Struggling property developers entitled to debt repayment rescheduling
Struggling real estate businesses will be allowed to extend principal and interest repayment deadlines and restructure debt groups, according to a newly-issued government resolution.
Resolution 33, effective from March 12, specifies several solutions to remove difficulties for the real estate market, including legal entanglements and capital constraints (credit and bond issuances).
Projects that meet people's real needs, are effective and have good liquidity will be given access to loans. They include projects to renovate old apartments and build social housing, offices for lease, and real estate for production, industry and tourism.
Better credit access will also be offered to projects with sufficient legal conditions, good sales prospects, and debt repayment plans.
"Capital sources will flow into feasible projects and businesses which are financially capable to repay their debt in full and on time," the resolution states.

Many experts believe that Vietnam’s ailing real estate sector would only recover by next year. Photo courtesy of the government portal.
The government requires banks to assess the production and business status of enterprises and the prospects of each project and real estate segment to adjust loan conditions accordingly. Commercial banks are required to reduce lending rates to support the property market.
Capital mobilization of real estate developers via the bond and stock markets will continue, but will be controlled by authorities.
Authorities will also take measures to control private corporate bond placements, banks related to real estate, and companies with large issuance volumes and high interest rates to avoid manipulation, speculation, and inflated prices.
However, the government notes that control measures must not prevent qualified companies from mobilizing capital for recovery and development.
Localities need to review and make lists of housing and real estate projects, and approve land use planning as well as five-year and annual housing development plans as a basis for ratifying project investment policies to increase supply.
The cabinet also emphasizes the need for businesses to restructure prices and products to meet the actual needs of the market and prioritize resources for debt repayments, especially bond debts.
According to real estate consultancy firm DKRA, since the middle of 2022, a series of challenges, from tightened credit to the impact of the bond market and legal barriers, have made it difficult for real estate developers to implement projects.
With liquidity continuing to fall, businesses have been forced to streamline their workforces and adjust strategies to avoid a crisis.
In the first two months of 2023, the number of real estate enterprises applying to suspend operations soared by more than 57% over the same period last year. Dissolved enterprises rose 20% year-on-year.
Many businesses have been forced to cut wages and staff by up to 50% to maintain operations. Others have even dropped to about 25-30% compared to the same period last year.
Many experts believe that Vietnam’s ailing real estate sector would only recover by next year despite government efforts to remove market woes.
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