State Bank and Ministry of Construction meet with banks on real estate loans from 20,000 billion VND

Early next week, on November 13, 2023, the State Bank will coordinate with the Ministry of Construction to organize an online conference to implement Official Dispatch 993/CD-TTg dated October 24, 2023 of the Prime Minister on continuing to resolutely implement solutions to develop the real estate market to develop safely, healthily and sustainably, contributing to socio-economic development.

According to the schedule, the conference will take place from 8:00 a.m. on November 13 at the central bridge point of the State Bank headquarters and at the bridge point of the State Bank branch in Ho Chi Minh City.

The conference is expected to be attended by Governor of the State Bank of Vietnam Nguyen Thi Hong, Minister of Construction Nguyen Thanh Nghi, Permanent Deputy Governor Dao Minh Tu, and Deputy Minister of Construction Nguyen Van Sinh.

Also attending were representatives of the leaders of the following units: Government Office, Ministry of Public Security, Ministry of Finance, Ministry of Planning and Investment, Ministry of Natural Resources and Environment, and Ministry of Justice.

*A real estate project in Da Nang during the construction suspension period, August 2023. (Photo: Tuan Nguyen).*

Notably, the State Bank sent a letter of invitation to the General Director of the Vietnam Bank for Social Policies, and the general directors of 14 commercial banks headquartered in Hanoi and with outstanding real estate credit of over VND20,000 billion.

Representatives of the Vietnam Real Estate Association and leaders of several large real estate corporations were also invited to attend the conference.

Meanwhile, at the Ho Chi Minh City bridge, there were the participation of leaders of the Ho Chi Minh City Department of Construction, Director of the State Bank of Vietnam, Ho Chi Minh City Branch, General Directors of banks headquartered in Ho Chi Minh City and representatives of leaders of large real estate enterprises.

Previously, on October 24, Prime Minister Pham Minh Chinh signed Official Dispatch 993/CD-TTg on continuing to resolutely implement solutions to develop a safe, healthy, and sustainable real estate market, contributing to promoting socio-economic development.

The Prime Minister requested the Governor of the State Bank of Vietnam to direct commercial banks to continue promoting credit lending to the real estate sector, and have appropriate solutions to reduce costs to reduce interest rates.

The Prime Minister requested special credit promotion policies for feasible real estate projects with fast implementation progress, creating momentum for growth and boosting the real estate market.

In addition, preside over and closely coordinate with the Ministry of Construction to carefully review favorable and open lending procedures and conditions, control and speed up the implementation of the 120,000 billion VND credit package.

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