All local and foreign banks and branches are permitted to stand security for housing projects in Vietnam, according to a State Bank of Vietnam circular effective from July 1.
|(Photo: SGGP/Financial Investment)|
According to the July effective revised Housing Law, investors of housing projects must be guaranteed by banks to ensure customers’ rights.
The banks are responsible for refunding a guaranteed amount of money that house buyers have paid the investors in advance if their houses are not built and delivered on schedule.
The refund must be made a month after the house delivery date expires.