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No real estate credit tightening

This is the affirmation of the Permanent Deputy Governor State bank Dao Minh Tu at the conference to implement Decree 31/2022 of the Government and Circular 03/2022 of the State Bank on the support of 2%/year interest rate for enterprises, business households and cooperatives.

Specifically, Deputy Governor Dao Minh Tu said that recently, the real estate market, as well as the flow of credit capital into this market, has attracted a lot of attention from experts and public opinion. In which, many views believe that the State Bank is having a policy of tightening credit for the real estate sector.

However, the Deputy Governor emphasized that the monetary authority’s position has never been tightened credit to real estate.

“As an industry spokesman, I never said I would tighten credit to the real estate sector.” Tu confirmed.

According to the Deputy Governor, for many years, the State Bank’s view has been to strictly control credit risks in potential high-risk sectors such as real estate, bonds, securities…

“Risk areas cover several segments real estate luxury, resort, resort. While real estate projects for worker housing, social housing, and housing for low-income people are all necessary products and are still encouraged by the State Bank for lending.“, shared Mr. Tu.

State Bank: Do not tighten real estate credit - 1

Deputy Governor Dao Minh Tu affirmed that the State Bank has no policy of tightening credit for the real estate sector. (Photo: SBV)

In fact, the leader of the State Bank said that credit growth for the housing sector to serve people’s needs is still growing quite fast.

Deputy Governor Dao Minh Tu said that in the past time, the management agency has controlled real estate lending activities, but only at some commercial banks. From now until the end of the year, the State Bank will have an inspection and review of lending activities in areas with many potential risks in the group of small and medium sized banks.

Also at this conference, Deputy Governor Dao Minh Tu said credit growth of the entire banking industry has recorded a high level since the beginning of the year. In which, as of May 20, credit growth of the whole system reached 7.66%. As of May 27, the growth figure has reached 7.75%, twice as high as in the same period in 2021.

In which, credit grew well in all fields, especially those heavily affected by the epidemic before, such as transportation, services… increased by 8%; industry, supporting industries increased by over 7.6%…

Leaders of the State Bank said that in the context of positive credit growth, along with a loan package with interest rates of 2%/year with limited 40,000 billion VNDwhich is equivalent to about 1 million billion VND outstanding loans are brought into the economy, the SBV has considered extending credit growth limits for banks to meet the capital needs of businesses.

However, these changes currently need to be calculated specifically so as not to affect the goals of inflation control and stability. economy macro.

“From now until the end of the year, credit growth will still be the focus of the SBV. However, the task is to both rationally increase credit growth while ensuring credit quality and efficiency associated with interest rate support policy”the deputy governor emphasized.

Besides, Mr. Tu also affirmed that the banking industry still maintains the view of not lowering lending standards in the current context.

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