Social housing loan package of 120,000 billion VND to be disbursed
According to a representative from the State Bank of Vietnam (SBV), 30 projects have indicated a requirement for loans out of the 68 projects across 28 provinces and cities included in the 120,000 billion VND social housing loan program.
Hanoi (VNA) - According to a representative from the State Bank of Vietnam (SBV), 30 projects have indiﷺcated a requirement for loans out of the 68 projects across 28 provinces and cities included in the 120,000 billion VND social housing loan program.
In a recent conference, Dao Minh Tu, the Permanent Deputy Governor of the SBV announced that the launch of a VND 120,000 billion loan program is aimed at housing workers and supporting apartment renovation and reconstruction projects.
This initiative is designed to facilitate the construction of 1 million social housing units, with a focus on ensuring sustainable disbursement spread out over the next few years, he added.
Call for lower interest rates on the 120,000 billion VND loan package
Nguyen Tuan Anh, Deputy General Director of the Housing and Urban Development Holding (HUD), has highlighted the shortage of social housing projects in major cities, like Hanoi and Ho Chi Minh City.
He emphasized the need for expedited implementation processes, and urged local authorities to allocate suitable land for social housing projects to attract swift investment and capital disbursement from businesses.
A representative from Duc Manh Joint Stock Company in Da Nang emphasized that challenges in administrative procedures for building and purchasing social housing have hindered progress, resulting in potential buyers being unable to secure housing loans.
The representative also noted the interest rates of the VND 120,000 billion loan package remain relatively high compared to standard lending rates, calling for lower rates.
Meanwhile, representatives from commercial banks underline the challenges in the disbursement of the VND 120,000 billion credit package designated for social housing. This stems from the financial capacity and collateral of investors, project liquidity, and constraints on profit margins within social housing projects.
30 projects have expressed their need for financial assistance from the social housing loan program. (Photo: Vietnam+)
According to Nguyen Xuan Bac, Deputy Director of the SBV's Credit Department, to date, only 28 out of 63 Provincial People's Committees have submitted documentation or made public announcements with a total of 68 projects. This includes six in Hanoi, Ho Chi Minh City, Bac Ninh each, and five in Binh Dinh.
Among these projects across 28 provinces and cities, 30 initiatives have expressed the need for financial assistance. Of which, commercial banks have pledged to extend credit to 15 projects, amounting to approximately 7,000 billion VND.
Disbursements towards appropriate targets
Highlighting the factors contributing to the delay in project disbursements, Nguyen Xuan Bac, Deputy Director of the SBV's Credit Department emphasized that, based on reports from SBV branches, certain regions have yet to publicize the project list despite recommendations from the Department of Construction.
Additionally, some projects listed are not seeking capital as they have already been completed or secured funding from alternative sources.
Furthermore, challenges with site clearance, complications in calculating land use fees, and changes in land use purposes have prevented credit institutions from extending loans to project investors.
On the other hand, reports from SBV branches in provinces and cities indicate that numerous projects are still in the foundational construction phase or selecting contractors, delaying the construction activities. Consequently, these projects are not yet eligible for sale.
According to Dao Minh Tu, the Permanent Deputy Governor of the SBV, the VND 120,000 billion social housing loan initiative is funded by four state-owned commercial banks, not state budget allocations.
This program offers interest rate reductions of 1.5% to 2% compared to the average medium and long-term rates of these banks, with a 1.5% reduction for business investors and a 2% reduction for home buyers, resulting in an overall decrease of 3.5%.
Addressing concerns raised by some major corporations unable to access the program due to bank selection limitations, Tu clarified that the credit package is exclusively available through the four state-owned commercial banks. Notably, TP Bank has recently joined the initiative with a VND 5,000 billion package.
Tu stressed the importance of directing disbursements towards the appropriate targets, focusing on social housing, accommodations for workers, and individuals with low incomes./.
The State Bank of Vietnam (SBV) will step up the information work to further popularise the social housing loan package among the public given its sluggish disbursement, SBV Governor Nguyen Thi Hong said at a question and answer session of the 15th National Assembly in Hanoi on November 6.
The State Bank of Vietnam (SBV) has decided to keep preferential loan interest rate unchanged at 5 percent for purchase, rent or hire of social housing projects in 2018.
