HCMC – Real estate lending in HCMC expanded by 5.5% in the first seven months of the year over the end of 2023, according to the State Bank of Vietnam’s HCMC branch (SBV HCMC).

Real estate loans showed steady growth, with credit growth recorded on a monthly basis, said Nguyen Duc Lenh, deputy director of SBV HCMC. Total real estate loans amounted to VND1 quadrillion, accounting for 27.6% of the city’s total outstanding loans. This growth rate beat the overall credit growth in the city, which was 3.9% during the same period. Housing loans, including social and commercial projects, made up 57% of total real estate lending. Notably, loans for social housing projects increased by 78% against the end of 2023 to over VND2.5 trillion. VND170 billion of this amount was allocated for worker housing projects in Thu Duc City, part of a VND120-trillion credit package for social housing development. Loans for industrial infrastructure, office buildings, and hospitality projects experienced growth. Lending for industrial zone infrastructure rose by 18.4% to VND48.39 trillion, while office building loans picked up by 14% to VND24.04 trillion.