Prime Minister urges State Bank to amend real estate lending regulations

The Prime Minister requested the State Bank to urgently review and remove regulations that cause difficulties for real estate businesses in Circular 06 before August 25.

The amendment of Circular 06 under the Government's direction aims to facilitate businesses and people's access to credit capital.

Circular 06 was issued in late June and is expected to take effect in early September this year, supplementing regulations on a number of capital needs that banks are not allowed to lend. One of these contents is that banks are not allowed to lend to pay for capital contributions under capital contribution contracts, investment cooperation contracts or business cooperation contracts to implement investment projects that do not meet the conditions for putting into business.

The State Bank of Vietnam has confirmed that it is not tightening lending conditions, but that these are the minimum lending conditions according to the Law on Credit Institutions, which the agency has warned about in the past. However, according to the Ho Chi Minh City Real Estate Association, this Circular has created more "barriers", making access to credit more difficult than before.

According to experts, the specific regulations in this Circular will lead to a situation where some customers in need of loans, including real estate businesses, home buyers, and investors, will not be able to access credit because "the project does not meet the business conditions".

After the meeting with the Real Estate and Enterprise Association on August 17, Deputy Prime Minister Le Minh Khai sent two documents requesting the State Bank to amend Circular 06. The first time on August 18, the Deputy Prime Minister requested completion before August 21. The second document on August 22, the amendment of the Circular was assigned to be completed before August 24.

In the latest document, the Prime Minister continues to request amendments to this Circular in the direction of suspending the effectiveness of regulations that cause difficulties and hinder businesses.

The State Bank must cut down on administrative procedures, not allowing unclear regulations to lead to different interpretations, until there are other legal documents regulating them. Enterprises with legitimate and legal credit needs, meeting all conditions, must be facilitated to access credit.

The Prime Minister also said that the State Bank needs to respond to policies more quickly and effectively with a spirit of openness, listening and having specific solutions to problems.

The head of the Government also hopes that the State Bank will improve operational efficiency, promote responsibility, promptly resolve issues within its authority, and not shirk or avoid responsibility.

In addition, the Prime Minister also directed the Governor to closely monitor and grasp the situation to be proactive, flexible, timely and active in management. The State Bank needs to have the right and accurate solutions to focus on removing difficulties, boosting production and business, and paying more attention to directing and prioritizing economic growth along with macroeconomic stability.

Quynh Trang

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