“Housing Revolution: Bank Pledges $330 Million for 100 Social Housing Projects”

Deputy Governor of the State Bank of Vietnam, Pham Thanh Ha, shared the above information at a conference on implementing the National Assembly’s Resolution 201 on special mechanisms and policies for social housing development, held by the government on the afternoon of June 2, 2025.

According to the Deputy Governor, since the implementation of the credit program under Resolution 33, the State Bank has been working closely with ministries, sectors, and local authorities. It also directed commercial banks and branches of the State Bank in provinces and cities to actively get involved. A hotline was established, and each investor and project was scrutinized to identify specific difficulties and obstacles in accessing loan capital.

To date, the State Bank has issued 11 documents guiding credit institutions and local State Bank branches to remove bottlenecks. At the same time, the State Bank has coordinated with the Ministry of Construction to organize and participate in 10 conferences to promote the program’s implementation.

This year, following the Prime Minister’s instructions, the State Bank issued Document No. 55 on January 3, 2025, allowing commercial banks participating in the program not to count loan balances against annual credit growth targets.

The State Bank also issued two documents instructing credit institutions to regularly review loan procedures, paperwork, and conditions to make it more accessible for people and businesses, while still ensuring compliance with the law.

“Regarding the implementation results, according to the State Bank’s report, nine commercial banks have registered to participate in the program with a total credit limit of VND 145,000 billion,” said Deputy Governor Pham Thanh Ha.

Regarding interest rates, the Deputy Governor said that the State Bank has continuously instructed credit institutions to reduce costs, apply information technology, and take other management measures to lower interest rates. Since the program’s launch, the State Bank has announced interest rate adjustments five times, gradually reducing them. Currently, the lending rate has decreased to 6.6% per annum for investors and 6.1% per annum for home buyers.

As of April 30, 2025, 38 out of 63 provinces and cities have sent documents or announced lists of social housing projects participating in the program. In total, about 100 projects nationwide have been included in the list.

Commercial banks have committed to providing about VND 7,800 billion in credit, of which VND 3,866 billion will be disbursed. Of this, VND 3,281 billion will go to investors, and VND 585 billion will be for home buyers.

According to reports from State Bank branches in provinces and cities, out of the 100 social housing projects nationwide, 53 have received loans. Twenty-eight projects did not require loans as they could arrange capital independently or because the projects had not reached the capital mobilization stage. The remaining 19 projects are mostly new, and commercial banks are considering providing loans.