ỦY BAN GIÁM SÁT TÀI CHÍNH QUỐC GIA

The government considers the property market an important pillar of the economy and measures have been underway to address the sector's difficulties in recent years, said policymakers and industry insiders during a conference on credit policy in Hà Nội yesterday.

Vietnam's socio-economic situation in October and the ten months of this year showed signs of recovery, with numerous bright spots, Minister and Chairman of the Government Office Tran Van Son told a press conference in Hanoi on November 4.

Banks remain in a phase of inventory, facing challenges in the active monetisation of funds and resulting in an accumulation of excess liquidity.

The State Bank of Vietnam (SBV) and the banking system always create favourable conditions to support real estate businesses and the property market to develop strongly and sustainably, said Pham Chi Quang, Director of the SBV’s Monetary Policy Department.

Analysts believed that profits of almost domestic retailers hit their lowest point in the first half of this year, and the businesses are on the path to recovery.

TMX Global has reported that recent global challenges have had a significant impact on the Vietnamese economy, especially in the supply chain sector, setting the national economy back by a staggering $1.9 billion annually.