Telegram sent to the Minister of Finance, Minister of Construction, Minister of Natural Resources and Environment, Governor of the State Bank of Vietnam and Chairmen of People's Committees of provinces and centrally run cities.
The dispatch stated: In recent times, the Ministry of Finance, the Ministry of Construction, the State Bank of Vietnam and other ministries, branches and localities have proactively and actively implemented the directions and administrations of the Government and the Prime Minister on enhancing access to credit capital, promoting the development of the corporate bond market and real estate effectively, safely, healthily and sustainably.
As a result, the corporate bond market has gradually stabilized, and the real estate market has seen positive changes. The State Bank of Vietnam has lowered operating interest rates, directed banks to save costs, and lowered lending rates for all businesses, including the real estate sector; and implemented a credit program of about VND 120,000 billion for preferential loans to develop social housing, workers' housing, and renovate and rebuild apartments.
The Ministry of Construction has proactively urged and guided localities and enterprises to remove difficulties and obstacles in implementing real estate projects and actively urged localities to implement the Project "Investing in the construction of at least 1 million social housing units for low-income earners and industrial park workers in the period of 2021-2030", promoting the effective operation of real estate trading floors and actively building an electronic real estate trading floor model.
However, although the corporate bond and real estate markets have improved, they have not met expectations; credit growth is low, the economy's ability to absorb capital continues to be difficult, and bad debt tends to increase.
To continue to effectively, promptly and resolutely implement the direction of the Government and the Prime Minister on solutions to enhance access to credit capital, promote the development of the corporate bond market, real estate effectively, safely, healthily and sustainably, associated with promoting the development of social housing, contributing to promoting production and business, promoting growth, controlling inflation and ensuring major balances of the economy, the Prime Minister requests:
1. The Ministry of Finance shall preside over and coordinate with relevant agencies to:
a) Continue to strongly implement the implementation of a reasonable, focused, and effective expansionary fiscal policy, in close, synchronous, and harmonious coordination with monetary policy to promote investment, especially non-state investment, boost public investment to serve growth, stabilize the macro-economy, control inflation, ensure major balances of the economy, promote recovery and restore production and business activities of enterprises and people.
b) Urgently review and carefully and specifically assess the payment capacity of corporate bond issuers, especially bonds due for payment in late 2023 and 2024; proactively develop scenarios, assess impacts and have specific and effective plans and measures to handle them according to authority, contributing to ensuring the safety and security of the financial and monetary markets; avoid being passive, surprised and negative to the rapid and sustainable development of the economy.
c) Closely monitor and accurately assess the payment capacity and plans of issuing enterprises, especially those facing difficulties and possible risks in debt repayment capacity, to proactively take appropriate measures and solutions within their authority to stabilize the market, require enterprises to prioritize resources to fully perform their obligations as prescribed, ensure the legitimate and legal rights and interests of investors, related entities and the safety and security of the financial and monetary markets in accordance with current laws, and have practical and effective solutions to consolidate, enhance and restore investor confidence, promote the safe, transparent, healthy and sustainable development of the corporate bond market.
d) Urgently review and evaluate the implementation of Decree No. 08/2023/ND-CP dated March 5, 2023 and related documents regulating the offering and trading of individual corporate bonds in the domestic market and the offering of corporate bonds to the international market; clearly assess the necessity, propose specific plans, mechanisms, and appropriate and timely policies in accordance with the provisions of law in accordance with the direction of the Government's leaders in Official Dispatch No. 3580/VPCP-KTTH dated October 2, 2023, promptly report to the Prime Minister, and avoid delays that affect the development of the market.
d) Urgently coordinate with the Ministries of Justice, Planning and Investment, the State Bank of Vietnam and relevant agencies to review and comprehensively evaluate legal regulations related to corporate bond issuance, clearly identify the necessity, propose specific plans and contents of legal documents that need to be amended and supplemented, decide according to authority and if beyond authority, submit to competent authority for decision and propose assignment of presiding agency, coordinating agency, specific completion deadline, promptly report to the Prime Minister in early December 2023.
e) Proactively further promote state management of corporate bond issuance within the authority, especially against negativity, taking advantage of policies and other unhealthy activities. Strengthen close coordination, information sharing, interconnected supervision, proactively monitor, have appropriate, timely and effective management solutions and measures within the assigned functions, tasks and authority; strengthen inspection, examination and close and comprehensive supervision of compliance with the law, prevent profiteering, group interests, negativity and corruption; strictly handle cases of violations of legal regulations; promptly report and propose to competent authorities on arising issues beyond authority; ensure the market operates in accordance with market rules, is healthy, safe, public, transparent and sustainable.
g) Closely coordinate with relevant ministries and agencies to focus on implementing information and propaganda work, especially on the situation and development orientation of the State, and the Government's direction on the corporate bond market; strengthen strict censorship, detect, prevent, and handle organizations, groups, and social information channels that propagate and disseminate inaccurate and distorted information, causing incitement to people; promptly and strictly handle cases of law violations that cause loss of security, order, and social safety.
