Bank loans to Vietnam property sector up 6 pct in first 9 months-Xinhua

Bank loans to Vietnam property sector up 6 pct in first 9 months

Source: Xinhua

Editor: huaxia

2023-11-14 18:51:45

HANOI, Nov. 14 (Xinhua) -- The bank loans to the property sector in Vietnam went up 6 percent year-on-year to reach 2,740 trillion Vietnamese dong (114.2 billion U.S. dollars) in the first nine months of this year, local media VnExpress reported Tuesday, citing the State Bank of Vietnam (SBV).

Mortgages accounted for 64 percent and developers borrowed 986.4 trillion dong (40.48 billion dollars), or 36 percent of the total.

By Sept. 30, the total amount of credit outstanding in the property market accounted for 21.46 percent of the entire economy's credit outstanding, according to the SBV.

The SBV said loans for trading by developers had grown faster than last year as well as overall credit growth.

Ha Thu Giang, head of the credit department at the SBV, said the Social Policy Bank of Vietnam had introduced five different loan programs related to the property market at a total amount of over 27 trillion dong (1.1 billion dollars) to nearly a quarter of a million customers.