PM urges special credit support for feasible real estate projects

Wednesday, Oct 25, 2023 15:01

A social housing project in Đà Nẵng. Prime Minister Phạm Minh Chính asks for drastic implementation of measures to develop the real estate market in a safe, healthy and sustainable manner. — VNA/VNS Photo Quốc Dũng

Prime Minister Phạm Minh Chính has asked the State Bank of Việt Nam to introduce special credit supports for real estate projects that are feasible and making good progress.

This was emphasised in an official dispatch the Prime Minister signed on Tuesday, calling for the rigorous execution of measures to develop the real estate market in a safe, healthy, and sustainable manner.

PM Chính 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 Chính 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 executing the project aimed at developing a minimum of one 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 rates.

Significantly, he pressed banks to roll out unique credit support policies for real estate projects that demonstrate high feasibility and are well underway.

He also emphasised the need to expedite the disbursement of the VNĐ120 trillion 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, 10 social housing projects and housing initiatives for workers have commenced construction, anticipated to provide a total of 19,853 apartments. Twenty provinces and cities have unveiled a list of 52 projects eligible for the VNĐ120 trillion credit package, which have a combined borrowing requirement of VNĐ25.884 trillion. — VNS

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