2. The State Bank of Vietnam presides over and coordinates with relevant agencies:
a) Continue to resolutely, effectively and promptly implement the tasks and solutions in Resolution No. 01/NQ-CP dated January 6, 2023 of the Government, Resolutions of regular Government meetings, Telegrams No. 990/CD-TTg dated October 21, 2023, Telegrams No. 993/CD-TTg dated October 24, 2023 of the Prime Minister, directives of Government leaders and legal regulations, closely follow market developments to operate monetary policies proactively, flexibly, promptly and effectively, prioritizing promoting economic growth and effective credit growth associated with macroeconomic stability, controlling inflation, ensuring major balances of the economy, and safety of the credit institution system; Operate monetary policy tools: exchange rates, interest rates, money supply... in a rhythmic, synchronous and effective manner to continue to remove difficulties, meet the highest possible capital needs of the economy to promote business production of enterprises, create jobs and livelihoods for people.
b) Manage credit growth reasonably and effectively, strive to achieve the highest possible set target, improve credit quality, direct credit to production and business sectors, priority sectors, growth drivers of the economy (especially investment, consumption, export, digital transformation, green transformation...), strictly control credit, promptly, appropriately and effectively handle sectors with potential risks.
c) Closely monitor developments in the real estate market, corporate bonds, and real estate credit to have solutions that both ensure the safety of the banking system and contribute to solving difficulties, removing bottlenecks, promoting economic growth, and ensuring the healthy and sustainable development of the real estate market and corporate bonds.
d) Continue to thoroughly research and find feasible solutions to drastically and effectively implement the VND 120,000 billion credit program for investors and home buyers of social housing projects, worker housing projects, and projects to renovate and rebuild old apartments; continue to promote the implementation of the VND 15,000 billion preferential credit package for the forestry and fishery sectors; in which, further promote the key role of state-owned commercial banks and encourage, motivate, and build appropriate and effective policy mechanisms to promote the active and creative participation of joint-stock commercial banks. Guide and create conditions for the Bank for Social Policies to effectively implement preferential credit programs for the poor and other policy beneficiaries.
d) Urgently report to the Prime Minister in November 2023 on the results of the implementation of the 120,000 billion VND credit program for preferential loans to develop social housing, workers' housing, and renovate and rebuild apartment buildings according to the direction of the Prime Minister in Official Dispatch No. 6745/VPCP-CN dated August 31, 2023 of the Government Office.
e) Resolutely, strongly and effectively implement solutions to facilitate businesses and people to access credit capital, improve the economy's ability to absorb capital, further strengthen connectivity, transparently share information, and support each other between banks and businesses. Further promote administrative procedure reform, review and resolutely cut down on administrative procedures that are no longer appropriate and cause waste, inconvenience, and increase costs for people and businesses. Continue to direct credit institutions to review and reduce operating costs, simplify lending procedures and conditions, increase the application of information technology, and digital transformation to continue to reduce lending interest rates; promote the spirit of social responsibility, mutual assistance, and business ethics of the credit institution system; Effectively implement appropriate preferential credit packages of commercial banks in important areas, growth drivers of the economy and in participating in implementing policies to eradicate hunger and reduce poverty, and ensure social security.
g) Urgently review and evaluate the implementation of Circular No. 02/2023/TT-NHNN, Circular No. 03/2023/TT-NHNN, Circular No. 06/2023/TT-NHNN and related Circulars and regulatory documents to proactively and promptly review, amend, supplement and issue new regulatory documents, especially mechanisms and policies that expire in 2023, in order to promptly remove difficulties arising in practice, ensure synchronization, efficiency, suitability with the actual situation, stabilize the monetary market, and ensure the safety of the credit institution system in accordance with the Government's resolutions, the direction of the Government's leaders and the provisions of law, and absolutely not allow interruptions, lack of timeliness, lack of initiative in building, supplementing and perfecting credit policies that are effective or will have sustainable, long-term effects, and are suitable for reality.
h) Directing to continue reviewing, having practical and effective solutions, strengthening direction, inspection, urging and guiding commercial banks so that enterprises, real estate projects and home buyers can access credit capital more conveniently, promptly resolving difficulties in capital and cash flow. Timely detecting and strictly handling commercial banks that add unfeasible and illegal requirements, causing difficulties and troubles for enterprises, real estate projects and home buyers to access credit capital.