Two new preferential loans, unrestricted by scale and deadline, for social housing and cheap commercial housing projects will be provided to low-income earners. The new packages are expected to continue the 30 trillion VND housing stimulus package.
Vietnamese Consul General in Fukuoka Vu Chi Mai highlighted the growing demand for Vietnamese workers in Kyushu, especially in Fukuoka, Oita, and Saga prefectures. Currently, the region employs about 35,000 Vietnamese manual workers and over 5,000 IT engineers.
In Vietnam’s case, she said, President Ho Chi Minh demonstrated his strategic vision by founding the revolutionary press a century ago. The late leader understood the press's role not only as a means to reflect the country’s realities but also as a powerful tool to strengthen national unity and inspire the resistance wars and national construction process.
In recent interviews granted to the Vietnam News Agency (VNA)'s reporters in Mexico, prominent figures reflected on the press’s legacy and its global influence.
VietnamPlus e-newspaper of the VNA clinched an A prize in the “Outstanding Press Product” category for its immersive 3D multimedia project, “Epic of Reunification,” a groundbreaking blend of storytelling and technology. The VNA won another A prize for its eye-catching exhibition booth.
Today, the press for foreign service has evolved into a distinct, irreplaceable force, bridging Vietnam with the world and portraying a nation that is stable, peace-loving, and fully integrated into the international community.
At a review conference held on June 21, Deputy Minister of Construction Nguyen Van Sinh praised the province’s scientific, coordinated, and flexible approach. He noted that the early completion reflects the strong commitment of local authorities, the business community, philanthropists, and residents in improving housing conditions for disadvantaged groups.
The VNA delegation, led by General Director Vu Viet Trang, actively participated in the event, engaging in both professional and diplomatic activities.
In the context where AI dominates and produces vast volumes of content, the only sustainable path forward for journalism is to focus on high-quality content and core values. Journalism must redefine its mission - not to report the fastest, but to provide the most profound and trustworthy value.
Granma and the VNA have great potential for cooperation, especially in sharing content regularly, so that VNA products are published on Granma platforms and vice versa, thereby helping Cuban and Vietnamese people access true information and gain a deep understanding of each other's country and people.
During his stay in China’s Guangzhou city from 1924 to 1927 to prepare for the establishment of a Communist Party to lead Vietnam’s revolution, President Ho Chi Minh founded “Thanh nien” newspaper and released its first issue on June 21, 1925.
Vietnam and Cambodia are hoped to strengthen their robust collaboration across various sectors, particularly in resolving remaining border issues to transform the border area into a zone of peace, friendship, cooperation, and development.
The strategic product, managed and operated by the Vietnam News Agency Digital Media Centre (VNA Media), is an official channel for popularising the Party and State’s information and documents as well as delivering mainstream and trustworthy news to both domestic and international audiences through various kinds of multimedia formats.
Since President Ho Chi Minh founded Thanh Nien (Young People) newspaper in 1925, the Vietnamese revolutionary press has become the voice of the people. During the resistance war against the colonialists, journalists took great personal risks to inspire patriotism and the will of rising up against foreign invaders.
The total investment exceeded 319 billion VND (12.2 million USD), including over 261 billion VND from the state budget and 57.5 billion VND mobilised from businesses, organisations, and individuals.
The Mekong Delta province of Tien Giang is intensifying efforts to combat illegal, unreported and unregulated (IUU) fishing as part of the country’s goal of having the European Commission’s “yellow card” warning lifted.
Throughout its 80-year history, the VNA has remained at the forefront of information dissemination. It has consistently delivered timely, accurate, and objective reports on both domestic and international events, serving the Party’s leadership, the State’s management, and the public’s demand for official news.
With strong support from local authorities, businesses, organisations, and residents, the province has successfully built or repaired 10,707 homes for disadvantaged households, including war veterans, families of martyrs, ethnic minority people, and low-income residents.
Throughout its resistance against colonialists and imperialists, Vietnam developed a revolutionary press that has served as a benchmark for just and legitimate causes worldwide.
Founded in 1842, the Vienna Philharmonic is regarded as a cultural ambassador of Austria, with prestigious conductors like Mahler and Karajan who shape its legacy. Its New Year’s Concert, broadcast to over 90 countries annually, stands as a global symbol of classical music excellence.
