Nguyen Phi Lan, Director of the Forecasting, Statistics, Monetary, and Financial Stability Department at the State Bank of Vietnam, stated on the afternoon of 20/5 at a forum on capital flow facilitation that credit management must align with macroeconomic stability goals, preventing prioritization of any single sector.

The State Bank of Vietnam reported that in 2025, credit for the entire economy grew by over 19%, while capital mobilization increased by only about 14%. As of mid-May, outstanding credit reached approximately 19,4 quadrillion VND, an 18,3% increase year-on-year, while capital mobilization stood at 18 quadrillion VND, up nearly 14,9%.

"The gap between mobilization and credit growth is significant. If mobilization grows slower than lending, banks will face liquidity pressure, impacting their ability to supply capital to the economy," Lan stated. Therefore, the target of approximately 15% credit growth this year aims to ensure harmony between supporting economic growth and financial stability. However, this is not a fixed rate and can be adjusted based on actual developments.

Real estate in eastern TP HCM, 4/2026. Photo: Quynh Tran

At the forum, the Ho Chi Minh City Real Estate Association (HoREA) and the business community suggested easing credit limits, classifying housing segments, and prioritizing capital for housing that serves real demand. According to Le Hoang Chau, Chairman of HoREA, after a period of legal difficulties, the biggest challenge for businesses now is accessing capital.

Chau noted that bank capital remains a crucial support system, and businesses will face difficulties if credit is tightened, affecting market supply. Sharing this view, Tran Van Hieu, General Director of OBC Holding, stated that banks need to classify real estate by segment instead of managing it uniformly. He argued that housing serving real demand, especially the affordable segment, should not be subject to the same credit terms as luxury and resort real estate.

"This increases capital costs and puts upward pressure on housing prices. Therefore, a more suitable credit mechanism is needed for the housing segment serving real residential needs," Hieu said.

Responding to these opinions, Nguyen Phi Lan noted that capital flow into real estate continues to grow faster than the average for the overall economy. This indicates that the banking system is allocating substantial resources to the market. The representative of the regulatory agency also stressed that credit allocation must be considered within the broader economic context, avoiding excessive concentration in one sector, which could hinder other industries, especially small and medium-sized enterprises, from accessing capital.

"We cannot solely view this from the perspective of real estate businesses; there must be a balance across all sectors," Lan stated, adding that regulators are reviewing proposals to classify real estate segments for appropriate credit policies.

From a financial perspective, Nguyen Duc Thuan, Director of Investment and Strategy at HASCO Holdings Group, suggested that in the long term, the real estate market needs to reduce its reliance on bank credit. Real estate businesses should simultaneously develop four capital pillars: credit, corporate bonds, investment funds, and international capital. According to Thuan, bank credit should be linked to project legal quality and cash flow, rather than solely relying on collateral. Additionally, regulatory bodies need to promote the corporate bond market and investment funds to expand long-term capital and increase foreign capital attraction through transparency and mergers and acquisitions (M&A).

Phuong Uyen