Business » Real estate
Real estate bailout package little help to low-income earners
  • By T. Chi | | July 14, 2013 10:30 AM
 >>  Real estate bailout package to support low-income earners
 >>  VND30 trillion real estate bailout causes controversy

The Ministry of Construction has announced a list of 30 projects and several enterprises to benefit from the VND30-trillion (USD1.42 billion) real estate stimulation package, but low income individuals are not yet among them.


Statistics showing how low-income people benefit from the bailout package have been not made available

As a result, 30 projects to build social housing or change commercial housing into social housing would get support. However, the ministry has yet to address the difficulties faced by low income people in getting access to home loans.

Of the projects, 15 registered for their loans before the government issued the real estate bailout package, Resolution 02, and 12 registered after its issuance.

According to the ministry, the package would provide support to enterprises of different sectors without prioriotising state-owned enterprises.

“Among selected projects, only four belong to state-owned enterprises,” the ministry noted.

The Bank for Investment and Development of Vietnam (BIDV) has agreed to lend Vicoland Housing Development and Construction Group VND117.7 billion (USD5.6 million) to invest in a social housing project in Thua Thien – Hue Province.

The bank has also decided to lend VND540 billion (USD25.67 million) to Hoang Quan Real Estate Services, Trading and Consulting JSC for a project to change a commercial housing project into social housing in HCM City.

Several officials, including Deputy Minister of Construction, Nguyen Tran Nam, and Nguyen Viet Manh, head of the State Bank of Vietnam's credit department all said that the package would help “warm up the real estate market".

Concerned parties are speeding up the implementation of the package.

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