Speaking at a National Assembly discussion yesterday of the nation’s socio-economic performance this year, Minister of Construction Nguyen Thanh Nghi delivered a report on the implementation of the credit package.

Along with 100 projects eligible for the package, several provinces and cities have announced their financial needs, including Binh Dinh with over VND1.8 trillion, Phu Tho with VND441 billion, Danang with VND545 billion, Tra Vinh with VND420 billion, Bac Giang with VND4.5 trillion and Haiphong with nearly VND3.9 trillion.

Based on the central bank’s guidance, the ministry has issued guidelines to draw up the lists of projects, beneficiaries and lending criteria.

As the credit package is valid until 2030, more project investors will be able to access soft loans, in accordance with the borrowing needs of the localities, said Nghi.

Regarding the loan disbursement for homebuyers, an NA deputy from Bac Giang Province said that many workers have found it hard to meet all the requirements for accessing the loans. Social housing project investors are facing the risk of default due to a lack of eligible customers.

For example, a social housing project with 4,000 units which cost VND12.3 million per square meter is currently in the final stages of completion. However, the investor has got only over 200 workers applying to buy.

He proposed the authority should loosen the requirements for accessing soft loans to tackle this problem.

Source: Saigon Times