However, the move may also create a opportunity for local strong businesses to "escape" the banks's capital dependence, according to experts.
It is time for cautious credit policy
The Vietnam State Bank said that the amending and supplements draft to Circular No.36 does not reduce the credit for real estate market, there will be other large capital resources for the sector's investment.
According to the State Bank, since 2015, the real estate market began to recover thanks to a wide range of the Government's supporting solutions and policies, including credit policy such as the deployment of credit package worth 30.000 billion VND, and reduction of risk rate for investment and business real estate loans from 250% to 150% to enabe banks expanding and mid-term and long-term credits.

The State Bank said that by the end of 2015, the loans of investment and real estate business reached 393,000 billion VND, up nearly 26% compared with the end of 2014. With the investment of corporate bond to the real estate sector, the total balance debt was at 478,000 billion VND, representing 10.3% of the total loans and 22.2% of the total of mid-term and long-term loans.
"Real estate market sees a good recovery. Therefore, it is time to implement prudent credit policies and tighter management. The priorities of mid-term and long-term capital should be used for safe purposes, the most economical and efficient, and matching socio-economic development orientations. The loans held by credit institutions that are mobilized from the people's deposit must be distributed and used safely and the most effective, not only concentrated on lending for real estate sector," the State Bank noted.
According to the State Bank, along with capital resources from banks, the Government, ministries and localities should have more sustainable policies, as well as management and support solutions to develop real estate market more healthy.
Real estate sector actively seeks new capital resource
Although some businesses have been meeting difficulties in capital other companies have actively seeked new capital flows, taking full of opportunities to "escape" from the banks' capital.
There have been many different mixed opinions on the draft revision of Circular 36. According to Ms. Luu Thi Thanh Mau, CEO of Phuc Khang CEO, the amending of Circular 36 will help capital inflows poured into the real estate market more stable. At the same time, the negative impacts to strong businesses will not be much, she added.

Mr. Bui Cao Nhat Quan, Deputy General Director of the Novaland Group said the banks's credit restriction and control could help ensure liquidity and meet the needs of the sustainable real estate market.
He noted that in 2016, the Novaland targets to introduce to the market five new projects with about 4,000 products, focused on projects in the central area, townhouses and villas.
The Novaland Group has prepared available funds for its projects, so it should not be too concerned by the banks's credit restriction and control in the coming time, Quan added.
According to Mr. Nguyen Ba Sang, Chairman and CEO of An Gia Investment, Japan's Creed Group Investment Fund invested 200 million USD in An Gia in 2015, and so far the Japanese group has continued to pour its large capital into the project of  Phat Dat company (PDR).
Via the cooperation, An Gia Investment and Japan's Creed Group Investment Fund have turned the River City into the hottest real estate project in the local market, he said.
"Creed Group Investment Fund currently manages the fund worth to 5 billion USD. It has accompanied An Gia Investment in the development of residential projects with large scale, meeting the demand of domestic and foreign customers. The two first cooperation project with Creed Group - Angia Skyline and Angia Riverside condo- have sold out about 90%, including foreign buyers and mainly Japanese customers accounting for more than 15%," he said.

Talking about capital flows to the current real estate companies, Vo Sy Nhan, CEO of NP GAW Capital Investment Fund said, unlike previous times that real estate businesses are shocked by the tightening of credit policy because the market does not have the funds instead. But now, enterprises can actively cooperete with foreign investment funds and credit organizations to invest in large-scale projects with high building technology.
"Real estate enterprises now do not want to be too dependent on banks' loans. In addition to the traditional capital flows from the Republic of Korea, Japan and Singapore, many domestic businesses are interested to capital flows from other nations such as the US, Britain, and even the Middle East," Nhan added.
In 2015, Japan was the third largest country in investing in Vietnam with the total capital of 1.84 billion USD through 281 newly registered projects and 129 projects registered to increase capital.
In particular, the real estate industry ranks the 3rd in attracting the largest foreign investment fields, just after processing and manufacturing industries and construction sector. Ho Chi Minh City and Hanoi have been leading the localities nationwide in drawing the biggest foreign investments.