The content of the dispatch clearly stated that, through the feedback of affected entities, press agencies and experts; in order to continue to resolutely, promptly and effectively implement solutions to improve access to credit, Prime Minister Pham Minh Chinh has given instructions:
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; assign Deputy Prime Minister Le Minh Khai 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. 06/2023/TT-NHNN dated June 28 and unreasonable points of Circular No. 03/2023/TT-NHNN dated April 17, 2023, and report back to the Prime Minister before August 20.
Circular 06/2023/TT-NHNN amends and supplements 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.
The Prime Minister's directive took place in the context that Mr. Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association (HoREA), had previously informed the HoREA Executive Board, members and the business community of the "good news" that the Governor of the State Bank of Vietnam Nguyen Thi Hong had sent information to the association's leaders with the content that investors are still allowed to borrow, including projects that are not yet qualified for business and projects that are qualified for business.
According to Mr. Le Hoang Chau, previously, Deputy Governor Pham Thanh Ha sent information to HoREA that the State Bank had assigned the Director of the Credit Department to re-examine Circular 06 to correctly quote the provisions on business conditions of the Law on Real Estate Business (if necessary).
In a document sent to the Prime Minister and the State Bank of Vietnam at the end of July 2023, HoREA 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.
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 "blocked" credit loans for real estate projects, commercial housing, and urban areas right at the time when investors have the highest need for additional credit capital to implement the construction of project works.
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