Prime Minister requests to promote real estate lending

In this document, the Prime Minister requests the Minister of Construction to enhance his role and responsibility as the head of the Prime Minister's Task Force, making the Task Force's activities more decisive, vigorous, and comprehensive, promptly guiding and resolving difficulties and obstacles, and accelerating the progress of real estate projects, especially large-scale housing, urban, and industrial park projects with widespread impact. He also directs, urges, and guides localities and businesses to accelerate the implementation of the "Investment in the construction of at least 1 million social housing units for low-income earners and industrial park workers in the period 2021-2030" project.

Notably, the Prime Minister also requested the Governor of the State Bank of Vietnam to direct commercial banks to continue promoting credit lending to the real estate sector; to implement appropriate cost-saving measures to reduce interest rates; and to further review and cut unnecessary, cumbersome, and costly administrative procedures so that businesses, real estate projects, and homebuyers can access credit more easily. At the same time, special credit incentive policies should be implemented for feasible real estate projects with rapid implementation progress, creating momentum for growth and boosting the real estate market.

In addition, the State Bank of Vietnam, in close coordination with the Ministry of Construction, will carefully review the procedures and conditions for lending to ensure they are favorable, transparent, controllable, and to accelerate the implementation of the VND 120,000 billion preferential loan program for the development of social housing, worker housing, and the renovation and reconstruction of old apartment buildings.

The Minister of Natural Resources and Environment is urgently finalizing and submitting to the competent authority for consideration and promulgation a Decree amending and supplementing Decree No. 44/2014 regulating land valuation methods in October 2023.

Furthermore, the Prime Minister requested the chairmen of the People's Committees of provinces and cities to urgently complete the preparation, adjustment, and supplementation of the local housing development programs and plans, especially the timely and effective preparation and approval of plans and specific implementation for investment in social housing projects each year from now until 2030; and to actively and proactively work directly with each enterprise and each project facing difficulties or slow implementation to clearly identify the causes and promptly resolve difficulties and obstacles within their authority.

Source: https://nld.com.vn/kinh-te/thu-tuong-yeu-cau-thuc-day-cho-vay-bat-dong-san-2023102420514908.htm