The report of the Ministry of Construction said that in 2022, real estate businesses reported great difficulties in accessing and borrowing capital from banks and credit institutions, especially in the second half of 2022, even in cases with collateral due to banks running out of loan limits, along with tighter control of credit sources for the real estate sector.
Along with that, organizations and individuals who are customers buying real estate are not allowed to disburse loans, even though they have previously signed loan agreements with banks, leading to businesses not being able to sell products to recover capital and reinvest.
Ministry of Construction proposes a series of solutions on real estate
In addition, housing implementation still faces many difficulties. For example, regulations on selecting investors for social housing projects are still overlapping and inconsistent with related laws; preferential policies for investors are not attractive and appealing; apartments for rent in many projects are still left empty and wasteful; and there are many shortcomings in determining the subjects and conditions for benefiting from social housing policies.
According to the Ministry of Construction, the real estate market has changed, but the market still faces many difficulties in terms of institutions, credit capital, bond capital, securities, local law enforcement organizations, etc. that need to continue to be focused on and resolved.
Regarding the real estate credit situation, according to a report by the State Bank of Vietnam , as of December 31, 2022, outstanding credit for real estate business is nearly 800,000 billion VND.
Regarding the situation of corporate bond issuance, as of December 25, 2022, the outstanding balance of individual corporate bonds is about 2 million billion VND, of which that of real estate enterprises is over 400,000 billion VND, accounting for over 30%.
Regarding foreign capital invested in the real estate sector, according to data from the Foreign Investment Agency (Ministry of Planning and Investment), in 2022, it increased by about 1.85 billion USD with a total investment capital of more than 4.45 billion USD, accounting for 16.1% of total FDI capital in Vietnam.
Therefore, in addition to perfecting the institution, the Ministry of Construction proposed solutions to promote the development of social housing. Specifically, the Ministry of Construction proposed that the National Assembly and the Government allocate a credit package of about 110,000 billion VND to commercial banks to lend to social housing projects and workers' housing projects through refinancing (similar to the 30,000 billion VND package that was implemented very well in the period 2013-2016).
Of which, for investors of social housing and worker housing projects, about 50% of the credit package, equivalent to 55,000 billion VND, will be allocated to project investors for preferential loans. For buyers of social housing and worker housing, about 50% of the credit package, equivalent to 55,000 billion VND, will be allocated to individual customers who are buyers or renters of social housing and worker housing.
At the same time, effectively implement Resolution No. 11/NQ-CP of the Government on the socio-economic recovery program.
The Ministry of Construction also made recommendations and proposals on credit capital sources to unblock credit capital flows to serve socio-economic development; mobilize maximum domestic and foreign financial resources for housing and market development; create conditions for businesses, home buyers and investors to access credit capital sources...
Regarding the organization of law enforcement by localities, the Ministry of Construction recommends urgently reviewing and making a list of housing and real estate projects that have been approved for investment but have not been implemented or are slow to implement in order to focus on removing difficulties and obstacles; at the same time, promulgating specific regulations according to authority to effectively implement the provisions of the law on land, housing and other related laws.
To promote the development of social housing, the Ministry of Construction proposed that the National Assembly assign the Government to develop and submit to the National Assembly for consideration and promulgation a "Resolution of the National Assembly on piloting a number of policies to promote the development of social housing" to immediately remove current difficulties and obstacles: on land allocation for investment in the construction of social housing projects; on land funds for social housing development; on investor selection; benefits and incentives for social housing investors; on determining selling prices, rental prices, and hire-purchase of social housing; on subjects and conditions for enjoying social housing policies. Along with that, effectively implement the Project "Investing in the construction of at least 1 million social housing apartments for low-income people and industrial park workers in the period of 2021-2030".
Source: https://nld.com.vn/kinh-te/bo-xay-dung-de-xuat-hang-loat-giai-phap-ve-bat-dong-san-20230214232752602.htm
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