In his official dispatch signed on October 24, the Government leader called for the drastic implementation of measures to develop the real estate market in a safe, healthy, and sustainable manner.

A social housing project in Da Nang.

He urged relevant ministries, agencies, and local authorities to heighten accountability and adopt a proactive attitude.

Recognising that legal constraints and credit access continue to hinder the growth of the real estate market, PM Chinh requested the Ministry of Construction to expedite the drafting of the amended Law on Housing and Law on Real Estate Business. He also emphasised the importance of refining the legal framework for the execution of commercial housing projects, social housing projects, and new urban area developments to ensure coherence.

The PM highlighted the importance of speeding up a project on developing at least 1 million social housing apartments for low-income individuals and workers in the 2021-30 period.

In terms of credit, the PM encouraged banks to boost lending for real estate and devise strategies to reduce interest rates. Banks must roll out unique credit support policies for property projects that demonstrate high feasibility and are well underway, he noted.

He also emphasised the need to expedite the disbursement of the 120 trillion VND (4.88 billion USD) credit package designated for social housing development.

The Ministry of Natural Resources and Environment has been tasked with finalising the land pricing method and presenting it for review within this month.

Since the beginning of this year, construction on 10 social housing projects and housing initiatives for workers have commenced, anticipated to provide a total of 19,853 apartments. Twenty provinces and cities have unveiled a list of 52 projects eligible for the 120 trillion VND credit package, which have a combined borrowing requirement of over 25.88 trillion VND.

Social housing projects seek loans from $5B credit package

Thirty-seven social housing projects have qualified for loans from the VND120 trillion ($5.07 billion) credit package that the government has set aside to boost affordable home supply.

120 trillion VND credit package for affordable housing development

The government recently issued Resolution 33, which features a number of measures to address the difficulties and foster the safe, healthy and sustainable development of the property market, in which a credit package of 120 trillion VND (5.1 billion USD) was proposed to support social housing development.

Central bank starts huge credit package for social housing projects

Developers of social housing projects buyers of this kind of houses are entitled to benefit from a credit package worth 120 trillion VND (5.1 billion USD) which was started by the State Bank of Vietnam (SBV) earlier this month.

Construction Ministry proposes $4.7B social housing credit

The Ministry of Construction has proposed that the National Assembly and the Government set aside a credit package of VND110 trillion (US$4.66 billion) for the development of social housing.

Over 108,000 clients get policy credit capital loan

(BGO) – So far, Bac Giang province has mobilized total social policy credit capital over 5,779 billion VND (243.8 million USD), up over 363 billion VND year on year, reported the Bac Giang branch of Social Policy Bank (SPB).   

Source: VNA