Eight banks implement pilot credit link in real estate market

Eight large commercial banks on June 11 launched a pilot credit project linking investors, contractors, construction material suppliers and banks to clear difficulties in the real estate market as per instruction by the State Bank of Vietnam in Hanoi.

Customers learn about a real estate project in HCMC (Photo: SGGP)

The eight banks include BIDV, Agribank, VietinBank, Vietcombank, LienVietPostbank, Mekong Housing Bank, Vietnam Construction Bank and Saigon-Hanoi Bank.

According to the State Bank, the credit link is designed to create transparency in the construction market and clear real estate and construction material stock.

The project is also expected to foster cooperation among the commercial banks to control money flow, ensure loans to be used for right purposes and reduce bad debts in the banking system, the directive said.

By Bao Minh – Translated by Hai Mien

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