HCMC – Deputy Prime Minister Tran Hong Ha has asked the Ministry of Construction to draw up lists of projects, beneficiaries, and lending criteria under a credit package worth VND120,000 billion.

Speaking at a meeting on April 16 with a task force formed to help the real estate sector deal with woes, Ha tasked the State Bank of Vietnam with issuing regulations on debt repayment terms and developing criteria for assessing borrowers’ creditworthiness before March 25, the Vietnam News Agency reported.

The criteria are expected to pave the way for banks to ease credit requirements based on the potential and liquidity of property projects.

So far, the ministry has reviewed obstacles facing over 500 real estate projects in five centrally controlled cities, saying it would work out guidelines for localities and businesses to overcome the difficulties.

The VND120-trillion package is designed to develop homes for the poor and workers and rebuild aging condo blocks.