Prime Minister Pham Minh Chinh has asked relevant agencies to create the conditions needed for property developers and buyers to gain access to credit, as part of measures to promote the development of Vietnam’s real estate market.

Under a document signed by the government leader on March 27 seeking measures to remove obstacles and develop the property market, Prime Minister Chinh urged the State Bank of Vietnam (SBV) to quickly implement a credit program worth some VND120 trillion ($5.1 billion) to help commercial banks provide preferential loans to investors and buyers of projects building social housing and houses for workers or rebuilding old apartment blocks.

He instructed the Ministry of Finance to carry out harmonious, reasonable, and effective measures to help enterprises restructure bond debts and interest rates, payment terms, and conditions under regulations.

Real estate enterprises must adjust their product structure and market segments as well as offer more reasonable prices, while paying special attention to the development of social housing and houses for workers that match incomes, Prime Minister Chinh said.

Relevant authorities also need to review housing and real estate projects to work with enterprises on measures to address legal issues, especially in projects with corporate bonds and bank loans and capital mobilized from buyers, he added.

He also urged the Ministry of Construction to soon complete a project on building at least 1 million social housing apartments for low-income earners and workers in industrial parks in the 2021-2030 period.