In the real estate market, in addition to equity capital, businesses need credit loans, capital mobilized from customers, capital from the stock market, in which capital from bond issuance is the main channel. capital is very important.

However, some commercial banks have recently made a temporary move to lend real estate, making it difficult for real estate investors and in fact even people with real needs to access credit. to build houses, repair houses, buy houses and make businesses unable to borrow new loans, unable to restructure old loans. At the same time, there were suggestions to immediately tighten the issuance of corporate bonds.

Experts fear that this move will make the real estate industry, which has not fully recovered from the epidemic, more difficult.

At the seminar “Opening capital flows for Vietnam’s real estate market” organized by the Vietnam Real Estate Association on the afternoon of May 9, many solutions to help make the capital market healthy for real estate businesses were received. provided by experts.

According to Dr. Can Van Luc, a member of the National Financial – Monetary Policy Advisory Council, the capital market has the existence of a connected quadrilateral, namely insurance – banking – securities – real estate relations. closely together.

For example, a bank spends 20% of its capital on real estate loans (both housing loans and housing business). Many real estate companies are first or second in the corporate bond issuer block. Real estate companies listed on the stock exchange account for 17% of the total market capitalization.

In addition, many real estate trust funds and derivatives are related products between the real estate industry and securities. Therefore, when assessing risk control, this connected quadrilateral must be considered.

“Vietnam still has a lot of room to develop housing credit, in short supply segments, in the construction sector, in the stock and corporate bond markets, etc. However, it needs to develop more balanced and harmonious development than the market. finance, creating development but still controlling risks, directing capital flow, not blocking, focusing on regulating real estate supply and demand,” said Mr. Luc.

It is necessary to develop a more balanced and harmonious financial market, create development but still control risks, direct capital flow, not obstruct, focus on regulating real estate supply and demand.

Member of the National Financial and Monetary Policy Advisory Council

This expert also suggested improving the institution in the direction of amending Decrees 153 and 156 accordingly, reviewing the Securities Law (especially the conditions for professional investors), the need for a credit rating, regulations on classification group of real estate segments,…

In addition, guidance is needed to allow the establishment of specialized real estate financial institutions such as housing savings funds/thrifts, real estate investment trusts (REITs), refinancing agencies. real estate mortgage housing, securitization of real estate, …

At the same time, bank capital allocation is more appropriate to support the development of social housing and housing for low-income people. There is an appropriate, transparent, fair and equitable real estate tax roadmap and income distribution… promoting cashless payment for real estate transactions.

Agreeing, Dr. Economic expert Nguyen Minh Phong said that healthyizing the corporate bond market is a good thing, but it needs to be done properly to avoid the situation of “catching mice and breaking the vase”, affecting the ability to raise capital of enterprises. real estate businesses.

“Handling violations without stopping or crashing the corporate bond market and related real estate market is even more important in the coming time. Because bank credit for the real estate sector is tightened, while the real estate market is facing many opportunities to explode, has been and will continue to contribute to spreading positive impacts on the recovery momentum, increasing the strength of macroeconomic and micro-economic development”, he said.

Dr. Le Xuan Sang, Deputy Director of the Vietnam Institute of Economics also said that the development of the current real estate market urgently needs to strengthen and strengthen existing channels such as bank credit and bonds. At the same time, promoting stronger, associated with the healthyization and reduction of risks of newly formed and weak channels such as investment through REIT funds.

Specifically, credit and bond issuance can be tightened but not “horizontally aligned”, but depending on the issuer and market segment for effective regulation, not suffocating or causing psychological distress. panic, fear of investors on a large scale.

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