PM urges special credit support for feasible realty projects
The State Bank of Vietnam should introduce special credit support packages for real estate projects that are feasible and making good progress, said Prime Minister Pham Minh Chinh.
Hanoi (VNA) – The State Bank of Vietnam should introducespecial credit support packages for real estate projects that are feasible andmaking good progress, said Prime Minister Pham Minh Chinh.
In his official dispatch signed on October 24, the Government leader called forthe drastic implementation of measures to develop the real estate market in asafe, healthy, and sustainable manner.
He urged relevant ministries, agencies, and local authorities toheighten accountability and adopt a proactive attitude.
Recognising that legal constraints and credit access continue tohinder the growth of the real estate market, PM Chinh requested the Ministry ofConstruction to expedite the drafting of the amended Law on Housing and Law onReal Estate Business. He also emphasised the importance of refining the legalframework for the execution of commercial housing projects, social housingprojects, and new urban area developments to ensure coherence.
The PM highlighted the importance of speeding up a project ondeveloping at least 1 million social housing apartments for low-incomeindividuals and workers in the 2021-30 period.
In terms of credit, the PM encouraged banks to boost lending forreal estate and devise strategies to reduce interest rates. Banks must roll out unique credit support policies for propertyprojects that demonstrate high feasibility and are well underway, he noted.
He also emphasised the need to expedite the disbursement of the 120trillion VND (4.88 billion USD) credit package designated for social housingdevelopment.
The Ministry of Natural Resources and Environment has been taskedwith finalising the land pricing method and presenting it for review withinthis month.
Since the beginning of this year, construction on 10 socialhousing projects and housing initiatives for workers have commenced,anticipated to provide a total of 19,853 apartments. Twenty provinces andcities have unveiled a list of 52 projects eligible for the 120 trillion VND creditpackage, which have a combined borrowing requirement of over 25.88 trillion VND./.
Small- and medium-sized enterprises (SMEs) are finding it difficult to access the Government's credit package worth 250 trillion VND (10.7 billion USD) to support those affected by the COVID-19 pandemic because of a lack of trust in their ability to repay.
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A social housing project in Da Nang. (Photo: VNA) 
