Unlocking Housing Opportunities: Unveiling Two Social Housing Projects in Bac Ninh

On August 21, the Vietnam State Bank’s Bac Ninh branch (SBV Bac Ninh) organized a conference to promote the VND 120,000 billion credit program for social housing development under Government Resolution No. 33/NQ-CP.

Mr. Nguyen Thac Quang, Deputy Director of SBV Bac Ninh, said that in implementing Resolution 33/NQ-CP, SBV Bac Ninh has actively deployed and directed commercial banks to approach, grasp capital borrowing needs, and guide investors and homebuyers to complete loan procedures as prescribed. As of July 17, 2023, with the approval of the Bac Ninh People’s Committee, there are six projects from five investors in the province that meet the borrowing requirements under Resolution 33.

So far, two bank branches in Bac Ninh province have disbursed loans to two investor customers, corresponding to two projects (a social housing construction project on Le Thai To Street, Vo Cuong Ward, Bac Ninh City; and a social housing, electrical appliance retail, and grocery project in Pho Moi Ward, Que Vo Town) with a disbursement value of VND 170 billion and outstanding debt of VND 164 billion. Loans have also been disbursed to seven homebuyers, with a disbursement value of VND 2.93 billion and outstanding debt of VND 2.82 billion.

At the conference, Ms. Ngo Tan Phuong, Vice Chairman of the Bac Ninh People’s Committee, asked SBV Bac Ninh to synthesize the proposals of the investors and report them to the SBV of Vietnam for consideration and resolution. At the same time, SBV Bac Ninh should continue to promote the program, expand communication, and provide clear advice on mechanisms, policies, conditions, procedures, and processes so that investors and low-income earners have sufficient information and proactively approach and borrow capital when needed.

SBV Bac Ninh directed commercial banks to continue studying the reduction of costs and interest rates and strengthening the control of the team of officers in charge of receiving and guiding borrowing customers to ensure that all eligible customers can access loans.

The Bac Ninh Department of Construction and the Bac Ninh Department of Planning and Investment, based on their assigned functions and tasks, will continue to resolve difficulties and support enterprises in implementing the program, reporting to the Bac Ninh People’s Committee on matters beyond their competence.