March 12, 2023 | 07:22 GMT+7

$5bln credit package for social housing development introduced

Thanh Xuân -

Construction ministry and central bank to implement the credit package.

The Ministry of Construction (MoC) has said it will coordinate with the State Bank of Vietnam (SBV) to implement a credit package of VND120 trillion ($5 billion) for the development of social housing projects.

At a national conference on promoting the development of the real estate sector in a healthy and sustainable manner, held last month, MoC proposed the credit package be introduced in order to boost the growth of social housing and houses for workers.

Investors in social housing projects will be allocated 50 per cent of the package while the remainder will be for personal customers who buy or rent social housing.

Many economic analysts said the credit package is feasible but the central bank should ensure cash flow for its operation and seriously implement credit conditions to curb risk.

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