A credit package worth some 20 trillion VND (952.3 million USD) willbe released to support homebuyers interested in commercial and urbanhousing projects, reported Xay Dung, the Ministry of Construction'se-paper.
The ministry made the announcement in a document sent tothe government office, whereby it approved the lending programmesuggested by the State Bank of Vietnam.
The central bank willdisburse the fund through commercial banks in which it has controllingstakes. They include Vietcombank, VietinBank and BIDV, along withAgribank and Vietnam Development Bank.
Deputy Minister ofConstruction Pham Hong Ha said the programme is aimed at boosting thereal estate market while helping lending institutions speed up bad debtsettlement.
Savills Vietnam's managing director Neal Macgregorrecently told the press in Ho Chi Minh City that Vietnam's social andeconomic factors are supporting the growth of its real estate market,which has bottomed out.
He emphasised that the amended Law onHousing, effective from July 1, 2015, which will enable overseasVietnamese and foreigners to own houses in the country, is expected toattract a new wave of investment.
Vietnam is among the topforeign remittance recipients globally, with last year's remittancereaching 12.5 billion USD, and the inward flow of capital has recentlyaccelerated, noticeably from Singapore, the Republic of Korea, andJapan.
The country's urbanisation rate, from less than 20percent in 1995 to 34 percent last year, and its rapidly growing middleclass — expected to reach 33 million by 2020 from 12 million in 2012 —are positive factors for the property market.-VNA
The ministry made the announcement in a document sent tothe government office, whereby it approved the lending programmesuggested by the State Bank of Vietnam.
The central bank willdisburse the fund through commercial banks in which it has controllingstakes. They include Vietcombank, VietinBank and BIDV, along withAgribank and Vietnam Development Bank.
Deputy Minister ofConstruction Pham Hong Ha said the programme is aimed at boosting thereal estate market while helping lending institutions speed up bad debtsettlement.
Savills Vietnam's managing director Neal Macgregorrecently told the press in Ho Chi Minh City that Vietnam's social andeconomic factors are supporting the growth of its real estate market,which has bottomed out.
He emphasised that the amended Law onHousing, effective from July 1, 2015, which will enable overseasVietnamese and foreigners to own houses in the country, is expected toattract a new wave of investment.
Vietnam is among the topforeign remittance recipients globally, with last year's remittancereaching 12.5 billion USD, and the inward flow of capital has recentlyaccelerated, noticeably from Singapore, the Republic of Korea, andJapan.
The country's urbanisation rate, from less than 20percent in 1995 to 34 percent last year, and its rapidly growing middleclass — expected to reach 33 million by 2020 from 12 million in 2012 —are positive factors for the property market.-VNA
