Central Bank disapproves of HCMC Real Estate Association’s proposal

The State Bank of Vietnam has sent a document in response to a proposal by the HCMC Real Estate Association to extend the disbursement of the VND30 trillion (US$1.34 billion) housing credit package for businesses.

Apartment buildings for middle income people in Binh Tan, HCMC (Photo: SGGP)

According to the proposal, the package’s disbursement will continue for credit contracts signed before March 31, 2016 by social housing investors.
They include investors of social housing projects and commercial projects, which have been converted into social purpose and left half-done.
The investors have enjoyed tax and land incentives when building social housing projects. In addition, the package’s disbursement extension for citizens has indirectly assisted businesses to sell apartments, the bank says.
Among goals of the package, social welfare via assistances for citizens to access low interest loans to buy apartments and improve their accommodation situation is more important than others.

By Nhung Nguyen – Translated by Hai Mien

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