Real estate credit increases, securities credit declines

SGGP
By August 2022, credit for the real estate sector increased by 15.68 percent compared to the end of 2021, while credit for investment and securities trading decreased by 35.07 percent, according to a report by Ms. Nguyen Thi Hong, Governor of the State Bank of Vietnam, to the National Assembly on the results of the implementation of Resolution No.62/2022/QH15 and Resolution No.63/2022/QH15.
Real estate credit increases, securities credit declines ảnh 1 Nguyen Thi Hong, Governor of the State Bank of Vietnam, reports to the NA. (Photo: SGGP)
According to the above report, by September 26, 2022, the credit of the whole economy reached about VND11.58 quadrillion, up 10.83 percent compared to the end of 2021. It is a high increase compared to the same period in recent years, in line with the recovery of the economy. The credit structure continued to gather capital for production and business sectors, in line with the contribution and growth of economic sectors in GDP.

Credit to priority fields grew well, higher than in the same period last year, with some sectors posting higher growth rates than general credit growth, whereas credit for potential risk areas was strictly controlled.

By the end of August 2022, credit for agriculture, forestry, and fishery increased by 7.56 percent; credit to industry and construction rose by 7.37 percent; credit in the trade and service sector soared by 11.34 percent.

In the same period, credit for agricultural and rural development edged up by 9.26 percent; credit for small and medium-sized enterprises surged by 10.54 percent; credit for exports inched up by 2.68 percent; credit for supporting industry climbed by 11.6 percent; credit for hi-tech enterprises decreased by 0.28 percent.

The Governor also said that by August 2022, credit for the real estate sector jumped by 15.68 percent compared to the end of 2021, accounting for 20.92 percent of the total credit balance of the whole system. Of which, credit for real estate trading went up 7.35 percent, and that for self-purposes increased by 20.14 percent. In contrast, credit for investment and securities trading dropped by 35.07 percent, accounting for 0.32 percent.

By Anh Phuong – Translated by Bao Nghi

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