Dr. Dinh The Hien – Economic Expert (Photo: VietnamBiz)
The State Bank of Vietnam, Zone 2 (Ho Chi Minh City and Dong Nai) recently issued a directive requiring banks to halt lending for deposit payments based on agreements with real estate brokerage firms.
The State Bank of Vietnam, Zone 2 branch, reported that it has frequently received complaints from citizens regarding commercial banks providing loans for deposit payments based on “agreements” signed with real estate consulting and brokerage firms.
Many citizens believe that commercial banks are committing violations in the credit granting process related to this issue. In light of this, the State Bank of Vietnam, Zone 2, has warned of the risks and consequences for banks when providing credit for deposit payments.
“Currently, lending for deposit payments carries significant legal risks, disputes, complaints, and potential bad debt, which can harm a bank’s reputation,” stated the State Bank of Vietnam, Zone 2.
Addressing this issue at the Vietnam Investment Forum 2026, organized by VietnamBiz and Viet Nam Moi on November 4th, economic expert Dr. Dinh The Hien noted that the government is implementing adjustments and controls. The flow of capital into real estate speculation will undoubtedly be regulated. In the short term, projects launched to cater to investors seeking to ride the wave will face challenges. Conversely, high-quality projects will remain attractive to investors.
According to Dr. Hien, credit growth in the first nine months of 2025 reached approximately 13%, while real estate market capital growth was significantly higher, nearing 20%. Growth was particularly strong in August and September.
“During normal periods, moderate credit growth is sufficient to create real estate waves when speculation is present. However, currently, there are no waves despite substantial credit flowing into real estate. The issue is that while credit is strong, it is not generating the desired liquidity or market health. The government recognizes that increased funding has not led to a healthier market,” explained Dr. Hien.
According to the expert, the standard principle is that banks lend 70%, while investors or buyers contribute 30% as a down payment. However, banks are now willing to lend even for deposit payments, indicating that credit has become heavily involved in speculation. When prices rise, investors face difficulties, and credit becomes concentrated.
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