Ministry rejects rumors of the VND100 trillion bailout for real estate

Feb 24, 2014

The spokesperson of the Ministry of Construction – Mr. Do Duc Duy confirmed on February 24, that the Ministry did not compile any project to support the real estate market with a VND100 trillion credit package (over $4.76 billion) as some newspapers reported in the last few days.

According to Duy, the Ministry of Construction and provinces are implementing synchronous measures to deal with difficulties for the real estate market and implement the national housing development strategy, especially the social housing program under the government’s Resolution 02/2013.

Previously, several newspapers quoted Dr. Le Xuan Nghia, former Vice Chair of the National Financial Supervisory Committee, as saying at the Vietnam Economics Seminar 2014 that the authorities are considering launching a credit package of up to VND100 trillion to boost the recovery of the real estate market.

Nghia said that the Construction Bank in collaboration with four other commercial banks will focus on developing important infrastructure projects and the average income earners will be supported to buy houses.

He also said that the new credit package will overcome the disadvantages of the VND30 trillion bailout.

source: bizlive.vn