In an effort to prop up the stagnant real estate market, Bank for Investment and Development of Vietnam (BIDV) has proposed establishing a business club grouping developers, contractors, suppliers and the bank itself, BIDV chairman Tran Bac Ha told a conference in HCM City last weekend.
Speaking at the conference hosted by the HCM City Real Estate Association (HoREA), Ha expected the four-side cooperation would help regulate the cash flow on the realty market. In this case, BIDV plays the intermediary role by performing payments clearing activities among related sides.
Instead of disbursing loans to project owners so that they could pay directly money to contractors and construction material suppliers, the bank will coordinate payment activities to help participating sides feel more secure about their payments.
The central bank’s recent moves have given local commercial banks the green light to extend more credits to the realty sector. This means property companies can take out bank loans in line with projects’ construction progress, enjoy interest rate cuts and have their loan repayments rescheduled in line with their business situation and repayment ability.
BIDV is reviewing real estate loans itself and is jointly identifying completion progress of projects and potential demands of housing products with realty firms. Based on such results, the lender can decide which projects it should inject more capital in as well as reschedule repayment of those loans in need of extension.
The lender has just announced a 4 trillion dong credit line for individuals to buy homes as end-users at an annual rate of 16%, with each loan amounting to 85% of the home’s total value.
Ha at the conference insisted on more active solutions from property developers such as discount programs to attract homebuyers and thus revive the gloomy realty market.
* In related news, the BIDV chairman told a conference on the Mekong Delta investment and development promotion that his bank would set aside US$100 million to promote the export of farm products in the area.
According to Ha, the bank in this quarter would disburse loans to stimulate exports of three major farm produce in the Mekong Delta, namely rice, Pangasius fish and fruit. The credit program targets to increase export revenues of the area right in this quarter, Ha told the conference held in Can Tho City last Friday.
“BIDV will raise the ratio of outstanding loans to the Mekong Delta provinces to 12% of the total, or 70 trillion dong, by 2015, three folds higher than the 22 trillion dong recorded in the year-ago period,” Ha noted.
Experts in the meeting reported the Mekong Delta generated up to 18-19% of the country’s gross domestic product (GDP) a year, considerably contributing to the national economic development. However, they noted, investment amounts into the region so far have not matched potential.
Total investment capital poured into the area only accounted for 16% of the country’s total in 1999-2000. Meanwhile, the 2000-2010 period saw a meager 625 trillion dong invested into the region despite the presence of several investment policies for regional development. - Source: Saigon Times
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