Six banks commit 20tr dong for property loans

20-Aug-2012 Intellasia | TTVN | 9:11 AM

Since April this year so far, a series of large commercial banks such as Bidv, VietinBank, ACB, Vietcombank, VIB and SeABank have launched reserved credit packages for real estate with a total value of up to 20 trillion dong.

Particularly, the Bank for Investment and Development of Vietnam (Bidv) took the lead with six trillion dong, including two trillion dong for lowly-priced house buyers. For the remaining four trillion dong, Bidv disbursed in 33 realty projects.

Asia Commercial Joint Stock Bank (ACB) and Vietnam Commercial Joint Stock Bank of Industry and Trade (VietinBank-CTG) committed to spare five trillion dong for home loans. ACB’s loans can be disbursed from early August while VietinBank launched this programme from July 2.

Smaller scale banks such as Vietnam Prosperity Commercial Joint Stock Bank (VPBank) and Southeast Asia Commercial JS Bank (SeABank) also committed to provide credit packages worth trillions dong for real estate sector.

By the end of 2011, four large banks namely Bidv, VietinBank, ACB and Vietnam Commercial Joint Stock Bank for Foreign Trade (Vietcombank-VCB) also lent total 102 trillion dong in construction and real estate sectors.

According to the fiscal statements in 2011, Bidv and Vietinbank lent more than 41 trillion dong each in the realty sector. The lending ratio of total loans was 14%. Vietcombank lent 12.84 trillion dong in this sector, accounting for 6 percent of its total loans, ACB at the same ratio with 4.862 trillion dong in the construction sector and 1.449 trillion dong in real estate sector.

Report of the National Financial Supervisory Committee said that the total property loans by the end of 2011 were 348.079 trillion dong, 1.8 times higher than the figures reported by lenders.

If fully disbursed, the total outstanding loans for real estate sector would increase to 370 trillion dong by the end of this year.