NAC Weekly No. 13: 25 Vietnamese Banks Get More Room to Lend for Social Housing

The State Bank of Vietnam is letting 25 banks leave extra lending for social housing and industrial parks out of their 2026 property credit caps, while commercial property lending stays capped. In the US, April PCE inflation rose to 3.8%, so dollar rates are unlikely to fall. Australian inflation eased to 4.2% but rents keep rising, and Cyprus has elected a new parliament.

Market pulse, week of 25–31/5/2026

Signals this week

🇻🇳 Vietnam · 25 banks get more room to lend for social housing

▲25

banks that may leave extra 2026 lending for social housing and industrial parks out of their property credit capState Bank of Vietnam, via Nhân Dân 31 MayPhoto: Phan Minh Tuấn, Wikimedia Commons, CC BY-SA 4.0

The State Bank of Vietnam has told 25 commercial banks they need not count any growth since the end of 2025 in loans for social housing, industrial parks and export processing zones towards their property credit caps, Nhân Dân reported on 31 May. The rule runs from 1 January to 31 December 2026. According to Thanh tra, the instrument is Dispatch 4551/NHNN-CSTT, and the list includes VietinBank, Agribank, BIDV and ACB among others.

For Vietnamese investors: commercial property lending is still capped, as each bank's property credit may not grow faster than its overall lending in 2026. Mortgage rates on commercial apartments are therefore unlikely to fall quickly, and families buying with equity are less exposed. Per NAC's listing data, The Prince Residence in Phú Nhuận was handed over in 2015 and starts at USD 144,000, with an estimated gross yield of 5.5%.

🇺🇸 United States · PCE inflation hits 3.8%, Q1 GDP revised down to 1.6%

▲3.8%

personal consumption expenditures (PCE) price index, April 2026 versus a year earlier, up from 3.5% in MarchBEA, 28 MayPhoto: Infrogmation of New Orleans, Wikimedia Commons, CC BY-SA 4.0

On 28 May the Bureau of Economic Analysis reported that the PCE price index, the inflation gauge the Fed watches most closely, rose 3.8% on a year earlier in April. Excluding food and energy it rose 3.3%. The same day the BEA cut its estimate of first-quarter GDP growth to 1.6%, from 2.0% in the advance estimate.

For Vietnamese investors: CME's FedWatch tool, cited by Fox Business on 28 May, put the chance of a quarter-point Fed hike by year end at 39.2%, with almost no chance of a cut. The mid-June meeting will be the first chaired by Kevin Warsh. In dollar-pegged markets such as Dubai and Panama, buyers using equity have the upper hand over borrowers.

🇦🇺 Australia · Inflation eases to 4.2%, but rents still rise 3.5%

▼4.2%

Australian CPI inflation in the 12 months to April 2026, down from 4.6% in March; housing up 6.3%ABS, 27 MayPhoto: a.canvas.of.light, Wikimedia Commons, CC BY 2.0

On 27 May the Australian Bureau of Statistics said annual inflation fell to 4.2% in April, mostly because petrol prices dropped 7% in the month after fuel excise was halved on 1 April. Housing costs were still up 6.3%: electricity rose 22.5% as rebates ended, while rents rose 3.5% and new dwelling prices 4.7%. Trimmed mean inflation edged up to 3.4%.

For Vietnamese investors: with underlying inflation still rising, the Reserve Bank of Australia may not be done with rate rises, so borrowing stays expensive. Steadily rising rents are a plus for buy-to-let investors. Per NAC's listing data, 640 in the Melbourne CBD starts at AUD 658,000, with completion estimated in 2029 and an estimated gross yield of 4.7%.

🇨🇾 Cyprus · DISY wins the election, six parties enter parliament

●17/56

seats won by DISY, first in Cyprus's 24 May parliamentary election with 27.1% of the voteThe National Herald, 25 MayPhoto: PomposPompou, Wikimedia Commons, CC BY-SA 4.0

According to The National Herald on 25 May, the centre-right Democratic Rally (DISY) came first in the 24 May election with 27.1% of the vote and 17 of 56 seats, and the left-wing AKEL took 23.9% and 15 seats. ELAM and DIKO won eight seats each, and two newcomers, ALMA and Direct Democracy, four each. Turnout was 66.91%.

For Vietnamese investors: Cyprus's permanent residence programme currently asks for a property investment from €300,000, IMI Daily reported in April. Any change to the programme will now be up to the new parliament. Per NAC's listing data, Blu Marine in Limassol is ready to move into, from €748,000, with an estimated gross yield of 6.5%. Details are in NAC's Cyprus residence programme guide.

Next week

NAC strategic insight

This week Vietnam freed up money for social housing but kept a tight rein on commercial property lending, and US inflation has yet to come down. We continue to favour finished assets with rental income, bought with equity rather than with expensive debt. If you'd like to see how your family's portfolio should adjust, book a consultation with NAC.

Related on NAC

The Prince Residence · The Sycamore Bình Dương · 640 Melbourne CBD · Limassol Blu Marine · The NAC Residence Index

Sources

• Nhân Dân — 25 banks get more credit room for social housing and industrial parks (31 May 2026, Vietnamese)
• Thanh tra — State Bank eases credit room for social housing and industrial parks (31 May 2026, Vietnamese)
• Thị trường Tài chính Tiền tệ — Central rate up 2 dong on 29 May (29 May 2026, Vietnamese)
• BEA — Personal Income and Outlays, April 2026 (28 May 2026)
• BEA — GDP (Second Estimate), 1st Quarter 2026 (28 May 2026)
• Fox Business — Fed's favored inflation gauge remained elevated in April (28 May 2026)
• ABS — CPI rose 4.2% in the year to April 2026 (27 May 2026) · ABS — Consumer Price Index, Australia, April 2026 (27 May 2026)
• The National Herald — Cyprus election: clear win for Democratic Rally, AKEL second (25 May 2026)
• IMI Daily — Cyprus MPs Debate Golden Visa Bill Days Before Parliament Dissolves (16 Apr 2026, background)
• Federal Reserve — June 2026 calendar · BLS — June 2026 release schedule · CSO Ireland — Eurostat to publish the May flash HICP on 2 June 2026 · ABS — Australian National Accounts, March 2026 (3 Jun 2026)