On the morning of November 13, a conference on credit for real estate and social housing development took place at the headquarters of the State Bank. Representatives of 14 credit institutions with outstanding real estate loans of more than VND20,000 billion attended.
The conference was chaired by Governor Nguyen Thi Hong, Minister of Construction Nguyen Thanh Nghi, leaders of departments and management agencies, and representatives of major real estate enterprises...
What do business leaders propose?
Representing Vingroup is Mr. Pham Thieu Hoa - Chairman of the Board of Directors of Vinhomes. Mr. Hoa said that recently the Government and commercial banks have had many activities, creations, and support for businesses. He pointed out some difficulties regarding interest rates. Accordingly, businesses have not been able to access low-interest loans, interest rates are still high, some banks have limited credit room, and high interest rate margins. "Interest rates have not met expectations," said Mr. Hoa.
Mr. Hoa also mentioned the story of real estate projects stuck in the process, many banks only disburse loans with collateral. "Listed stocks and arising machinery are not considered collateral," Mr. Hoa said.
Mr. Pham Thieu Hoa, Chairman of Vinhomes Board of Directors, said that recently, the Government and banks have had many creative activities to help businesses, but there are still some difficulties in interest rates and interest rates "have not met expectations" (Photo: SBV).
The representative of Global Real Estate (GP.Invest) is Chairman Nguyen Quoc Hiep. Mr. Hiep said that 70% of the problems are legal. He mentioned a project that has been going on for 15 years and has not yet cleared the land, which is time-consuming. In addition, he mentioned that a project needs more than 30 seals to be implemented. "Legal problems affect the health of businesses and the FDI investment environment," said Mr. Hiep.
Mr. Hiep also proposed that relevant agencies should soon have a land valuation plan for local application.
In addition, this person mentioned that the credit granting process of banks is long, from 2-3 months. "Banks are cautious but try to withdraw less than a month to support businesses," he said.
Ms. Ha Thu Giang - Director of the Credit Department (State Bank) - informed that as of October 31, credit to the economy reached more than 12.8 million billion VND, an increase of 7.39% compared to the end of 2022.
In addition, the total outstanding credit balance for the real estate sector of credit institutions by the end of September reached VND2.74 trillion, up 6.04% compared to the end of last year, accounting for 21.46% of the total outstanding debt of the economy.
According to the State Bank, real estate business credit growth is higher than the general credit growth rate and the same period last year (Illustration photo: Manh Quan).
Bank boss: We are a real estate lender but now we are also scared!
Mr. Nguyen Thanh Tung - General Director of Vietcombank - said that the structure of real estate products is not balanced, prices are still high compared to income. Real estate capital comes from bond channels, customer money, credit capital... According to Mr. Tung, the bond market shows signs of recovery but the pressure and concerns of investors are still great.
With the customer's money, this bank realized that many customers are waiting for prices to go down, not putting down money to buy a house. "Banks have reduced interest rates but deposits are still increasing very strongly," he said.
The bank's representative said that the interest rate has been reduced many times, up to 2.5% for organizations and individuals, but the real estate price level is high and tends to increase. "Loan interest rates are only a part," he said. Real estate transactions are mainly buying and selling by brokers, which can cause a real estate bubble. Mr. Tung informed that real estate accounts for 24.6% of Vietcombank's total outstanding credit.
MB representative, General Director Pham Nhu Anh, said "loan interest rates are at their lowest ever". Regarding the opinion on procedures and loan appraisal, Mr. Anh said this is a mandatory stage that requires careful appraisal because real estate businesses are facing many difficulties. He said businesses need to coordinate with banks to provide complete documents and not hide anything.
Techcombank representative, Deputy General Director Phung Quang Hung, said he has worked with real estate businesses for many years, cooperated deeply, and participated in project appraisal.
Regarding interest rates, Mr. Hung said they have decreased a lot. Home loan interest rates have decreased by about 3% since the beginning of the year, maybe only about 7-8%, depending on the product. This unit has also developed many diverse financial solutions: working capital loans, financing...
Mr. Hung suggested that the Ministry of Finance promote the liquidity of the bond market to support capital channels, not just depending on credit. He also suggested that the State Bank consider reducing the risk coefficient for banks and consider extending the ratio of real estate loans to total outstanding loans for credit rating.
Mr. Nguyen Duc Vinh - General Director of VPBank - said: "There is no industry that the Prime Minister is as interested in as real estate". 70-80% of the difficulties of this market do not lie in bank interest rates but in the regulations and policies of the State: legality, implementation process. "Solving the real estate problem must mainly be done by State agencies", Mr. Vinh said.
He said the 2% interest rate package did not work despite efforts. Mr. Vinh proposed this package to support home buyers. As for real estate businesses, he said "they must change, review themselves", especially in terms of transparency in capital use, and cannot "embrace" all projects.
"We are also a real estate lender, but now we are also afraid," said Mr. Vinh.
Bank representative said businesses need to coordinate with the bank to provide complete documents (Illustration: Manh Quan).
The State Bank said it is urgently reviewing and assessing the implementation of Circular 03 and Circular 06 to promptly issue amendments and supplements in accordance with market realities, increase access to credit sources for the economy, and ensure system safety in accordance with the Government's direction.
The unit said it will continue to direct credit institutions to implement solutions to improve access to capital for businesses and people; continue to implement the policy of restructuring debt repayment terms and maintaining debt groups to support customers facing difficulties according to Circular 02.
At the same time, this unit will coordinate with ministries and branches to complete legal regulations to support the sustainable development of the real estate market while controlling risks and ensuring the safety of credit institutions' operations.
The workshop "Removing the credit valve - unblocking growth" is part of the "Dialogue and Solutions" series organized by Dan Tri newspaper. The program takes place from 8:30 a.m. on November 17, at Gem Genter, District 1, Ho Chi Minh City, and is broadcast live on Dan Tri newspaper and Dan Tri newspaper's fanpage. Readers can register to attend the workshop here.
At the workshop, representatives of the State Bank, commercial banks, experts, associations, etc. shared prospects for credit growth in the last months of the year, solutions to remove capital difficulties for businesses, and solutions to stimulate demand to welcome increased shopping demand at the end of the year.
Within the framework of the workshop, the organizers arranged a direct consultation counter to answer questions and provide guidance on preferential loan procedures for businesses, especially small and medium enterprises, to clear cash flow and create growth momentum to welcome the new recovery cycle of the economy.
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