A social housing block in Ninh Thuan Province. — VNA/VNS Photo Cong Thu

The Ministry of Construction (MOC), the Ministry of Finance (MOF), and the State Bank of Vietnam (SBV) have been urged to make a joint effort to support realty firms facing legal entanglements, especially those involved in corporate bond issuances and bank mortgages.

Realty firms have been called to focus more on developing low-end segments to increase the availability of affordable housing for low-income homebuyers and workers.

MOC has been requested to speed up the drafting of 'The scheme of one million social housing for low-income homebuyers and workers between 2021 and 2030' and submit the scheme to the Prime Minister for approval no later than March.

In addition to the scheme, the ministry has been tasked with executing Decision No.1435, which calls for the removal of obstacles hindering local real estate projects.

Meanwhile, MOF has been assigned the responsibility of implementing Dispatch No.1163, which mandates legal measures to tighten up corporate bond issues. It also requires the ministry to provide assistance to firms in restructuring their bonds.

Decree No.08 is another legal document whose implementation has been assigned to the ministry. The decree centres around some revisions to an earlier decree on privately-placed corporate bonds.

MOF has also been charged with carrying out Decision No.75 to ensure the stable operation of the securities and corporate bond markets. For issues beyond its authority, it is required to report the issues to the Prime Minister.

The PM has called on SBV to accelerate the distribution of the credit package that provides VND120 trillion (US$5.1 billion) of preferential loans to individuals seeking to buy affordable housing and apartments in renovated buildings.

For legally-adequate real estate projects which have a good prospect for sales and have the capability to repay their debts, the PM has requested SBV to facilitate their access to bank loans to boost the sector's recovery.

Credit institutions have been urged to take measures to improve the availability of preferential loans to the economy, especially loans to homebuyers and realty firms.

The PM has also requested local authorities quickly ratify master plans for land use and housing and speed up the project-approving process to create more supply to the realty market.

The authorities have also been urged to implement Decision No.1435, which calls for support to real estate projects stymied by legal, administrative, and financial obstacles.

They have also been tasked with implementing Resolution No.33, which involves measures to ensure a healthy realty market, and submitting quarterly reports on the implementation to the PM.

The PM has also requested MOC to make similar reports on the execution of Resolution No.33 and hand them to the Government on a quarterly basis.

The PM has appointed Deputy Prime Minister Tran Hong Ha to oversee the implementation of the above-mentioned directives in the three ministries and local authorities. —VNS