VietNamNet Bridge - The VND30-trillion credit package aimed at helping homebuyers and property developers was launched last Saturday. While many realty developers praise the move as positive to stir up the long-frozen market, others did not expect it to solve the problems of the property market. Little motivation Trinh Van Quyet, chairman of FLC Group, said the credit package had a positive impact on the property market, easing the financial burden on those in need of housing and providing realty firms with a motivation to return to the market. "This preferential package will change the home buying habits of Vietnamese people. In the past, they only purchased homes after saving enough money or borrowing from acquaintances, but now they can take out bank loans at low interest rates with a long term to pay installments for homes," he said. Sharing this view, Nguyen Hoang Nam, director of the property trading floor INFO under Ocean Group, said the VND30-trillion package would create a … [Read more...] about Credit package brings positive impact, but yet a big help
VietNamNet Bridge - Doubts have been raised whether if the VND30 trillion package can save the sinking real estate market. VND30 trillion is believed to be just a "grain of salt in the ocean." The State Bank of Vietnam is considering designing a VND30 trillion credit package in an effort to rescue the real estate market. Three months ago, the government released Resolution No. 02, showing its determination to rescue the market. Experts believe that the fall of the real estate market would lead to the collapse of many other markets. However, it's not sure if the bailout would help warm up the market which has been frozen over the last few years. VND30 trillion does not have much significance for real estate developers who are thirsty for capital. It also does not have much significance for people who want to borrow money to buy houses, because they will have to satisfy the strict requirements set by the banks, to be eligible for loans. Deputy Chair of the National Assembly's … [Read more...] about VND30 trillion credit package can rescue real estate market?
VietNamNet Bridge - Both the State and commercial banks have announced the launching of credit packages at preferential interest rates to fund house purchases. However, the packages still have not reached out to people. People have been in high spirits after hearing the news that a government's credit package would allow them to borrow money at the preferential interest rates of 7-8 percent per annum to buy houses. … [Read more...] about Govt’s credit package funding house purchases inaccessible to people
Eximbank has shocked other bankers and businesses when announcing the credit program which offers to lend to businesses at the surprisingly low interest rate of 7 percent per annum. However, the super-cheap capital package has raised doubts among businesses. 7 percent or 13 percent per annum? Thanh Nien has cited the latest report by the State Bank of Vietnam, reporting that the current lending interest rates are between 14 and 16.5 percent on the market. The lowest interest rates are now 16-18 percent for medium and long term loans, and 12 percent for short term. While a lot of businesses complain that they cannot access the loans at the low interest rate of 12 percent per annum, Eximbank has unexpectedly announced the credit packages with the reference interest rate of 7 percent per annum. Those, who join the program, would have to sign a contract, committing to bear the exchange rate fluctuation of 3 percent at maximum (in case the dollar price increases by 3 percent by the end … [Read more...] about Cheap credit packages raise doubts among lenders
Kien Giang Construction and Investment Consulting Corp has started construction on the Nam An Hoa residential area project in Kien Giang Province’s Rach Gia City.Covering an area of over 100,000sq.m, the project has a total investment cost of over VND700 billion (US$30.8 million), of which Capital Bank has provided a credit package of VND300 billion. The project is expected to be completed in 2021.The project includes 252 townhouses, 36 garden houses and 64 land plots for resettlements. Once completed, it will provide accommodation for about 1,800 residents.Nguyen Quoc Su, chairman of the Rach Gia City People’s Committee, said planning for the new construction would include removing makeshift homes and helping local residents whose houses were cleared to make way for the project to relocate in better living conditions.The project, which is near the new Kien Giang General Hospital, will only use 50 per cent of the land for construction. The rest will be allocated for public … [Read more...] about Viet Capital Bank provides credit package to Nam An Hoa project