The State Bank of Vietnam (SBV) has never issued any documents or statements ordering credit for real estate be tightened, Deputy Governor Dao Minh Tu said on February 8.
Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong has underscored that credit governance must be prudent to help curb inflation and stabilise the macro-economy when responding to legislators’ concern about credit for real estate.
The State Bank of Vietnam (SBV)’s decision to tighten control over real estate credit has helped to restrict speculation while making the market transparent and preventing a real state bubble, economic experts have said.
Some banks have temporarily stopped providing loans to the real estate sector in the short term in the wake of the State Bank of Vietnam (SBV)'s policy on controlling credit growth in risky areas.
Based on optimism about the prospect of economic recovery, many banks are aiming to achieve growth of 20-30% this year, relying mainly on retail, personal and real estate lending.
The State Bank of Vietnam (SBV) has warned commercial banks about rising bad debts and loans from large corporate customers whose credit values top 500 billion VND (21.5 million USD) each.
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