Thứ Tư, 16 tháng 3, 2016

Ministry asks to extend housing stimulus package

Deputy Minister of Construction Pham Hong Ha has asked the State Bank of Vietnam to extend the disbursement time for the VND30 trillion (USD1.4bn) real estate stimulus package for low-income earners.

State Bank of Vietnam to stop disbursing the package

The package, which was launched in June 2013, offers loans to property developers at low interest rates of around 3-3.5 percent per year to build apartments for low-income people. From June 1, the State Bank of Vietnam will stop disbursing the package in accordance with the government's set target stated in the circular issued in 2013 about supporting businesses and dealing with bad debts.
After receiving the news, Ha voiced the concern that firms that already made loans but haven't had their money disbursed by June would have to then cope with high interest rates. This would have a negative effect on promoting low income housing.
According to Ha, after three years, loan agreements worth over VND29.5trn have been made and over VND20.3trn, or about 70 percent of the package, have been disbursed. At this rate, 85 percent of the package will be disbursed by June and 100 percent by the end of this year. Nearly 50,000 low-income households have benefited from this package. Moreover, Government Resolution 100 issued in 2015 stated that the government would appoint some banks to regularly offer preferential loans for social housing projects.
Ha asked the State Bank of Vietnam to extend the deadline. In a situation where the deadline cannot be extended, the State Bank should still let real estate investors and apartment buyers, who meet requirements and already made loan agreements but haven't had their money disbursed, to borrow money and pay only the preferential interest rates.

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