Ho Chi Minh City: Real estate credit is flourishing

Real estate credit up to 5.5% compared to the end of 2023 - Photo: QUANG DINH

Real estate credit increased higher than the general level

Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam, Ho Chi Minh City branch, said that in the first 7 months of the year, general credit in the area increased by 3.9%, however, the growth rate of real estate credit was up to 5.5%.

Real estate credit increased higher than the general credit growth in the area. Of which, housing credit (including social housing, commercial housing, other housing) accounted for the highest proportion, accounting for about 57% of the total outstanding real estate credit in the area.

Outstanding loans for social housing reached VND2,543 billion, up 78% compared to the end of the year. Outstanding loans for social housing increased because in the first 7 months of the year, banks increased disbursement of loans for social housing projects in the area.

Of which, loan disbursement from the 120 trillion VND package reached 170 billion VND for the housing project for workers to rent in Thu Duc City.

Loans for construction of offices and buildings , hotel increased quite a bit

Real estate credit for production and business, loans for infrastructure development in industrial parks - export processing zones, loans for construction of offices, high-rise buildings, construction of restaurants, hotels and tourist areas... all achieved good growth rates.

Specifically, outstanding loans for infrastructure development of industrial parks and export processing zones reached VND 48,392 billion, up 18.4% compared to the end of 2023. Loans for office buildings reached VND 24,041 billion, up 14% compared to the end of the year.

"The results of real estate credit activities in the area are associated with the growth trend of the market. However, real estate credit is mainly medium and long-term loans with long terms.

Therefore, strict compliance with regulations on credit, loan purposes and business performance will not only ensure safe and effective credit growth but also promote real estate market development," Mr. Lenh commented.

Source: https://tuoitre.vn/tp-hcm-tin-dung-bat-dong-san-khoi-sac-20240905222106698.htm