HCMC – The Prime Minister has told the Ministry of Construction and the State Bank of Vietnam (SBV) to reschedule loans and maintain debt classification to remove regulatory bottlenecks for real estate projects.

The Government Office sent a written document to the Ministry of Construction, the SBV and provincial people’s committees over the prime minister’s guidance on supporting the development of the corporate sector and property businesses.

Prime Minister Pham Minh Chinh assigned the Ministry of Construction to take responsibility for implementing Resolution 33 of the Government on measures to remove hindrances and boost the safe, healthy and sustainable development of the realty market and document 178 of the prime minister on enhancing and helping the sector tackle its woes.

The Ministry of Construction and the SBV were tasked with mapping out detailed plans to eliminate current bottlenecks, reschedule loan repayment and keep debt classification for property projects.

Earlier, real estate and construction businesses sent a petition to the Government seeking permission for banks to reschedule loan repayment and maintain debt classification with a grace period of 24 months for businesses in construction, construction material trading businesses and investors of property projects, given that these businesses are indebted with banks, suppliers, sub-contractors, staff and tax agencies due to investors’ failure to pay.