Gov’t permits credit extension for feasible real estate projects
Projects deemed feasible in the real estate sector will be allowed to extend their credit under a draft government resolution aimed at boosting the market.
Prime Minister Pham Minh Chinh chairs a conference to address real estate market woes on February 17, 2022. Photo courtesy of the government portal.
Key targets include fixing obstacles relating to mechanisms, capital sources (credit and bonds), legal procedures, and challenges facing ongoing projects.
In terms of credit for the sector, the draft resolution stipulates that authorities must flexibly use monetary policy tools, unleash credit flows, improve policies, and utilize financial resources inside and outside Vietnam for housing development and the real estate market.
Another draft solution is to extend payment deadlines for loans and interest for struggling realty businesses and help homebuyers, firms, and investors to access credit.
Relevant agencies must closely monitor credit supply, ensuring safe, efficient, and sustainable credit growth. Credit should focus on feasible projects, financially capable customers, property projects that meet actual consumer needs, social housing, apartment renovation, office space, and industrial real estate.
Additionally, authorities must reduce loan interest rates to support the market.
The government is striving to improve affordable housing, particularly the project that aims at building one million homes for low-income workers from 2021-2030.
Under the draft resolution, investors in these projects will not have to pay land-use fees, and will be permitted to use entire floor spaces for commercial purposes and public services, such as healthcare, education, and cultural activities.
Regarding a VND110 trillion ($4.6 billion) package for social housing, equivalent to 10% of the capital demand from 2022-2030, the National Assembly and the Government have suggested to allocate the money to commercial banks to fund projects, similar to the successful implementation of a similar package worth VND30 trillion ($1.26 billion) run from 2013-2016.
The package is set to include VND55 trillion ($2.3 billion) for project investors and VND55 trillion for individual homebuyers.
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