% and May increased by 1.15%. Total outstanding real estate credit in Ho Chi Minh City reached VND992,800 billion, accounting for 28% of the total outstanding credit in the city and increased by 2.78% compared to the end of the year, higher than the general credit growth rate in the area.

Sharing at the workshop "New policy - Supporting the development of the real estate market" organized by Tien Phong newspaper on June 28, Mr. Nguyen Van Nguyen - Deputy Head of the Internal Control Department of the State Bank of Vietnam, Ho Chi Minh City branch - said that in the context of low capital absorption in the economy , this growth will have a positive impact and effect on other industries and fields, including banking credit activities.

The changes in the real estate market in recent months and the growth of real estate credit have reflected these factors and the growth trend in the coming time.

Regarding housing credit, Mr. Nguyen said that loans for the purpose of buying houses for personal use still account for the highest proportion, accounting for 68% of the total outstanding real estate credit in the area. There is a positive point in this segment, when housing credit grows again, up 1.2% compared to April 2024 (previous months had negative growth).

"This is a credit segment with a high proportion, so the growth of credit in this segment not only promotes real estate credit growth but also has great social significance, lending to meet people's housing needs, thereby positively affecting the real estate market and economic growth," said Mr. Nguyen.

According to the representative of the State Bank of Vietnam, Ho Chi Minh City branch, with favorable factors in terms of policy mechanisms such as low interest rates, the ability to best meet the capital needs of credit institutions, real estate laws taking effect soon, etc., will be the basis and driving factors for the real estate market to maintain positive points, creating conditions for recovery and growth again in the coming time.

There are still many challenges for the real estate market.

However, according to Mr. Vo Hong Thang - Director of consulting and project development services of DKRA Group, despite positive signals, the real estate market still faces many challenges.

Firstly, global geopolitical crises such as war, world economic instability, prolonged inflation, risk of global debt crisis...

Second, the market has an imbalance between supply and demand in price segments, and there is a "wait and see" mentality among large investors.

Third, legal problems remain large, mainly in project licensing and land use fee calculation, etc.

Finally, there is the issue of capital sources. Enterprises have difficulty accessing new capital sources while there is pressure to mature 300,000 billion VND of bonds from the previous period.

Mr. Hoang Hai - Director of the Department of Housing and Real Estate Market Management (Ministry of Construction) - said that the Law on Real Estate Business has increased the publicity and transparency of project information, helping buyers have more access to clean information, improving buyer protection, and reducing the risk of disputes.

According to Mr. Hai, the new law also stipulates that projects must disclose information when they are put into operation, which was not the case before. Along with that, it is also clearly stated that prohibited acts are regulated more strictly, or that the right to do real estate business of Vietnamese people residing abroad is expanded.

Source: https://tuoitre.vn/du-no-tin-dung-bat-dong-san-tp-hcm-tang-len-gan-1-trieu-ti-dong-20240628151655893.htm