SVB to crack down on banks violating housing loan regulations

Deputy director of the Ho Chi Minh City branch of the State Bank of Vietnam (SBV) Nguyen Hoang Minh yesterday said that they had reviewed all loan documents related to the social housing credit package VND30 trillion (US$1.35 billion) and would handle any bank breaking loan regulations.

SBV has reviewed all loan documents related to the social housing credit package of VND30 trillion (Photo: SGGP)

All commercial banks under the program have been asked to send their loan reports to the branch, which will examine the reports and compare them with other information sources.

Banks not complying with loan regulations will be handled as per Government’s Decree 96/2014 on penalty in monetary and banking field.

Those loaning wrong objects of the program will see their loans or interest reclaimed.

According to Mr. Minh, the inspection will not only penalize banks providing false loans but also find whether investors of social housing projects have abided by regulations related to the package.

The branch will list names of violators and send it to authorized agencies to handle.

By the end of July, commercial banks in HCMC have pledged to loan VND3.3 trillion, of which VND2 trillion has been disbursed.

About 97 percent of loan documents and disbursed fund have been provided by three giants including the Bank for Investment and Development of Vietnam, Joint Stock Commercial Bank for Foreign Trade of Vietnam and Vietnam Joint Stock Commercial Bank for Industry and Trade.

By Nhung Nguyen – Translated by Hai Mien

Other news


HCMC focuses on safe pig breeding chain

The HCM City department of agriculture & rural development has just held conference about the sustainable pig breeding and safe pork production market in HCMC.

Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market

STK to issue 10.8million shares

The shareholders of Century Synthetic Fiber Corp (code: STK) have approved plan to issue 10.8 million shares.