As of December 31, 2022, the sector had owed nearly VND800 trillion to banks, while real estate bonds amounted to VND419 trillion.

In 2022 alone, property firms took out VND180.7 trillion in loans to fund their housing and urban development projects.

Over VND144.1 trillion, or about 18.16% of the total outstanding loans, were spent on constructing and restoring properties, while another VND85.2 trillion was used for buying land.

Loans for developing restaurant and hotel projects, office buildings and industrial zones accounted for over VND57.5 trillion, VND41.8 trillion and VND40.1 trillion, respectively.

Data from the Hanoi Stock Exchange showed that corporate bonds amounted to VND2,000 trillion as of the end of 2022, with over a fifth of the amount owed by real estate companies.