What does the Ministry of Construction say about the credit package for social housing buyers?

DNHN - Previously, the Ministry of Construction proposed a VND 110,000 billion credit package for commercial banks to lend to investors of social housing projects and worker housing via refinancing.

The Ministry of Construction issued a press release on March 2 regarding a proposed credit package to assist businesses and social housing purchasers.

Specifically, the Ministry of Construction proposed at the National Online Conference on the real estate market on February 17 to allocate a credit package of approximately 110 billion VND to commercial banks for project investors. Social housing (NOXH) and worker housing (NOCN) was financed through refinancing.

During 2013-2016, a form of support comparable to VND 30,000 billion packages performed exceptionally well. About fifty percent of the credit package is given to the investor of the social housing project, the NOCN has a preferential loan, and the remaining fifty percent of the credit package is for individual buyers, rent-purchasers of social housing, and public housing.

In addition, at the same conference, the Governor of the State Bank of Vietnam proposed a VND 120,000 billion credit package for the construction of social housing projects and worker housing, with interest rates on loans to builders and tenants. In each period, purchasing a home will cost 1.5 to 2% less than the average lending rate of banks on the market.

The Ministry of Construction stated that, following the conference, the Government will issue a resolution regarding the development of a safe, healthy, and sustainable real estate market, which will include information on the social housing credit package.

The Ministry of Construction will coordinate with the State Bank of Vietnam to deploy a VND 120,000 billion credit package following the Government's decision.

PV (t/h)