At the regular press conference of the third quarter, Mr. Vuong Duy Dung, Deputy Director of the Department of Housing and Real Estate Market Management ( Ministry of Construction ) informed that to implement the project of 1 million social housing units, the Ministry of Construction and related ministries have deployed many solutions to implement.
Including the implementation of a credit package of 120,000 billion VND for social housing development. This package is implemented in the spirit of banks proactively balancing, the budget does not support, so short-term loan interest incentives are given, 3 years for investors, 5 years for buyers.
However, this package does not guarantee enough incentives for homebuyers who are low-income earners and industrial park workers. Therefore, to increase incentives, the Government is assigning the Ministry of Construction to study a VND30,000 billion loan package for buying social housing, including VND15,000 billion in government bonds and VND15,000 billion from local budgets to support low-income earners and workers to buy social housing. Thereby, helping low-income earners to access cheap capital to buy houses.
The Ministry of Construction is studying a VND30,000 billion package to increase incentives for buying social housing. (Illustration photo)
According to Mr. Dung, the 30,000 billion VND credit package must be implemented in accordance with other laws, so the Ministry of Construction is working with the Ministry of Finance and the State Bank to soon implement this credit package.
Sharing this view, Deputy Minister Nguyen Viet Hung further emphasized: " The core of the social housing development policy is exemption of land use fees and preferential credit. Preferential credit not only supports investors in building houses but also helps low-income people access cheap loans to buy houses ."
According to the report of the Ministry of Construction, after more than a year of implementation, the 120,000 billion VND credit package has only disbursed nearly 1%, or about 1,344 billion VND. Of this, 1,295 billion VND is for investors in 12 projects and the rest is for home buyers.
The capital source for the 120,000 billion VND credit package comes from 4 state-owned commercial banks (BIDV, VietinBank, Vietcombank and Agribank). Currently, 4 more private banks, TPBank, VPBank, MBBank and Techcombank, have registered to participate in the program with each bank registering 5,000 billion VND (increasing the interest rate support capital source to 140,000 billion VND).
Explaining the delay in disbursing the VND120,000 billion package, Mr. Vuong Duy Dung said that this package has a rather short incentive period for both buyers and investors, so it is not attractive.
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