Ministry of Construction proposes to lower lending interest rates for the 120,000 billion package

Sharing at the press conference for the second quarter of 2024, Mr. Hoang Hai, Director of the Department of Housing and Real Estate Market Management (Ministry of Construction), said that the supply and new social housing projects starting construction have increased compared to previous years.

Mr. Hoang Hai, Director of the Department of Housing and Real Estate Market Management (Ministry of Construction)

According to the summary of reports from localities, nationwide, 503 social housing projects have been implemented with a scale of 418,200 units (an increase of 4 projects, 6,950 units compared to the reporting time on March 15).

Of these, 75 projects with a scale of 39,884 units have been completed, 128 projects with a scale of 115,379 units have started construction and 300 projects with a scale of 262,937 units have been approved for investment policy.

However, the implementation still has some difficulties and problems regarding land funds, capital sources, and investment procedures for social housing projects.

To ensure the completion of the target of 1 million social housing units, in addition to the 4 state-owned joint stock banks, the Ministry of Construction proposed that the State Bank of Vietnam direct and encourage more commercial banks to participate in the program of lending capital support of 120,000 billion VND and open credit rooms to facilitate banks to implement.

In particular, continue to research and consider lowering the lending interest rate for the 120,000 billion VND support capital source in accordance with the practical situation.

Localities urgently establish, revise, and supplement housing development programs and plans, clarifying social housing goals for low-income people, industrial park workers, and people's armed forces.

Plan and arrange independent social housing projects in suitable and convenient locations, with appropriate scale, ensuring social security, full technical and social infrastructure.

Urging and requesting investors of commercial housing projects and urban areas to implement investment in social housing construction on 20% of the land fund of these projects according to the approved schedule. In case the investor fails to implement, the 20% land fund will be recovered to select other investors to implement.

In addition, there are specific mechanisms and solutions to shorten administrative procedures for project establishment, approval, land allocation, land lease, site clearance, construction investment procedures, etc. to support and encourage businesses to implement project investment and construction.

For investors, after starting a social housing project, it is necessary to quickly provide and publicly announce all information related to the project so that people can register to buy, rent, and lease. Urgently start construction and ensure the completion of projects on the 20% land fund for social housing.

Proactively review the subjects and conditions, register with the People's Committees of provinces and centrally run cities to be announced in the list of preferential loans from the 120,000 billion VND support package.

Source: https://thanhnien.vn/bo-xay-dung-kien-nghi-ha-lai-suat-cho-vay-goi-120000-ti-185240614174900364.htm