The State Bank of Vietnam (SBV) has issued a directive to 25 commercial banks outlining new credit policies for the property sector, with a focus on encouraging lending to social housing projects, industrial parks and export processing zones.

The move is designed to facilitate lending by credit institutions to segments of the real estate market that align with government policies on property market development and broader socio-economic growth.

Under the directive, from January 1 to December 31, 2026, credit institutions will not be required to include additional loan balances for social housing projects and industrial parks or export processing zones - compared with year-end 2025 levels - when calculating outstanding real estate credit growth for regulatory monitoring purposes.

Banks are also instructed to continue implementing existing guidance issued by the central bank under Official Dispatch No. 11686 dated December 31, 2025.

Among the 25 commercial banks receiving the notification are major lenders including VietinBank, Agribank, BIDV, MSB, Sacombank, Eximbank, Nam A Bank, ACB, Saigonbank and Techcombank.

Real estate lending growth remains under supervision

At the same time, the SBV requires credit institutions to ensure that growth in real estate lending compared with the end of 2025 does not exceed their overall credit growth rate during the same period.

According to the central bank, credit expansion has accelerated steadily since the beginning of the year, helping meet financing needs across the economy.

As of April 28, 2026, total outstanding loans in the banking system exceeded $747 billion (more than VND19.4 quadrillion), representing growth of 4.42% compared with the end of 2025 and 18.26% year-on-year.

Several sectors account for significant shares of total lending.

Outstanding credit to agriculture and rural development reached approximately $166 billion (VND4.3 quadrillion), accounting for around 22.2% of total credit.

Loans to small and medium-sized enterprises totaled nearly $147 billion (VND3.8 quadrillion), equivalent to about 20% of the system's outstanding credit.

Credit extended to export-oriented businesses and high-tech enterprises recorded strong growth in the first quarter of 2026, increasing by 11.2% and 18.81%, respectively.

Meanwhile, green credit outstanding exceeded $30 billion (more than VND780 trillion), while loans that had undergone environmental and social risk assessments surpassed $196 billion (more than VND5.1 quadrillion).

Lending support paired with compliance requirements

In Official Dispatch No. 11686/NHNN-CSTT issued on December 31, 2025, the central bank stated that it would continue monitoring and evaluating both overall credit growth and real estate lending growth at individual institutions.

The SBV reiterated that growth in real estate credit during 2026 should not outpace each institution’s overall credit expansion.

Banks that fail to comply with these requirements may face reductions in their assigned credit growth quotas, according to the central bank.

The latest directive underscores Vietnam’s effort to steer capital toward priority sectors such as affordable housing and industrial development while maintaining prudent oversight of lending activity in the broader property market.

Tuan Nguyen