Vietnam to adjust credit targets to different property segments

Vietnam will adjust credit targets to different property segments to ensure growth of property market, said Nguyen Hong Quan, Minister of Construction Ministry.

In a statement to the State Bank of Vietnam (SBV) in June 27, the MoC proposed to boost up proportions of loans for building infrastructures (buildings, warehouses) and purchasing apartments to stay

However, it recommended the SBV to cut loans for building urban areas, offices, skyscrapers; purchasing houses to sell; purchasing land ownership rights or making up for land clearance, starting new projects.

Proportions of loans for constructing and trading shopping malls, markets, shops; constructing and repairing houses or unfinished projects were suggested to keep unchanged.

Earlier, the central bank’s Governor Nguyen Van Giau also asked the MoC to set targets for different segments and projects.

Currently, local property companies only saw a growth of 10% compared to the year-on-year growth of 20% , Quan said. – Stoxplus.com

Tags: Vietnam banking industry, Vietnam finance, Vietnam financial

Posted by VBN on Jul 21 2011. Filed under Banking-Finance, Real Estate. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry