Eight commercial banks have registered to participate in the VND120 trillion credit package, with each bank committing VND5 trillion, bringing the total amount committed to VND140 trillion. In addition to the four state-owned banks (Vietcombank, Vietinbank, BIDV, and Agribank), TPBank, VPBank, MBBank, and TechcomBank have also joined the initiative.
So far, 34 out of 63 provinces have announced 78 eligible projects on the electronic information portal. The banks have disbursed VND1,344 billion, including VND1,295 billion to investors for 12 projects and VND49 billion to home buyers for five projects.
The social housing loan package has been increased to VND140 trillion.
The participating banks have offered loans to investors and homebuyers of social housing and worker housing projects at interest rates 1.5-2% lower than the average long-term lending rates of state-owned commercial banks in the market.
The State Bank of Vietnam has adjusted the interest rates twice, resulting in preferential rates of 8% for enterprises and 7.5% for homebuyers.
Previously, the Ministry of Construction issued guidance on determining the list of projects, subjects, conditions, and criteria for preferential loans for social housing, worker housing, and apartment renovation and reconstruction.
The conditions for borrowers have been relaxed, with the requirement for a construction permit removed, and only the conditions for approved investment policies, selected investors, and allocated land remaining.
The State Bank of Vietnam is finalizing a draft resolution to adjust the interest rates for the VND120 trillion program, offering rates of 3-5% for homebuyers and maintaining the current support of 1.5-2% for investors.
The Ministry of Construction has agreed with the State Bank’s proposal to facilitate access to preferential capital for the people.
Recently, the Prime Minister assigned the Ministry of Construction to coordinate with relevant ministries and sectors to develop a VND30 trillion package for social housing, including VND15 trillion from the issuance of government bonds and VND15 trillion from local budgets, to be implemented by the Vietnam Bank for Social Policies.
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