On November 13, 2023, in Hanoi, the State Bank of Vietnam (SBV) in coordination with the Ministry of Construction organized a Conference on Credit for Real Estate and Social Housing Development under the co-chairmanship of SBV Governor Nguyen Thi Hong, Minister of Construction Nguyen Thanh Nghi; SBV Deputy Governor Dao Minh Tu and Deputy Minister of Construction Nguyen Van Sinh. Also attending the Conference, there were representatives from the Ministries, agencies, the SBV entities and branches; commercial banks, real estate companies, business associations, etc.
In her opening speech, Governor Nguyen Thi Hong asserted that the real estate market has direct connections with other economic sectors. Therefore, in the context when the real estate market has been experiencing a number of irregularities, the Government and the Prime Minister have directed various strong measures, established a task force to review and resolve the difficulties and obstacles in the implementation of real estate projects. However, currently, the real estate is still facing a lot of difficulties.
Thus, the SBV Governor expressed her hope that the participants at the Conference would focus on assessing the real estate market situation, as well as the measures being implemented, then come up with recommendations about possible solutions in the coming time. Also, the participants were expected to discuss about the difficulties and obstacles in the implementation of the credit program worth VND 120,000 billion on lending to social housing, workers’ housing, renovation and reconstruction of old apartment buildings.
SBV First Deputy Governor Dao Minh Tu at the Conference
At the discussion session, First Deputy Governor Dao Minh Tu shared that, in light of the difficulties in the real estate market over the past time, the SBV and the Ministry of Construction have conducted various mechanisms and policies, as well as organized conferences to seek possible solutions to resolve those obstacles.
Ms. Ha Thu Giang, Director General of the SBV’s Department of Credit for Economic Sectors, speaks at the Conference
Moreover, according to Ms. Ha Thu Giang, Director General of the Department of Credit for Economic Sectors, in the nine months of 2023, credit for the real estate sector increased by 21.86%, higher than the common credit growth rate and higher than that of the same period of the previous year. This showed the initial effectiveness of the measures and efforts of the Government, the Ministries and agencies, as well as the local authorities in removing the difficulties and obstacles in the real estate market.
An overview of the Conference
Toward the end of the Conference, Governor Nguyen Thi Hong summarized the ideas from the companies with large investment in the real estate segments, as well as the participants’ assessments at the Conference.
The SBV Governor requested the entire banking sector to take stronger and more active measures in accompanying the businesses. On the SBV’s side, the SBV Governor reaffirmed that the SBV would continue to coordinate with the Ministry of Construction, other Ministries and agencies to implement the Government’s and the Prime Minister’s guidance about the measures of resolving difficulties for the businesses and the people.
Le Hang