Vietnam bank launches lending package for real estate market

TN News

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State-owned commercial bank BIDV announced Wednesday a lending package worth VND6 trillion (US$288 million) for developers and homebuyers to support the country's stagnant property market.

The Hanoi-based lender, or the Bank for Investment and Development of Vietnam, will cooperate with the Ministry of Construction in offering loans to housing projects for workers and low-income homebuyers at low interest rates, Deputy Chief Executive Pham Quang Tung said.

Tung said cheap loans will also be provided to contractors and suppliers of construction materials in order to build "the cheapest apartments possible."

He said VND4 billion from the lending package will be lent to homebuyers.

Deputy Construction Minister Nguyen Tran Nam said the package is a timely measure that will help improve market liquidity and boost the economy.

Vietnam's property market is in a downturn, with home prices falling continuously since a peak in 2007-2008.

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