Ministry reports slow disbursement of social housing credit package

The Ministry of Construction says the disbursement progress of the VND30 trillion credit package for social housing is rather slow.

A social housing project under construction in District 8, HCMC (Photo: SGGP)

The VND30 trillion (US$1,412 million) package is one of the government programs to provide credit for social housing projects.
Five banks attending in the program disbursed VND3,954 billion, accounting for only 13.2 percent of the total capital in the first five months this years.
Several provinces have not drastically solved problems in investment procedures of social housing projects, resulting in low supplies of this kind of houses.
In the report on social housing credit package the ministry asked local authorities to streamline the procedures in order to increase the social housing supplies, especially in Hanoi, Ho Chi Minh City and Binh Duong.
The Ministry is going to work with the State Bank to establish an inspectorate over the package disbursement and solve difficulties to speed up the progress.
The Government has instructed the ministry to build a long term financial mechanism that helps low income people buy social houses.
In the same period, the total volume of real estate stockpile reduced by VND45,029 billion equivalent to 35 percent compared to the first quarter last year.
Of these, the stock value decreased by 36 percent in Hanoi and 45 percent in HCMC.
Successful transactions doubled over the same period last year in Hanoi. In HCMC, the most purchased segment is low-price apartment segment including flats having a selling price less than VND15 million per square meter.

By Bich Quyen – Translated by Hai Mien

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