Although real estate credit has grown slowly, in other forms of high speed…
The National Financial Supervisory Commission has just released a report on the economic situation in May and the first five months of 2017. In particular, an event highlighted at the end of 2016 is again given specific guidance.
The report said credit in May continued to grow satisfactorily. It is estimated that by the end of May 2017, credit will increase by 6.8% compared to the end of 2016 (5.7% in the same period of 2016).
Last week, the State Bank of Vietnam also reported on the results of monetary policy and banking operations in the first half of 2017. High credit growth compared to many years has also been reported strongly.
But according to the National Bank, real estate credit continues to show a slowdown as shown in 2016.
In a different form, the report of the National Financial Supervisory Commission gives the data for further reference.
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That is, people continue to increase loans for real estate, through consumer credit continued to rise sharply in the first quarter of 2017. Consumer lending is estimated to increase by 29.7% over the end of 2016.
Remarkably, housing loans and house purchase for living increased by 38.4% compared to the end of 2016, accounting for 52.8% of total consumer credit (end of 2016 accounted for 49.5%). This speed is associated with the movement of a form of real estate credit.
By the end of 2016, the National Financial Supervisory Commission noted that consumer credit in 2016 was estimated to increase by 39% from the end of 2015, representing 11.4% of total credit (9.8% in 2015). Nearly 50% of consumer credit focused on loans for home repairs or home purchases, where the source of repayment was the borrower’s salary.
“Strong consumer credit, with nearly 50% focusing on the real estate sector, shows that real estate credit has a shift and needs to be monitored”, said the National Financial Supervisory Commission recognition at the end of 2016.
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