NAC Weekly No. 26: Vietnam's Average Mortgage Rate Climbs to 10.9%

NAC Times
TP HCM · Việt NamSố26

NAC Weekly

01Lãi vay mua nhà cố định bình quân lên 10,9%
02Chủ tịch Fed Warsh đặt lạm phát lên hàng đầu ở Jackson Hole
03Hồ sơ golden visa mới giảm 39% trong 7 tháng
04Nhà từ 2 triệu bảng sẽ được định giá tận nơi để tính thuế
05Thị thực cư trú theo diện vốn giảm 41%

Tuần lễ24–30/82026 · 26

Lãi vay mua nhà cố định10,9%/năm▲ khoảng 0,6 điểm so với quý IILãi suất Fed (mức trần)3,75%● giữ nguyên từ 12/2025Tỷ giá trung tâm25.610 đồng/USD▼ 1 đồng ngày 28/8Hồ sơ golden visa Hy Lạp, 7 tháng3.086▼ 39% so với cùng kỳThị thực theo diện vốn Panama, nửa đầu năm1.546▼ 41% so với 2025, tính theo nămAnh: phụ thu nhà giá cao2 triệu bảng▲ áp dụng từ 4/2028Lãi vay mua nhà cố định10,9%/năm▲ khoảng 0,6 điểm so với quý IILãi suất Fed (mức trần)3,75%● giữ nguyên từ 12/2025Tỷ giá trung tâm25.610 đồng/USD▼ 1 đồng ngày 28/8Hồ sơ golden visa Hy Lạp, 7 tháng3.086▼ 39% so với cùng kỳThị thực theo diện vốn Panama, nửa đầu năm1.546▼ 41% so với 2025, tính theo nămAnh: phụ thu nhà giá cao2 triệu bảng▲ áp dụng từ 4/2028

Vietnam fixed mortgage rate10.9% a year▲ about 0.6 pt vs Q2Fed funds (upper bound)3.75%● unchanged since Dec 2025VND central rate25,610 per USD▼ 1 dong on 28 AugGreek golden visa filings, 7 months3,086▼ 39% year on yearPanama capital-based visas, H11,546▼ 41% vs 2025, annualisedEngland high-value surcharge£2 million▲ starts April 2028Vietnam fixed mortgage rate10.9% a year▲ about 0.6 pt vs Q2Fed funds (upper bound)3.75%● unchanged since Dec 2025VND central rate25,610 per USD▼ 1 dong on 28 AugGreek golden visa filings, 7 months3,086▼ 39% year on yearPanama capital-based visas, H11,546▼ 41% vs 2025, annualisedEngland high-value surcharge£2 million▲ starts April 2028

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Contents

NAC Weekly No. 26: Vietnam's Average Mortgage Rate Climbs to 10.9%

Vietnam's average fixed mortgage rate hits 10.9%, the Fed sounds hawkish at Jackson Hole and Greek golden visa filings fall 39%. Five stories from the week.

Fixed mortgage rates of 12 to 24 months at 11 Vietnamese banks averaged 10.9% a year in August, close to double the rental yields on the Ho Chi Minh City apartments in NAC's portfolio. At Jackson Hole, Fed Chair Kevin Warsh put inflation first, and markets leaned toward a September rate rise. Investor residence filings fell by about 40% in both Greece and Panama, and Britain confirmed that valuers may visit homes worth £2 million or more to set a new surcharge.

Market pulse, week of 24–30/8/2026

Vietnam fixed mortgage rate10.9% a year▲ about 0.6 pt vs Q2Average of 11 banks, DKRA, August

Fed funds (upper bound)3.75%● unchanged since Dec 2025Futures price a 55% chance of a September hike

VND central rate25,610 per USD▼ 1 dong on 28 AugState Bank of Vietnam

Greek golden visa filings, 7 months3,086▼ 39% year on yearGreek Migration Ministry

Panama capital-based visas, H11,546▼ 41% vs 2025, annualisedPanama National Migration Service

England high-value surcharge£2 million▲ starts April 2028£2,500–7,500 a year

Source: DKRA via VnExpress (28 Aug); Fed; TD Economics (28 Aug); Nguoi Quan Sat (28 Aug); IMI Daily (25, 27 and 28 Aug)

Signals this week

Prices and dealsMoney and ratesRules and process

🇻🇳 VietnamPrices and deals—Money and ratesAverage mortgage rate at 10.9%Rules and process—

🇺🇸 USDPrices and deals—Money and ratesMarkets bet on a September hikeRules and process—

🇬🇷 GreecePrices and dealsNew filings down 39% in 7 monthsMoney and rates—Rules and processBacklog down to 29,273 files

🇬🇧 UKPrices and deals—Money and rates—Rules and process£2m home surcharge from 2028

🇵🇦 PanamaPrices and dealsCapital-based visas down 41%Money and rates—Rules and processApproval rates hold at 96–98%

▲rising▼falling●steady / watch

Source: NAC, compiled from the sources in this issue

🇻🇳 Vietnam · Average fixed mortgage rate climbs to 10.9%

DKRA Consulting's figures, reported by VnExpress on 28 August, show 11 commercial banks lending for home purchases at an average fixed rate of 10.9% a year over 12 to 24 months. VPBank was highest at 13.2%; only HDBank, VietBank and Woori Bank still offered under 10%. A Dat Xanh Services survey found 12-month promotional rates up about 0.6 percentage points on Q2. Once the promotion ends, floating rates can reach 12–16%.

