Proposal to establish an interdisciplinary working group to remove difficulties for the real estate market

Mr. Bui Quang Anh Vu, General Director of Phat Dat Real Estate Development Joint Stock Company (PDR) has sent 3 recommendations to the Conference on Deploying Monetary Policy Management Tasks in 2024 chaired by the Prime Minister this morning.

This morning, March 14, at the Government Office, Prime Minister Pham Minh Chinh and Deputy Prime Minister Le Minh Khai chaired the Conference on Deploying the tasks of monetary policy management in 2024, focusing on removing difficulties for production and business, promoting growth and stabilizing the macro economy.

Attending the conference, Mr. Bui Quang Anh Vu - General Director of Phat Dat Real Estate Development Joint Stock Company (PDR), sent 3 proposals to the Government and Ministries including:

Firstly, continue to have policies on preferential credit packages; support shortening approval time; create conditions for credit institutions to disburse; reduce lending interest rates associated with increasing access to credit capital.

Second, continue to have policies to support the removal of legal procedures for the real estate market, so that projects are eligible to be traded on the market.

Third, it is recommended that the Government actively direct and establish an inter-ministerial working group to support localities and businesses, in order to promptly resolve difficulties.

Mr. Bui Quang Anh Vu - General Director of Phat Dat Real Estate Development Joint Stock Company (PDR) at the conference

In 2023, Phat Dat also faced major challenges related to capital and liquidity. However, according to Mr. Vu, thanks to timely solutions from the Government and the trust of investors, Phat Dat successfully raised capital through private placement of shares to professional securities investors, earning more than VND 670 billion.

At the end of 2023, Phat Dat paid off the corporate bond debt worth VND 2,500 billion on time and ahead of schedule, bringing the outstanding bond debt to Zero. This effort by Phat Dat has demonstrated the prestige and responsibility of the enterprise to bondholders; prestige with credit institutions; contributed to rebuilding investor confidence, strengthening the psychology of the corporate bond market in particular and the capital market in general.

Phat Dat real estate projects all have complete legal documents and are eligible for bank loans. In the fourth quarter of 2023, the Military Commercial Joint Stock Bank (MB Bank) provided comprehensive financial solutions of more than VND 6,000 billion to investors and customers owning project products in Binh Duong Province.

In February 2024, MB Bank continued to support a loan package of 1,500 billion VND for the project located in Binh Dinh province.

Phat Dat believes that with the attention of the Government, the State Bank and ministries, the capital market will recover and grow again, contributing to promoting the development of the country's economy.

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