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PM acts to deal with realty market woes

The Saigon Times

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HCMC – Prime Minister Pham Minh Chinh has signed Document 178 ordering the lifting of hindrances to the real estate market and boosting the development of this sector.

Earlier, the Government issued Resolution 33 on the same matter, under which the Ministry of Construction, the Ministry of Finance and the State Bank of Vietnam will have to work together to support the dormant realty market.

In the most recent guidance that came out on March 27, the PM urged ministries, departments and localities to help this sector tackle its woes.

The PM said the property business and market needed to adjust the product structure and market segments to make housing prices more appropriate; focus on developing social housing projects, housing projects for workers and affordable housing projects.

The Ministry of Construction was urged to complete the formulation of a plan for building at least one million homes for the poor and workers from 2021-2030.

The PM also asked the Ministry of Finance to review and complete legal documents relating to corporate bond issuance, especially the private placement and public offering of bonds.

The ministry should take measures to support businesses in restructuring their debts, interest rates, time of payment and payment terms in line with the law.

Meanwhile, under the prime minister’s guidance, the SBV will have to roll out a credit package totaling VND120,000 billion and direct commercial banks to make loans available for investors and buyers of social housing and renovation and construction of aging apartment buildings with low interest rates.

The SBV, in its authority, would request commercial banks to classify property projects to apply appropriate handling measures to make room for cutting loan interest rates for the economy, including home buyers and real estate projects.

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