Accordingly, VARS believes that legal issues and capital are currently the main difficulties of the real estate market. Because of these two factors, thousands of projects are being "shelved", difficult to implement or have to temporarily stop operations. Regarding capital, not only investors but also many customers and investors have difficulty accessing it, leading to liquidity congestion.
To solve the problem of capital sources, Resolution 33/NQ-CP has shown a clear goal of removing credit sources, aiming to unblock capital flows for the real estate market, contributing to increasing liquidity for the market. Through creating favorable conditions for businesses, home buyers and investors to access credit sources with preferential interest rates.
However, Circular 06/2023/TT-NHNN does not follow the spirit of Resolution 33/NQ-CP, and has not clearly specified the subjects that are supported and have their credit difficulties resolved. On the contrary, Circular 06 specifies the subjects that are not eligible for loans in a general and vague manner, giving commercial banks more reasons to reject customer applications.
VARS believes that if Circular 06 comes into effect, it will affect the ability to access capital for many real estate projects.
VARS also believes that Circular 06 has other shortcomings. For example, projects that are stuck in legal problems or lack capital are not qualified to continue implementation. If they are not granted loans, businesses will not have the opportunity to turn things around.
In addition, the M&A channel - mergers and acquisitions is considered a channel that actively supports and opens a way out for many businesses and the real estate market. However, in Circular 06, instead of creating conditions, loosening and supporting M&A activities, it creates risks that will make this activity more difficult.
Finally, the procedures in Circular 06 still have many unclear and ambiguous points, which can easily cause more confusion in the market. This will prolong the stagnation period, affecting the recovery process of the market.
For the above reasons, VARS believes that the State Bank should now withdraw Circular 06 and study and issue a decree with content that closely follows and is in accordance with the spirit of Resolution No. 33/NQ-CP. This decree should clarify the subjects eligible for loans, those facing difficulties due to legal conflicts, capital difficulties, forced to stop site clearance, pay land use fees, and buy back difficult enterprises; lending options for special subjects; monitoring mechanisms, ensuring post-lending effectiveness; lending procedures need to be specified in detail and clearly...
Earlier on the evening of August 16, Prime Minister Pham Minh Chinh sent an urgent dispatch to Deputy Prime Minister Le Minh Khai, the Governor and Deputy Governors of the State Bank of Vietnam, the Minister of Justice, and the Minister of Finance to direct solutions to improve businesses' access to credit.
Accordingly, with the spirit of seeking knowledge, listening to the opinions of businesses and people, ensuring that policies when issued are correct, accurate, do not hinder development and are suitable, and promptly handle difficulties, Deputy Prime Minister Le Minh Khai was assigned to urgently chair a meeting with the Governor of the State Bank, leaders of the State Bank, 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 and unreasonable points of Circular No. 03, and report back to the Prime Minister before August 20.
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