On October 20, 2025, the State Bank of Vietnam, Regional Branch 2 (“State Bank”), issued Official Letter No. 5553/KV2-TTRA, sending a warning to commercial banks in Ho Chi Minh City and Dong Nai Province, requesting the temporary suspension of loans for the purpose of paying real estate deposits under Agreement Documents (or similar forms) (“Agreement Documents”) between customers and consulting, brokerage and investors.
According to the State Bank, recently the authority has received numerous complaints from citizens regarding banks granting loans for paying deposits under Agreement Documents. This type of lending poses legal risks, potential loss of loaned capital, and may lead to prolonged disputes.
The State Bank cited a recent case where the People’s Court of Region 7, Ho Chi Minh City, issued a judgment (not yet legally effective) determining that the contents of such Agreement Documents violate legal prohibitions and are void under Articles 117 and 123 of the Civil Code 2015.
Additionally, the Ho Chi Minh City Department of Construction issued an administrative penalty on October 7, 2025, against a consulting and brokerage company for conducting real estate business in projects that did not meet legal conditions or were not permitted for commercial transactions, related to signing Agreement Documents with customers.
Previously, the Binh Thuan Department of Construction (former) issued Official Letter No. 962/SXD-QLN&PTĐT on April 14, 2023, requesting investors and brokerage units not to carry out any transactions such as buying, selling, reservation, or position registration, etc. for projects that do not yet meet legal conditions.
Khi Agreement Documents When Agreement Documents are contrary to the law and declared invalid, commercial banks face legal risks in recovering the loaned amounts.
To mitigate risks and stabilize the credit market, the State Bank requires commercial banks in the area to closely follow the handling and rulings of the Courts and relevant regulatory authorities regarding the Agreement Documents in order to take timely actions and protect the legitimate rights and interests of both their customers and the banks. Furthermore, Commercial banks must also immediately suspend lending for paying real estate deposits under Agreement Documents until an official determination on the legality of the transactions is issued.
Based on the contents of the above-mentioned document, it is evident that the directive issued by the State Bank of Vietnam in the current context is necessary to ensure credit safety, mitigate non-performing loan risks, and protect the legitimate rights and interests of both the public and banks. Commercial banks are advised to review their credit portfolios, especially loans related to deposits, reservation, or position registrations for real estate projects that have not yet met legal requirements. Meanwhile, individuals should exercise caution when signing Agreement Documentsand only proceed with deposits or transactions with consulting or brokerage entities for projects that have been publicly disclosed and fully comply with the current legal regulations.
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