Banking credit growth this year has been nearly 11%, the highest in years, with lending to the property sector rising by 15.7%, according to the central bank.
A report to the National Assembly by the governor of the State Bank of Vietnam, Nguyen Thi Hong, said loans outstanding on Sept. 30 were worth VND11.6 quadrillion ($483.3 billion).
Loans to the property sector accounted for more than 20.9%, up 0.26 percentage points from May.
“Banks need to limit the flow of credit to certain customers, large customers and large real-estate projects, and instead increase lending to social housing and high-efficiency commercial housing projects, and projects with good feasibility and liquidity.”
The government has been tightening credit to the property sector to limit speculation and banks are restructuring their loans portfolio after splurging on the sector in recent years.
Growth in lending to the property sector is set to reach 9-10% this year, according to the SBV.
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