Hanoi (VNA) – Prime Minister Pham MinhChinh has urged greater efforts to promotecredit access, thus boosting corporate bond and real estate markets in a safe,healthy and sustainable fashion.  

In a dispatch issued on November 23 and sent torelevant ministers, the central bank governor and local leaders, the PM stresses that despite joint efforts, the corporate bond and real estate markets have yetto improve as expected, with low credit growth, difficulties in capital absorption,and increasing bad debts.

Given this, he asks the Ministry of Finance tocoordinate with concerned agencies to continue rolling out the fiscal policy in a suitable, focused and effective manner, and combine it with the monetary policy to promote investment,especially the non-state capital flow. 

The ministry needs to quickly review and thoroughly evaluatethe payment capacity of corporate bond issuers, especially bonds due forpayment in late 2023 and 2024. It also needs to assess the implementation of Decree No.08/2023/ND-CP, dated March 5, 2023 and other documents regulating the trading of corporate bonds in the domestic marketand offering of corporate bonds in international market. 

The PM asks the ministry to work together with the Ministry ofJustice, Ministry of Planning and Investment, the State Bank of Vietnam (SBV) and otheragencies to look back on legal documents on the issuance of corporate bonds,and propose specific plans for legal adjustments and supplements, which shouldbe completed in early December.

Meanwhile, the SBV is urged to keep a close watchon market developments to operate monetary policy and control credit growth, he said, suggesting that prioritiesshould be given to production and business, and such growth engines asinvestment, consumption, export, digital transformation and green transition.

The bank should take solutions to effectively rollout the 120 trillion VND (4.9 billion USD) package in preferential lendingrates for social housing development and purchase, and push ahead with the 15 trillion VNDpackage in the forestry and fishery sectors.

The outcomes of the implementation of the social housingpackage must be reported to the PM within this month, according to thedispatch.

The leader also requests the bank to facilitate creditaccess by businesses and people, further streamline administrative procedures, andstrictly handle commercial banks that seek ways to hinder credit access by realestate firms and buyers.  

The Ministry of Construction is tasked to coordinate withNational Assembly agencies and others to review and perfect the draft HousingLaw (amended) and the revised draft Law on Real EstateBusiness, which are expected to be adopted at the sixth sitting of the 15th legislature.

The Ministry of Natural Resources and Environmentwill guide localities to remove obstacles to land allocation and lease,especially in land pricing, management and use.

The People’s Committees of centrally-run cities andprovinces are asked to speed up the building and approval of planning schemeswhich serve as a foundation for the rollout of real estate projects, andpublicise the list of real estate projects that need to select investors in theform of bidding./.