For Vietnamese investors: at close to 11%, rent rarely covers the interest. Per NAC's listing data, estimated gross yields are 5.8% at Grand Marina Saigon and 5.5% at The Prince Residence, a Phu Nhuan building handed over in 2015. Families buying to let should lean on their own equity, or model the floating rate that follows the promotional period.

🇺🇸 United States · Fed Chair Warsh puts inflation first at Jackson Hole

In his first Jackson Hole speech as Fed chair on 28 August, Kevin Warsh said policymakers must be sure underlying inflation is moving to the 2% target "clearly and at sufficient speed", or they have "work to do", Fortune reported on 29 August. TD Economics noted the two-year Treasury yield rose 7.5 basis points to 4.3% as he spoke. The policy rate sits at 3.50–3.75%; the next meeting is on 15–16 September.

For Vietnamese investors: dollar borrowing costs are unlikely to fall in the coming months. Families planning a mortgage in dollar-based or dollar-pegged markets, such as Panama or Dubai, should wait for US inflation data on 11 September and the September decision before locking in a loan.

🇬🇷 Greece · New golden visa filings fall 39% in seven months

Migration Ministry data, published by IMI Daily on 27 August, show 3,086 new golden visa applications in the first seven months of 2026, down from 5,028 a year earlier. The backlog fell from more than 52,000 files at the start of 2025 to 29,273 at the end of July. Most new filings now use the €250,000 route for commercial buildings converted to homes, since the general Attica threshold has risen to €800,000.

For Vietnamese investors: fewer filings mean shorter queues. Under a law in force since February, the five-year permit now runs from the date the card is issued, not the filing date. Per NAC's listing data, Meridia in Piraeus starts at €260,000, but the qualifying amount depends on area and route, so check each unit's legal status. The current routes are in NAC's Greece golden visa programme guide.

🇬🇧 United Kingdom · Valuers may visit £2m homes to set the new surcharge

In written answers to Conservative MPs, ministers confirmed that valuers may visit homes to measure them for the surcharge on properties worth £2 million or more, IMI Daily reported on 28 August. Obstructing a valuation carries a fine of up to £200, and failing to supply information up to £500. The charge applies in England only, uses April 2026 values and falls on owners, including companies and trustees. The OBR expects about 165,000 homes to pay in the first year.

For Vietnamese investors: per NAC's listing data, the London developments in our portfolio start between roughly £500,000 and £790,000, far below the threshold. Families looking above £2 million should add £2,500–7,500 a year to holding costs from 2028.

🇵🇦 Panama · Capital-based residence visas down 41%

Data from Panama's National Migration Service, analysed by IMI Daily on 25 August, show 1,546 main applicants approved across five capital-based visa categories in the first half of 2026. Doubled for the full year, that is 41% below 2025. The Friendly Nations Visa alone approved 1,011 and could post its lowest total since 2015. Approval rates held at 96–98%, which points to fewer applications rather than tougher screening.

For Vietnamese investors: the Friendly Nations Visa minimum has risen to US$200,000. Jordi Vilanova of Mercan Group says its two-year provisional residence has made the route less appealing. Per NAC's listing data, Pullman Panama City starts at US$320,000 and qualifies for this visa. The routes are set out in NAC's Panama residence programme guide.

Next week

Mon31/8Vietnam public sector on National Day leave (from 29 Aug, made up on 22 Aug)

Tue1/9National Day holiday, public sectorUS July job openings (JOLTS)

Wed2/9Vietnam National DayFed Beige Book

Thu3/9Fed Governor Christopher Waller, Reuters interview

Fri4/9US August jobs report

Sat5/9

Sun6/9

Source: Notice 9441/TB-BNV via LuatVietnam; Fed and US Bureau of Labor Statistics calendars

NAC strategic insight

This week, borrowing got dearer in both Vietnam and the US, while residence filings thinned in Greece and Panama. We favour buying with equity, choosing assets that are finished or close to handover, and filing while the queues are short. If you'd like to see how your family's portfolio should adjust after this week, book a consultation with NAC.

Markets in this issueHome-loan rates rose in Vietnam; Greece and Panama saw fewer residence filings than a year earlier