Bank disbursed fund, borrowers received interest rate support for the chance to buy house, real estate enterprises can sell products, the real estate market recovered and flourished,… these are the benefits that the housing credit package of 30 trillion VND  brought during more than 3 years.

Phan Thi Hong Lam, Deputy Director of The State Bank of Vietnam (SBV) BR-VT Branch said, as of early May 9-2016, the total number of individual borrowers for commercial house, social house and new construction, renovation of housing repair under the credit package of 30 trillion VND from Resolution No. 02 / NQ CP of the Government and Circular No. 11/2013 / TT SBVaccumulatively disbursed by the commercial bank’s  branches (CBs) in the province from the start ofprogram (1-6-2013) until now has been 305 billionVND/605 customers, gaining 98.34% of the total amount banks’ loan commitments; current loans nearly 259 billion VND / 590 customers.

In order to carry out effectively the support package of 30 trillion VND of interest rate, many commercial banks are in compliance with the appraisal and lending process. According to Mr. Huynh Cong Loi, Director of Vietnam Joint Stock Commercial Bank For Industry And Trade (Vietinbank) BR-VT Branch, customers who are eligible for loans and have loan documentation, the branch will give guidance and advices to the customers, and will not let them have to wait too long. So far, the branch has signed the Loan Commitment Contracts for 50 clients and disbursed over 40 billion VND. “Thanks to the careful evaluation of dossiers and the right selection of investment projects, the disbursement is guaranteed under the progress of project implementation of the real estate enterprise”, Mr Loi said.

Thanks to the impetus from the capital credit package of 30 trillion VND, BR-VT real estate market has made positive changes. There are 610 loan customers had this credit package, which means there are 610 real estate products were sold on the market. On a national scale, commercial banks have signed contracts for 56 240 customer of 30 trillion VND package, disbursed according to the project schedule more than 26 trillion VND, which has disbursed more than 21 trillion VND / 56 112 individual customers.The data above show  that Resolution No. 02 / NQ-CP has created a positive effect,  not only create new housing for low-income people, but also solve some rather large inventory on the market real estate. And it also helps to maintain the stability of the industry related to the construction field, develop more business investment projects in real estate. Specifically, of 378 apartment of the An Binh apartment project (ward 10- Vung Tau city), there are 120 ones of customers borrowed from this credit package, with the number of 55 billion VND borrowed from commercial banks. On The Nam Ky Khoi Nghia apartment project (ward 3 – Vung Tau), there are also 180 customers borrow 89 billion VND to pay off debt of buying the apartment.

According to economic experts and real estate market, the credit package of 30 trillion VND is considered as "an arrows hit a lot of targets", is dose "emergency" for the real estate market that has long been "frozen", not able to consume products and has supported people with home ownership conditions, maintained and developed other industries related to the construction field. Accordingly, in order to promote the positive effects of the credit policy on housing, we needs to develop a strategic long-term and sustainable.

Translated from: baobariavungtau.com