Vietnam has seen a jump in credit to its real estate sector from March 31 to May 31 of 3.67 percent according to data from the State Bank of Vietnam via the Ministry of Construction. The biggest percentage-based jumps were in land use rights and Industrial parks, export processing zones with 10.08 percent and 8.18 percent, respectively.
Vietnam’s real estate industry has been struggling for the last two years in the wake of the Evergrande crisis in China in 2022. This led Vietnam to take a long hard look at its own real estate industry in which it found the prevalent misuse of investor funds, particularly those acquired through the bond market, and that a number of real estate firms were grossly over-leveraged. These revelations then went on to spook investors and consequently, at the beginning of 2023, it had become very challenging for real estate firms to access capital.
This loan data would suggest that those challenges may be starting to ease.
Vietnam real estate loans by type, to May 2024
| Feb 29 | Mar 31 | Feb vs Mar | May 31 | Mar vs May | |
| Urban housing developments | 303,572 | 315,219 | 3.84% | 318,799 | 1.14% |
| Offices | 42,367 | 43,336 | 2.29% | 44,080 | 1.72% |
| Industrial parks, export processing zones | 78,349 | 79,801 | 1.85% | 86,330 | 8.18% |
| Tourism and resort projects | 43,393 | 48,239 | 11.17% | 49,130 | 1.85% |
| Restaurant and hotel projects | 60,502 | 61,635 | 1.87% | 61,483 | -0.25% |
| Renovations, home repairs | 121,274 | 130,732 | 7.80% | 126,790 | -3.02% |
| Land use rights | 79,873 | 85,757 | 7.37% | 94,402 | 10.08% |
| Other real estate businesses, investments | 384,343 | 398,078 | 3.57% | 424,422 | 6.62% |
| Houses off-the-plan | 19,126 | 18,714 | -2.15% | 14,406 | -23.02% |
| Total | 1,113,673 | 1,162,797 | 4.41% | 1,205,437 | 3.67% |
See also: Vietnam’s Real Estate Market Recovery 2024: Unpacked