In Ho Chi Minh City, total outstanding real estate credit as of the end of April 2025 reached VND 1,116,000 billion, up 0.34% over the previous month and up 2.85% over the end of 2024. The scale of real estate credit continues to be maintained and accounts for about 28% of the total outstanding credit in the area.
In particular, real estate credit for self-employed groups (buying houses to live in, transferring land use rights to build houses; borrowing for house repair...) still accounts for a high proportion of the total outstanding real estate credit balance, accounting for 65% and reaching VND 727,000 billion, up 0.05% compared to the previous month and up 0.65% compared to the end of 2024.
The State Bank of Vietnam, Region II Branch, said that real estate credit growth has not been stable every month, but it has still grown positively and increased higher than the general credit growth rate in the area. In the first 4 months of the year, real estate credit increased by 2.85%, while general credit in the area increased by 2.62%.
At the same time, social housing credit has grown again in the past 2 months. By the end of April 2025, total outstanding social housing credit reached VND 2,764 billion, up 4.84% over the previous month, a positive improvement compared to the figure increasing by 1.7% at the end of March 2025 and decreasing by 2.55% at the end of February 2025.
Although the real estate credit growth figures are very large, the reality is that real estate businesses are still having a hard time with cash flow and capital, especially in the context of businesses struggling to pay off corporate bonds in the final period of the year. This has caused them to continue to struggle and negotiate with customers to extend their repayment.
The supply from new projects is almost very small. Even, looking back at the first 4 months of 2025, in Ho Chi Minh City, there were only 3 projects eligible for capital mobilization.
According to Dr. Nguyen Duy Phuong, Director of Strategic Investment of DG Capital, through a survey of about 100 listed companies on the stock exchange, it was found that the cash flow circulating in real estate comes from two main sources: business cash flow and cash flow from finance. However, both of these sources of money are facing difficulties, so this year, real estate companies are still facing many difficulties.
Many leaders of real estate businesses also said that businesses still lack capital, have difficulty accessing capital, and there is not much money pumped out of the market. Therefore, if real estate credit increases, it is possible that organizations and individuals borrow to repay old debts and borrow to repay debts. Interest rates combined with increased inventory prices have caused outstanding credit to increase.
According to data from Vietstockfinance with 104 businesses (on HOSE, HNX and UPCoM), the Financial Statements of the first quarter of the first quarter of real estate including housing and industrial park show that the total value of inventory by the end of the quarter continues to increase to a record level, more than VND 500 trillion, up 2% compared to the beginning of the year. Novaland (HOSE: NVL) continues to be the leading name with more than 148,600 billion dong inventories, up 1% and account for nearly 1/3 of the whole industry. Most of the real estate for sale is being built, up to nearly VND 141,000 billion, the remaining more than VND 8,000 billion of products have been completed. Compared to the time before Covid-19 pandemic, the current inventory has increased by 2.6 times.
For the industrial park real estate group, Becamex IDC leads with nearly VND21,800 billion in inventory, up 3%, mostly from infrastructure construction, site clearance and land use rights. Notably, Kinh Bac Urban Development Corporation has a record inventory of nearly VND 20,300 billion, up sharply by 46%.
Some other enterprises have large inventories of over VND 10,000 billion such as Nha Khang Dien, Nam Long, Phat Dat Real Estate, Dat Xanh Group... These figures show that although the market is having the push from policies and low interest rates, liquidity has not returned as expected. Inventory is continuing to be a big challenge for investors, especially when financial pressure from debt and implementation costs has not decreased.
