Housing consumer credit dominates, shifting the edge to homebuyers

As of the end of June 2025, total outstanding consumer credit in the Southeast region (Ho Chi Minh City and the newly established Dong Nai) reached approximately VND 1,445 trillion, accounting for 27.1% of the region’s total outstanding credit. This marks an increase of 6% compared to the end of 2024 and a 13.4% increase year-over-year, according to Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam (SBV) – Region 2.

Commenting on consumer credit activities in connection with efforts to boost economic growth drivers and adapt to the new operational model of the SBV and the reorganization of provincial and city-level structures, Mr. Lenh noted that Ho Chi Minh City continues to account for the largest share of consumer lending. Outstanding consumer credit in the city reached VND 1,343 trillion, accounting for 93% of the Southeast region’s total. Meanwhile, Dong Nai recorded VND 102 trillion, representing 7% of the region’s consumer credit.

Credit Growth Strong in H1 2025, Real Estate Lending a Highlight

In terms of loan purpose, housing loans—including purchases, rentals, lease-purchases, home construction, renovation, and land use rights transfers for residential purposes—remain the largest component of consumer credit. Outstanding loans in this category reached VND 877.2 trillion, accounting for 60.7% of total consumer credit in the region.

According to the Deputy Director, consumer credit in the Southeast region grew by 6% in the first half of the year, aligning with the region’s overall credit growth of 6.3%. Consumer credit continued to play a vital role in stimulating domestic consumption, one of the three key drivers of economic growth alongside exports and investment. Notably, loans for household goods and equipment reached VND 233.5 trillion, up 17.8%, making it the second-largest category (16% of total consumer credit), following home purchase loans. This growth has directly supported the production and business of household goods and contributed to improving living standards.

He added that monetary and interest rate policies from the central bank, combined with diversified consumer credit products, flexible payment methods, and suitable interest rates and loan terms, have driven growth in housing-related consumer credit and broader consumer lending. “In particular, the development and application of technology in consumer lending by credit institutions, finance companies, and the push for inclusive finance have all contributed to expanding and growing consumer credit in a safe and effective manner, meeting people’s borrowing needs and supporting economic growth,” Mr. Lenh emphasized.

Real Estate Credit Trends and Homebuyer Advantage

Regarding real estate credit—which includes both business loans and housing consumer credit—Mr. Nguyen The Minh, Head of Analysis at Yuanta Vietnam, told DDDN that improving disposable income is a crucial factor. While overall credit grew strongly in the first half of the year, commercial banks noted that business clients were the main growth drivers. Individuals, especially those seeking home loans, remained cautious due to concerns about potential tax risks.

Mr. Minh noted that when tariff policies stabilize within a reasonable range, businesses will need time to adapt. A healthier business environment and effective implementation of support policies can enhance income and debt repayment capacity, especially if bank interest rates remain low. In that scenario, homebuyers will gain a clear advantage.

Dr. Nguyen Duc Do, Deputy Director of the Institute of Economics and Finance (Ministry of Finance), cautioned that while inflation is expected to remain under control for the remainder of 2025, exchange rate and credit growth pressures must be closely monitored to maintain effective inflation control. He also warned that the money supply may grow faster than nominal GDP, potentially creating upward pressure on prices.

As a result, experts suggest that the SBV may maintain low interest rates to support growth targets of 8% or more, and commercial banks are likely to continue prioritizing real demand housing loans. However, inflation and future interest rate pressures may prompt homebuyers to carefully reassess their housing credit needs before making financial commitments.