Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam (SBV) to instruct commercial banks to study and issue special credit policies for feasible real estate projects as part of measures to help the property market develop in a stable, safe, sound, and sustainable manner.

In a circular signed by the Prime Minister on October 24 on solutions to develop the real estate market, the SBV was also tasked with taking measures to speed up the disbursement of the VND120 trillion ($5 billion) credit package for social housing projects.

Since early in the year, the construction of ten projects building social housing and houses for workers have kicked off, with an estimated 19,853 units.

Localities have announced lists of 52 projects eligible to access the $5 billion credit package, with total needs of over VND25.88 trillion ($1.078 billion).

However, obstacles and difficulties remain, particularly relating to regulations, land prices, land allocation, capital markets, administrative procedures, and access to credit for real estate projects, which hinder market development, the circular stated.

Prime Minister Chinh asked the People’s Committees of localities to directly work with businesses and projects that are facing difficulties or delays to identify why and adopt measures to resolve them.

The government leader also asked relevant ministries and sectors to help enterprises and localities with implementing projects on building at least 1 million social housing units for low-income earners and workers at industrial parks in the 2021-2030 period.