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120,000 billion VND is set aside to develop social housing, but it is not certain that all of it will be absorbed.

Công LuậnCông Luận19/05/2023


In March 2023, the Government issued Resolution 33 on a number of solutions to remove obstacles and promote the safe and healthy development of the real estate market. In particular, the Government assigned the State Bank of Vietnam (SBV) to take the lead in implementing a credit program of about VND 120,000 billion.

In particular, the State Bank is responsible for directing commercial banks, of which the main ones are 4 state-owned commercial banks, namely Agribank , BIDV, Vietcombank, Vietinbank, to lend to investors and home buyers of social housing projects, worker housing projects, projects to renovate and rebuild old apartments with preferential interest rates 1.5 - 2% lower than the average medium and long-term VND lending interest rate of state-owned commercial banks in the market.

120,000 billion VND allocated to develop social housing but not sure if all of it has been absorbed image 1

The State Bank of Vietnam (SBV) stated that there are currently many difficulties and obstacles affecting the ability to absorb the VND120,000 billion credit program. (Photo: MM)

Immediately after that, the State Bank and commercial banks in this program issued documents guiding the implementation throughout the system. However, currently, no investors have participated in this program, leading to no outstanding debt.

The State Bank of Vietnam said: Currently, the supply of social housing and workers' housing is still limited due to difficulties and obstacles, such as selecting investors for social housing projects; land funds for social housing; incentives for investors building social housing are not really attractive; determining the selling price of social housing...

These problems can affect the supply of social housing as well as the progress of project implementation.

“However, to date, the SBV has not received a list of projects as instructed by the Ministry of Construction in Official Dispatch No. 1551/BXD-QLN. Therefore, although it has been implemented since April 1, 2023, there has been no outstanding debt under the VND120,000 billion loan program,” the SBV said.

In addition, the current regulations on conditions for purchasing social housing are also facing many complaints, such as the conditions on residence and income that are not subject to personal income tax are no longer suitable in the context of increasingly high housing prices.

“These difficulties and obstacles will also be the main causes affecting the ability to absorb the VND120,000 billion credit program,” said the State Bank.

Therefore, the State Bank of Vietnam recommends that ministries and branches review and amend relevant legal documents to remove legal obstacles, procedures and formalities in investment and construction of social housing and workers' housing, increase the supply of this real estate segment to the market, and meet the real needs of the people.

The State Bank also requested localities to promptly announce the list of projects so that beneficiaries can access loans from commercial banks. At the same time, they should step up propaganda to investors of social housing projects, worker housing projects as well as local people about the VND120,000 billion loan program to grasp and access the program.

For commercial banks, the State Bank of Vietnam recommends regularly updating and monitoring the implementation of the list of social housing projects in the area, and promoting communication about the VND 120,000 billion loan program to bank customers.



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