Accordingly, through the feedback of affected entities, press agencies and experts, in order to continue to resolutely, promptly and effectively implement solutions to improve businesses' access to credit, Prime Minister Pham Minh Chinh assigned Deputy Prime Minister Le Minh Khai to urgently chair a meeting with the Governor of the State Bank of Vietnam (SBV), leaders of the SBV, the Ministry of Justice, the Ministry of Finance, and the Government Office to listen to reports and study instructions on amending and supplementing Circular No. 06/2023/TT-NHNN dated June 28, 2023 and unreasonable points of Circular No. 03 dated April 17, 2023. Report back to the Prime Minister before August 20.
Circular 06 took effect from September 1, amending and supplementing a number of articles of Circular 39/2016/TT-NHNN of the Governor of the State Bank of Vietnam regulating lending activities of credit institutions and foreign bank branches to customers. Some contents of this Circular have made many real estate businesses worried because of the possibility of being "blocked" from accessing capital sources at the most necessary stage.
Experts point out that, for projects requiring large amounts of capital while the return on capital is long, mobilizing legal capital sources to implement the project is inevitable. However, Circular 06 has blocked this capital flow by not allowing the investor's partners to borrow capital through business cooperation, only lending when the business conditions are met.
Amending and supplementing Circular 06 to help project investors avoid difficulties in accessing capital sources.
In a document sent to the Prime Minister and the State Bank of Vietnam at the end of July 2023, the Ho Chi Minh City Real Estate Association (HoREA) also stated that Clause 9, Article 8 of Circular 39/2016/TT-NHNN (amended and supplemented in Clause 2, Article 1 of Circular 06/2023/TT-NHNN) stipulates that credit institutions are not allowed to lend to pay for capital contributions to implement investment projects that do not meet the conditions for putting into business according to the provisions of law at the time the credit institution decides to lend is unreasonable.
According to HoREA, this regulation is not consistent with Article 55 and Clause 1, Article 56 of the 2014 Law on Real Estate Business, because the concept of "investment projects not qualified for business" in Clause 9, Article 8, Circular 39/2016/TT-NHNN is different from the concept of "conditions for real estate formed in the future to be put into business" in Article 55 and Clause 1, Article 56 of the 2014 Law on Real Estate Business.
Therefore, Clause 9, Article 8 of Circular 39/2016/TT-NHNN has caused difficulties for investors of real estate projects, commercial housing, and urban areas right at the time when there is the highest need for additional credit capital to implement the project.
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