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Monday, 30 January 2012 14:18
State Bank of Vietnam (SBV) Governor Nguyen Van Binh said that in 2012 there will be little change for the real estate credit. So far, the real estate has been seen as the non-production, but in 2012, this policy will be revised to suit more with the situation.
According to Binh, this year, the central bank will still keep the rule on non-productive loans because we're slowing down credit growth to a very low pace, while still ensuring growth economy from 6 to 6.5%. With such little capital flows, credit policy is still to concentrate capital for the manufacturing sector.
However, Binh re-asserted that in 2012, SBV will also make a small change for real estate credit to suit with the current situation. For example, in 2011, the central bank allowed people to borrow money at banks to buy houses and ensure social security such as providing loans for building houses and apartments for workers to rent, and social houses. In 2012, SBV will extend the list of property investors to borrow loans to complete the construction of houses and apartments scheduled to be completed in 2012. In addition, home buyers will be also considered for loans.
In addition, the central bank will also consider for certain real estate loans borrowed by real estate firms that are facing difficulties in times of monetary tightening. SBV will have instructions for credit institutions to restructure debts for these companies to help them ease financial pressures with banks.
With credit for the stock market, in addition to stabilising the monetary market, the head of the central bank also said that the SBV will create favourable conditions for the local capital market to develop.
Binh added: “According to this roadmap, the banking system will become the temporary use of idle money in the economy rather than an investment market. Meanwhile, the capital market is a medium and long-term market”.
If using the money of the banking system to invest in medium and long term markets is distorted. Of course, according to the confirmation of Binh, the banking system will use a certain percentage of medium-and long-term loans for the securities market (about 3%).
Source: Vietbiz24
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