Prime Minister requests to promote real estate lending

In this dispatch, the Prime Minister requested the Minister of Construction to promote the role and responsibility of the Head of the Prime Minister's Working Group, to operate the Working Group more drastically, more strongly, more comprehensively, to promptly guide and remove difficulties and obstacles, to speed up the implementation of real estate projects, especially housing projects, large urban areas, and industrial parks with widespread impacts. Focus on directing, urging, and guiding localities and enterprises to speed up the implementation of the Project "Investing in the construction of at least 1 million social housing apartments for low-income people and industrial park workers in the period 2021-2030".

Notably, the Prime Minister also requested the Governor of the State Bank to direct commercial banks to continue promoting credit lending to the real estate sector; have appropriate solutions to reduce costs to reduce interest rates; review and further reduce inappropriate, cumbersome and costly administrative procedures so that businesses, real estate projects and home buyers can access credit sources more conveniently. At the same time, there should be special credit promotion policies for feasible real estate projects with fast implementation progress, creating momentum for growth and promoting the real estate market.

In addition, the State Bank will preside over and closely coordinate with the Ministry of Construction to carefully review favorable and open lending procedures and conditions, control and accelerate the implementation of the 120,000 billion VND credit program for preferential loans to develop social housing, workers' housing, and renovate and rebuild old apartment buildings.

The Minister of Natural Resources and Environment shall urgently complete and submit to competent authorities for consideration and promulgation of a Decree amending and supplementing Decree No. 44/2014 regulating land valuation methods in October 2023.

In addition, the Prime Minister requested the Chairmen of the People's Committees of provinces and cities to urgently complete the establishment, adjustment and supplementation of the Housing Development Program and Plan of localities, especially the establishment and approval of timely and effective planning and plans, and specific implementation for investment in social housing projects each year from now until 2030; actively and proactively work directly with each enterprise and each project that has problems or slow implementation to clearly identify the causes and promptly remove difficulties and problems within their authority.

Source: https://nld.com.vn/kinh-te/thu-tuong-yeu-cau-thuc-day-cho-vay-bat-dong-san-2023102420514908.htm