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Social housing projects seek loans from $5B credit package

Thirty-seven social housing projects have qualified for loans from the VND120 trillion ($5.07 billion) credit package that the government has set aside to boost affordable home supply.

These projects need to borrow VND17.85 trillion in incentive interest loans, according to a report by the Ministry of Construction.

Social housing projects, seek loans, credit package, affordable home supply, incentive interest loans, high demand

A social housing project in Da Nang City.

Bac Ninh, Binh Dinh, and Ho Chi Minh City each has six projects. The 37 projects will be reviewed by local authorities for approval.

The VND120 trillion credit package was launched in April to boost the supply of affordable homes across Vietnam as there is a severe shortage of property units in this segment despite high demand.

The package offers loan interests 1.5-2 percentage points lower than the market average.

Some banks have started to approve loans in this package, the State Bank of Vietnam said earlier this month.

There are now 294 social housing projects with a total of 288,500 units being developed in Vietnam, according to the construction ministry.

Nine of them began construction in the first half of this year.

The ministry has admitted that bureaucracy in social housing approval is delaying development and increasing expenses for businesses.

Many localities have not earmarked land lots for social housing projects and land clearance often takes a long time.

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Developers of social housing projects buyers of this kind of houses are entitled to benefit from a credit package worth 120 trillion VND (5.1 billion USD) which was started by the State Bank of Vietnam (SBV) earlier this month.
 
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(BGO) – Chairman of Bac Giang provincial People’s Committee (PPC) Le Anh Duong on March 30 inspected the implementation of social housing project for worker in new urban area of Nenh town in Viet Yen district and interchange project of Voi town (Lang Giang district) with Bac Giang – Lang Son expressway.
 
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Deputy Prime Minister Tran Hong Ha has requested promptly tackling obstacles in social housing development policies and mechanisms, with incentives in infrastructure, land and finance for developers engaged in the effort.
 
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The Ministry of Construction has proposed that the National Assembly and the Government set aside a credit package of VND110 trillion (US$4.66 billion) for the development of social housing.
 
Settling down thanks to social housing credit program
(BGO) - Implementing the Government’s Decree No. 100/2015/ND-CP dated October 20, 2015 on social housing development and management (Decree 100), since 2018, the Vietnam Bank for Social Policies’ branch in Bac Giang province (VBSP Bac Giang) has offered loans under the social housing program.
 

Source: VnExpress

Social housing projects, seek loans, credit package, affordable home supply, incentive interest loans, high demand
 
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