Policy changes needed to lift Vietnam's property sector


During the first nine months of 2023, the property sector’s credit had shown a higher growth rate compared with the same period last year, reaching 21.86%. — VNS/VNA

HANOI: The government considers the property market an important pillar of the economy and measures are underway to address the sector’s difficulties in recent years, say policymakers and industry insiders during a conference on credit policy.

Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong said the sector remained a key economic driver as it’s closely tied to many other industries, making it one of the top priorities for Vietnam’s policymakers.

Ha Thu Giang, head of the credit department at the SBV, said by Sept 30 the total amount of credit outstanding in the sector had reached 2.74 quadrillion dong, an increase of 6.04% since the end of 2022 and accounting for 21.46% of the entire economy’s credit outstanding.

During the first nine months of 2023, the sector’s credit had shown a higher growth rate compared with the same period last year, reaching 21.86%. This had been the result of a coordinated effort by governmental agencies and local authorities to identify and resolve the sector’s obstacles and challenges. She said a lending programme to support housing had disbursed nearly 30,000 trillion dong to more than 53,000 households and individuals.

The Social Policy Bank of Vietnam had introduced five different loan programmes related to the property market at over 27 trillion dong to nearly a quarter of a million customers. — Viet Nam News/ANN

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