Why did the new bank commit to disbursing 7 trillion in the 120 trillion social housing loan package?

On March 12, the State Bank held an online conference to deploy a loan program of 120,000 billion VND for social housing, worker housing, and projects to renovate and rebuild old apartments.


According to information from the conference, to date only 68 projects across the country have been announced to be eligible to participate in the VND 120,000 billion program, although the program is mentioned in the Resolution. 33/NQ-CP dated March 11, 2023 of the Government and there are up to 10 guiding documents issued by many ministries and branches.

To date, some localities have announced many projects: Hanoi (6 projects), Ho Chi Minh City (6 projects), Bac Ninh (6 projects), Binh Dinh (5 projects)… In Of the 68 projects announced by 28 provinces and cities, 30 projects have a need for loans, the remaining projects do not have a need for loans because they have been completed or have arranged other capital sources.

Conference có  Participation of real estate businesses, gold banks;  relevant officials/agencies.
The conference had the participation of real estate businesses, banks and relevant ministries/sectors.

Of the 30 projects that need loans, commercial banks have committed to granting credit to 15 projects with a committed amount of about 7,000 billion VND.

Of these, there are 10 projects that need to be disbursed, including 7 projects granting credit to investors, 2 projects granting credit to home buyers and 1 project granting credit to both investors. and home buyers. The amount of credit committed to 8 project owners is 1,965 billion VND, and 640 billion VND has been disbursed; and committed to providing credit to home buyers in 03 projects with an amount of 7 billion VND, the disbursed amount is 6 billion VND.

Specifically, BIDV has disbursed to 3 project investors in Phu Tho, Thanh Hoa and Binh Duong provinces with an amount of VND 95.7 billion.

Vietinbank has disbursed to a project investor in An Giang province an amount of 128.6 billion VND and to a home buyer in a project with an amount of 0.4 billion VND.

Agribank has disbursed to 4 project investors in the provinces of Bac Ninh, Quang Ninh and Kien Giang with the amount of 415.7 billion VND and to home buyers in 2 projects with the amount of 5.7 billion VND.

Over the period of implementing the VND 120,000 billion program, the State Bank has gathered a number of problems and difficulties from lending units.

The first, Social housing supply is limited. According to the authorization of the Ministry of Construction, the People’s Committees of provinces and cities will announce the list of social housing in their localities. However, after the State Bank issued document No. 2308/NHNN-TD dated April 1, 2023 and the Ministry of Construction issued document No. 1551/BXD-QLN dated April 24, 2023 guiding the implementation of the Program Until now, only 28 provinces and cities have announced the list of social housing, worker housing, and apartment renovation and reconstruction projects. In which, provinces focus on announcements from July 2023 to present. A total of 68 projects have been announced in the loan list of this Program.

MondayAccording to reports from State Bank branches in provinces and cities, there are some localities that have not published this list even though the Department of Construction has made a written request.

Tuesday, Some projects are on the announced list but the investor does not need to borrow capital (because it has been completed or has borrowed capital from other sources).

In Resolution 33/NQ-CP dated March 11, 2023, the Government assigned the State Bank to preside over the implementation of the program of about VND 120,000 billion to direct commercial banks, of which the main ones are 04 banks. State-owned commercial banks (Agribank, BIDV, Vietcombank, Vietinbank) lend with interest to investors and home buyers of social housing projects, worker housing, renovation projects, and reconstruction of old apartments. During the preferential period, it is 1.5-2% lower than the average VND medium and long-term lending interest rate of state-owned commercial banks in the market.

Wednesday, Credit institutions, through approaching and appraising projects, found that some projects still face legal problems, site clearance, procedures for calculating land use fees, and changing land use purposes. … Legal problems are also the reason why credit institutions do not have a basis to grant credit to project investors.

According to the summary of the list of projects eligible to participate in the VND 120,000 billion Program, only 4 projects (in Ho Chi Minh City, Hanoi and Nghe An) out of 68 projects are apartment renovation and reconstruction projects. . This result shows that the number of these projects is still very low.


Many projects are under construction of the foundation or are in the contractor selection stage, have not yet started construction, are clearing the site… so they are not eligible to open products for sale.

In addition, according to the Housing Law (2014), regulations on conditions for buying social housing such as residency conditions and income conditions for not having to pay personal income tax are no longer appropriate in this context. house prices have increased. At the 6th session of the 15th National Assembly, the National Assembly passed the revised Housing Law in which some conditions have been amended but are not currently in effect.

The actual implementation of lending to social housing buyers at the Bank for Social Policies (the unit that is lending to social housing buyers according to the provisions of Decree 100) shows that lending to social housing buyers This phenomenon still faces many problems. The reasons pointed out are that the supply of social housing in localities is limited, many people have needs but after review are not eligible to buy houses, not eligible to borrow main credit capital. Social policies, when the investor sells to a home buyer, the mortgage has not been resolved, so the registration of a secured transaction cannot be performed…

Therefore, by the time the disbursement of the Economic Support and Recovery Program ends according to Resolution 43 of the National Assembly (until the end of 2023), the disbursement revenue of the Program will reach over 10,200 billion VND (about 68% of the allocated capital).

According to the State Bank, currently, home buyers in some projects have borrowed capital from the Bank for Social Policies according to the provisions of Decree 100/2015/ND-CP, showing that these subjects will tend to Choose to borrow money from the Bank for Social Policies with more preferential interest rates (the program has support from the state budget).

The State Bank said customers buying houses in social housing projects, worker housing, and buying houses in projects to renovate and rebuild old apartments are affected by the economic and production situation. Business difficulties such as: layoffs, salary reduction due to lack of orders… leading to a decline in customers’ income. Therefore, customers currently prioritize maintaining life needs and do not consider buying a house at this time.

Regarding the 120 trillion VND credit package for social housing loans according to Resolution 33/NQ-CP dated March 11, 2023 of the Government, there have been many related documents including:

  1. Official dispatch 2308/NHNN-TD dated April 1, 2023 implementing the program;
  2. Decision 338/QD-TTg dated April 3, 2023 approving the Project “Investment and construction of at least 01 million social housing apartments;

3. Resolution 50/NQ-CP dated April 8, 2023, Government Conference with localities and regular Government Meeting in March 2023;

4. Official Dispatch 1551/BXD-QLN dated April 20, 2023 providing guidance on determining the list of projects, subjects, conditions, and criteria for preferential loans of the Ministry of Construction;

5. Official dispatch 6745/VPCP-CN dated August 31, 2023 on the 120,000 billion VND preferential loan credit program of the Government Office;

6. Official dispatch 7447/NHNN-TD dated September 25, 2023 implementing the State Bank’s Program;

7. Resolution 164/NQ-CP dated October 4, 2023 on the regular Government Meeting in September 2023;

8. Dispatch 990/CD-TTg dated October 21, 2023 of the Prime Minister;

9. Resolution 185/NQ-CP dated November 7, 2023 on the regular Government meeting in October 2023.

(Compiled by VnEconomy).

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