Deputy director of the State Bank of Vietnam’s Ho Chi Minh City branch Nguyen Duc Lenh made this statement this morning. Moreover, he added that by the close of 2024, real estate credit in HCMC reached VND1,085 trillion, accounting for 27.5 percent of the city's total outstanding credit balance. This represents a 12.3 percent increase from the end of 2023.
Outstanding real estate loans for self-use and residential purposes, such as buying, renting, repairing, or building houses, as well as transferring land use rights to construct homes, continue to make up the largest share of total outstanding real estate loans in the city, accounting for 66.6 percent.
According to Mr. Lenh, an analysis of credit by capital use purpose shows that loans for production and business—particularly those for infrastructure development in export processing zones and industrial parks, office buildings, hotels, restaurants, tourism, and resort projects—continue to grow at a steady rate.
Although these loans account for a small proportion of total outstanding real estate credit, their growth rate remains higher than that of other sectors, reflecting sustained investment in key business and infrastructure developments.
Loans for infrastructure development in export processing zones and industrial parks have seen the highest growth in the past year, reaching VND55,000 billion, a 34.8 percent increase compared to the end of 2023. This segment now accounts for 5 percent of total outstanding real estate credit.
Credit for the office building sector—including construction, renovation, purchase, lease, and lease-purchase for self-use or rental—has also expanded significantly. Outstanding loans in this category stand at VND25,800 billion, representing 2.38 percent of total real estate credit, with a 22.5 percent increase from 2023.
Meanwhile, loans for the hospitality and tourism sectors—including restaurants, hotels, eco-tourism, and resorts—have reached VND26,500 billion, making up 2.44 percent of total real estate credit. This segment has grown 31.7 percent compared to the end of 2023, reflecting strong investment momentum in tourism and hospitality infrastructure.
Mr. Lenh noted that while home loan credit has seen recent growth, the pace remains moderate. However, he expects several factors to drive stronger home loan growth going forward. These include addressing bureaucratic and legal obstacles in the sector, as well as commercial banks offering preferential credit packages to younger borrowers under 35.
