Vietnam: To reschedule principal and interest loans for real estate businesses in difficult situation

Trần Thanh Rin

16:07, 13/03/2023

On March 11, 2023, the Government of Vietnam issued Resolution 33/NQ-CP on a number of solutions to remove and promote the safe, healthy and sustainable development of the real estate market.

According to Vietnam's Resolution 33/NQ-CP, the Government of Vietnam agreed to direct all levels, sectors, and localities to take appropriate measures for difficult real estate businesses (such as rescheduling principal and interest, restructuring debt groups, etc.); create conditions for businesses, home buyers, and investors to quickly access credit capital;

At the same time, the Government of Vietnam proposed the following tasks and solutions on credit sources to alleviate the real estate market's difficulties:

- Take appropriate and effective measures to reduce lending interest rates and support the real estate market;

- Have flexible and synchronous management of monetary policy tools, meeting the demand for credit capital flows for socio-economic development;

- Complete mechanisms and policies to exploit and mobilize maximum financial resources at home and abroad for housing development in particular and the real estate market in general;

- Concentrate on projects, loan plans that are feasible, customers with financial capacity, and the ability to repay debt in full and on time.

- Prioritize housing real estate projects that meet the real needs of the people, are effective and liquid, such as social housing, renovation of old apartments, leasing of offices, and real estate for production, industry, tourism...

More details can be found in Vietnam's Resolution 33/NQ-CP dated 11/3/2023.

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