Vietnam real estate loans grow 23.5 percent in 2010

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The central bank said on Friday that outstanding loans for the real estate sector expanded 23.5 percent in 2010, calling it an "acceptable" increase.

By the end of October real estate loans totaled VND224.8 trillion, up 22.1 percent from December 31 last year, the State Bank of Vietnam said in a statement on its website.

The growth was in line with a 23.87 percent growth for all loans over the same period.

The central bank said the quality of real estate loans was assured. Loans for financing profitable real estate projects were reviewed and approved promptly by banks, it said.

It also noted that the government-backed program to offer housing loans for poor and low-income people has been implemented  with "positive results."

The bank did not say how much money has been lent by the program.

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