#BatDongSan #TinDungBatDongSan #Vinhomes #BloombergBusinessweekVietnam #NganHang #TaiChinh #ChungKhan #KinhTeVietNam #NoXau #TimKiemTop
If the real estate market slows down or "freezes" again, will the Vietnamese banking system be facing the biggest "debt bomb" in many years?
New data shows that real estate credit is accelerating strongly in 2026, with the total outstanding debt of the entire system exceeding 2.2 million billion VND. Notably, the growth rate of this group is many times higher than the overall credit growth rate of the economy
Among the group of listed enterprises, Vinhomes is leading in total outstanding debt with more than 162,000 billion VND. This shows that the loan scale of real estate "giants" has reached an unprecedented level.
THE CREDIT PICTURE IS ATTENTIONING ATTENTION
Value Index
Total outstanding real estate debt of the whole system is more than 2.2 million billion VND
Real estate credit growth is about 43%
Total outstanding debt of 103 listed real estate enterprises More than 427,300 billion VND
Vinhomes largest borrowing enterprise
Vinhomes' outstanding debt is more than 162,000 billion VND
What worries the financial community is not the absolute number, but the rapid increase in cash flow into real estate in a context where real purchasing power has not yet fully recovered.
Many experts believe that the market currently exists in a paradox
• House prices are still very high
• Real buyers are difficult to reach
• But loan flows still increased strongly
• Enterprises continue to expand projects and issue debt
COMPARE SOME “MRBIG” REAL ESTATE IS OF INTEREST
Business Highlights
Vinhomes is the leader in outstanding loans in the entire market
Novaland Pressure for financial restructuring persists
Phat Dat Depends strongly on project cash flow
Nam Long Focuses on the mid-range segment
Khang Dien Finance is more stable than speculation groups
What is worth noting is that the credit flow is not only flowing into the high-end segment but also spreading to industrial real estate, resorts and satellite urban areas around Ho Chi Minh City and Hanoi.
Some investors began to question the market very strongly
• Do current house prices still reflect real demand?
• Or are relying too much on financial leverage
• If interest rates reverse and increase sharply again, who will be the first to suffer pressure?
HOUSE PRICES ARE STILL AT "INCREDIBLE" LEVELS
Area Popular apartment prices
Central Ho Chi Minh City From 80 to more than 200 million VND/m²
Thu Duc About 55 to 120 million VND/m²
Hanoi inner city About 70 to 180 million VND/m²
Binh Duong About 35 to 70 million VND/m²
While average income increased much more slowly, real estate prices in many areas increased continuously. This causes the proportion of young people's home loans to become larger and last longer.
Many experts warn that the market currently depends largely on the ability of businesses to "revolve capital" and the confidence of investors. As long as liquidity drops sharply or legal delays persist for a long time, debt pressure can spread to the financial system.
The question is causing the strongest debate right now
Is Vietnam entering a new real estate recovery cycle or is it forming a eradication cycle?y credit risk is greater than in the previous period
#Vinhomes #Novaland #BatDongSanVietNam #TaiChinh #NganHang #NoXau #KinhTe #DauTu #ChungKhan #TinDung #BloombergBusinessweekVietnam #TimKiemTop
