SBV Adjusts Real Estate Credit Limits for 25 Banks, Exempts Social Housing Loans

Overview

The State Bank of Vietnam (SBV) has issued a directive to 25 commercial banks, adjusting the calculation of credit growth limits for the real estate sector. Effective January 1, 2026, loans for social housing, industrial parks, and export processing zones will be excluded from the real estate credit ceiling. This move aims to channel credit into priority areas without breaching overall sector limits.

Key Facts

• The SBV sent an official letter to 25 commercial banks regarding the adjustment of credit growth calculation for real estate.
• From January 1, 2026, to December 31, 2026, banks are not required to include additional outstanding loans for social housing, industrial parks, and export processing zones in their real estate credit balance.
• The exemption applies to the incremental outstanding loans compared to end-2025 levels.
• The 25 banks include VietinBank, Agribank, BIDV, MSB, Sacombank, Eximbank, Nam A Bank, ACB, Saigonbank, Techcombank, Bac A Bank, VIB, SeABank, BVBank, OCB, ABBank, VietABank, SHB, VPBank, Kienlongbank, VietBank, LPBank, TPBank, BaoVietBank, and PVCombank.
• Other credit institutions must continue to comply with the existing SBV directive in Official Letter No. 11686/NHNN-CSTT dated December 31, 2025.
• The adjustment is effective from January 1, 2026, providing a full year of relief.

What Happened

The SBV issued a formal letter to 25 commercial banks, detailing a change in how real estate credit growth limits are calculated. Under the new rules, loans extended for social housing, industrial parks, and export processing zones will be excluded from the real estate credit ceiling. This means banks can increase lending to these priority sectors without affecting their compliance with the overall real estate credit growth cap.

The directive specifies that the exemption applies to the incremental outstanding loans as of end-2025. The list of 25 banks includes major state-owned and private institutions such as VietinBank, BIDV, ACB, Techcombank, and VPBank. Other banks not on the list must continue to follow the previous guidelines.

Market Context

On May 30, 2026, ACB closed at VND 24,900 (+1.01%) on volume of 16.9 million shares on HOSE. BID closed at VND 42,000 (-1.18%), CTG at VND 34,800 (-0.14%), and EIB at VND 21,300 (-0.23%). The banking sector has been under pressure from tight credit growth limits, particularly for real estate. This regulatory change provides relief for banks with significant exposure to social housing and industrial park lending, potentially improving their credit capacity and profitability.

Strategic Significance

This adjustment signals the SBV’s intent to support specific segments of the real estate market—social housing and industrial infrastructure—without loosening overall credit controls. For banks like ACB, BID, and CTG, the exemption allows them to expand lending in these priority areas, which are aligned with government policy. This could lead to higher loan growth and improved asset quality, as these loans are often considered lower risk. The move also encourages banks to diversify their real estate portfolios away from speculative segments.

What to Watch

• Q3 2026 earnings reports from the 25 banks to see the impact on loan growth and net interest margins.
• Any further SBV guidance on credit growth limits for the remainder of 2026.
• Changes in the share of social housing and industrial park loans in bank portfolios.
• Market reaction from other banks not included in the list, which may face competitive disadvantages.
• Potential expansion of the exemption to other banks or sectors in 2027.