3. The Ministry of Construction shall preside over and coordinate with relevant agencies:
a) Continue to closely and effectively coordinate with the National Assembly agencies and relevant agencies to review, revise and complete the draft Law on Housing (amended) and the draft Law on Real Estate Business (amended) for the 15th National Assembly to consider and approve at the 6th Session to ensure feasibility, practicality, maximum removal of difficulties and obstacles, and strong development of a public, transparent, safe and healthy real estate market; at the same time, proactively develop draft legal documents detailing and guiding the implementation of the above Laws immediately after they are approved by the National Assembly, submit them to competent authorities for consideration and promulgation, ensuring they take effect simultaneously with the provisions of the Law.
b) Continue to promote the role and responsibility of the Head of the Prime Minister's Working Group, proactively and actively deploy the Working Group's activities more drastically, more strongly, more comprehensively, promptly guide localities and enterprises to remove difficulties and obstacles to complete the legal procedures of projects, speed up the implementation of real estate projects, especially housing projects, urban areas, large industrial parks, with spillover effects, and feasibility when difficulties and obstacles are removed.
c) Proactively promote decentralization and authorization to localities in handling administrative procedures, guide localities to improve their skills, minimize processing time, speed up the progress of handling administrative procedures related to real estate projects, especially procedures for establishing, appraising, and approving construction planning, urban planning, procedures for appraising design documents, and procedures for checking acceptance work. Proactively strengthen inspection and supervision and have timely and effective solutions to remove difficulties and overcome challenges of the real estate market.
d) Strengthen inspection and examination of the settlement of administrative procedures related to real estate projects, promptly provide guidance on problems and resolutely handle cases that cause difficulties, inconveniences, and roundabout handling that cause delays in settling administrative procedures for people and businesses.
d) Closely monitor real estate market developments, proactively and promptly respond to policies or advise and propose to competent authorities appropriate, timely and effective policies to promote market development; Direct localities to closely monitor the status of projects, implementation progress, capital disbursement, problems and difficulties to promptly coordinate with ministries and agencies to guide, resolve and synthesize, and report to the Prime Minister.
e) Continue to monitor, direct, urge and guide localities and enterprises to promote the development of social housing, further promote the implementation of 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 2021-2030"; urgently report the implementation results in November 2023 according to the direction of the Prime Minister in Official Dispatch No. 7176/VPCP-CN dated September 19, 2023.
4. The Ministry of Natural Resources and Environment shall preside over and coordinate with relevant agencies to:
a) Continue to invest efforts, closely coordinate with the National Assembly Committees and relevant agencies to complete the draft Law on Land (amended) to ensure quality, promote decentralization, reduce unnecessary administrative procedures, remove obstacles and difficulties from reality and synchronize with the draft Law on Housing (amended) and Law on Real Estate Business (amended).
b) Promptly guide localities to resolve problems related to land allocation and leasing, especially land price determination, land management and use. Strengthen inspection and examination of procedures for land price determination for real estate projects, promptly detect and strictly handle cases that cause difficulties, inconvenience, roundabout handling, delay and signs of law violations.
5. People's Committees of provinces and centrally-run cities:
a) Resolutely implement the tasks and solutions set out in the Government's Resolutions and the Prime Minister's directions, closely coordinate with the State Bank of Vietnam and credit institutions in the area to effectively implement solutions to improve access to credit capital for people and businesses, support businesses in developing production and business; strengthen information and communication work, strictly handle cases of law violations, causing insecurity, disorder and social safety in the area.
b) Continue to direct competent authorities to focus on handling, resolving, and shortening the time for procedures for real estate projects, especially procedures for selecting investors; establishing, appraising, and approving planning; appraising designs, granting construction permits, etc., with priority given to accelerating the progress of industrial real estate projects, social housing, and housing for workers. Resolutely do not allow the situation of roundabout handling, evasion, shirking of responsibility, delay, harassment, and negativity in handling administrative procedures to affect the progress of real estate projects.
c) Continue to direct the Department of Natural Resources and Environment, the Department of Finance and relevant agencies to focus on resolving and immediately removing obstacles and delays in land allocation, land lease and land price determination. Review and decide on land prices within authority, in accordance with legal regulations and be responsible to the Prime Minister if there are delays, negativity, waste, corruption... affecting the progress of investment projects.
d) Accelerate the establishment and approval of planning, especially construction planning, urban and rural planning as a basis for implementing effective, appropriate, synchronous and modern real estate projects. Publicly announce the list of real estate projects that must select investors through bidding so that businesses have full information, proactively research, register to participate in investment in a public, transparent, equal and competitive manner according to market rules.
d) Urgently and effectively implement the tasks specifically assigned in Decision No. 338/QD-TTg dated April 3, 2023 of the Prime Minister approving 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 2021-2030" and the VND 120,000 billion credit program for projects to build social housing, housing for workers, renovate and rebuild apartment buildings.
6. Assign Deputy Prime Minister Le Minh Khai to directly direct, monitor and handle according to his authority; the Government Office regularly monitors and urges ministries, agencies and localities to perform the tasks assigned in this Official Dispatch, promptly report to the Prime Minister on the situation and implementation results on a quarterly basis.
NT
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