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The Southeast Asian country has had impressive economic growth results in 2022 while many countries fell into difficulties and inflation flared up. Inflation in Vietnam was controlled according to the set target and the average consumer price index (CPI) for the year was 3.15 percent while GDP growth reached 8, 02 percent - the highest in years.
Accordingly, many economic experts and businesses believe that the Government should now issue flexible credit management policies in line with the country’s situation. They also believed that banks have to pump more credit into the economy. It is noticeable that the country planned for 14 - percent credit growth last year, then loosened the room by 1.5 percent-2 percent, but finally, it only stopped at 12.8 percent growth statistically; as a result, in the second half of 2022, businesses men complained that they are in need of capital. Last but not least, economists said that it is necessary to lower deposit rates as well as lending rates, in order to lead capital into the economy in a timely manner.
At a conference on real estate credit organized by the State Bank of Vietnam, a representative from the state bank emphasized that the state bank has not prohibited credit disbursement for real estate, so legally eligible projects will be able to borrow money!
According to the latest statistics, real estate credit balance by the end of 2022 is about VND2.58 million billion, which is the highest growth sector and accounts for a large proportion of 21.2 percent of total outstanding loans to the economy, the highest in the past 5 years.
According to the Ministry of Construction, the real estate sector is borrowing more than VND1.2 quadrillion and VND 800,000 billion from the bank, the rest is in bonds. It is normal that real estate businesses have debts of up to hundreds of thousands of billion dong. Thus, Governor of the State Bank Nguyen Thi Hong moaned that many enterprises deploy more than 50 projects simultaneously, so they will face difficulties in handling them.
In fact, it's not just the real estate sector having financial difficulties. Recently, Mr. Nguyen Ngoc Hoa, Chairman of the Ho Chi Minh City Business Association, also said that businesses in all fields have money troubles.
Regarding credit classification, it is necessary to give priority to some fields. Capital should only be poured into the field of production - business and agriculture sector. Particularly, the government should give priority to investors and homebuyers of social housing projects in order to provide accommodation for low-income earners.
Currently, the country’s economy is heavily dependent on commercial banks. Therefore, it is necessary to have more sources for capital mobilization. Experts said that Ho Chi Minh City International Finance Center was soon approved and put into operation, in order to attract international investment capital.
