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Saturday, February 4, 2023

PM seeks crackdown on housing and bond fraud

By T. Huy

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HCMC – Prime Minister Pham Minh Chinh has ordered a clampdown on irregularities in the corporate bond and real estate markets, although it could affect market sentiment.

The Prime Minister was speaking during a government meeting held Thursday morning, December 1.

According to Chinh, rapid and complex global developments, driven by inflation and volatile currency exchange rates, have significantly influenced Vietnam’s economy in 2022 and 2023.

The State Bank of Vietnam’s orientation towards tightening credit, coupled with interest rate hikes, has affected all domestic industries. Meanwhile, recent misconduct in Vietnam’s corporate bond market has sapped investor confidence, making it more challenging for corporations to obtain funding.

However, to filter out fraud and stabilize socioeconomic conditions, the Government would intervene in the operation of some sectors, including the housing market.

The move may dampen the confidence of some businesses and their clients, but is necessary to protect the legitimate rights of the people, Chinh said.

To help the housing market regain growth momentum, the Government will seek legal solutions to assist businesses in this field, facilitating a healthy investment environment and helping people access affordable houses.

The prime minister added that the Government had established three working groups to remove obstacles plaguing the monetary policy, real estate industry, and corporate bond market.

They are managed by Deputy Prime Minister Le Minh Khai, minister of Construction Nguyen Thanh Nghi, and minister of Finance Ho Duc Phoc.

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