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Real estate credit controls do not mean stopping lending. Instead, credit should be directed to the right places and the right borrowers, according to speakers at a seminar on real estate credit management held by Thanh Nien newspaper on April 17.
Speaking at the event, Mr. Lê Hoàng Châu, Chairman of the Ho Chi Minh City Real Estate Association (HoREA), said credit policy is crucial for the economy as a whole, not only for real estate. He noted that among 21 level-1 sectors, real estate is among the most important.
He highlighted the housing supply gap in Ho Chi Minh City. After population growth to about 18–19 million, the city delivered only around 17,000 social housing units between 2021 and 2025, while the target for new delivery is nearly 200,000 units in 2026–2030. The city also raised the income criterion for social housing buyers from 20 million VND per month to 25 million VND per month, expanding access for eligible groups.
However, Mr. Châu said the key question is where the supply will come from, adding that mechanisms are needed to help developers build affordable commercial housing alongside social housing.
Ms. Nguyễn Thị Thanh Hương, General Director of Era’s Land Investment JSC, said real estate is closely linked to more than 20 other sectors and contributed double-digit growth in some periods. She added that the market is highly dependent on credit, particularly interest rates.
In practice, most homebuyers borrow from banks for about 70% of the asset value, with loan tenures typically of 10–20 years. Interest rates are often fixed at relatively low levels in the early stage, then adjust later based on market conditions.
Ms. Hương said real estate projects must create real value to match actual demand and ensure sustainable cash flow. She also pointed to spillover effects: difficulties in the market affect not only real estate businesses but also related fields, especially construction. Earlier this year, construction activity slowed due to a lack of project-related work.
“We expect regulators to promptly adjust credit policies to both control risks and facilitate stable and sustainable market development. If timely adjustments are made, the market will recover better, especially in the housing segment that serves real demand,” Ms. Hương said.
Mr. Nguyễn Lê Nam, Director of the Personal Banking Division at Asia Commercial Bank (ACB), said NHNN’s direction on credit control in real estate does not mean no lending. It means lending to the right place and the right targets to meet real demand, while banks apply risk management principles and comply with NHNN’s macro policy directives.
He noted that even when interest rates rise, it does not automatically translate into higher bank profits. Banks do not want rates to rise too high because if borrowers accept high rates, credit risk increases and can indirectly affect bank operations. Since early April, following NHNN guidance, rates have shown signs of easing, with some banks cutting rates by about 0.5–1 percentage point per year.
“We are always ready to meet reasonable customer credit needs, especially in the housing real estate sector. Not only individuals buying homes, but if enterprises have clear, transparent, feasible plans, we will welcome their demand and accompany them to build suitable credit packages,” Mr. Nam said.
From the regulator’s perspective, Mr. Đỗ Xuân Trung, Deputy Director of NHNN in Region II, said that in 2026 the banking sector will implement government directives to properly execute monetary policy management and banking operations, contributing to macro stability, controlling inflation, and supporting sustainable economic growth.
He said NHNN actively and flexibly manages monetary policy in coordination with fiscal policy and other policies. The goal is to grow credit to meet the economy’s demand for funds, directing lending toward productive activities and growth drivers consistent with government policy, while tightly controlling lending in high-risk areas.
Mr. Trung also noted that NHNN has kept key policy rates unchanged to support access to central-bank funding at low costs.
In addition, the Governor of NHNN recently chaired a meeting to implement banking work. Banks largely agreed to support government policies aimed at lowering market rates to help businesses and households. Accordingly, banks have agreed to reduce rate levels, and about 29 commercial banks have announced reductions in posted deposit rates by roughly 0.1–0.5% per year, mainly for terms of six months or longer, creating a basis to reduce lending rates to support growth.
Under the housing loan program, Mr. Trung said NHNN has announced seven rate reductions. From an initial 8.7% per year for developers and 8.2% per year for homebuyers at program start, current rates have fallen to 6.1% for developers and 5.6% for homebuyers.
Source: Thanh Tuyết, The Banking Times.
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