Immediately after the State Bank of Vietnam implemented Resolution 33/NQ-CP of the Government with a credit program of 120,000 billion VND, to support and create conditions for project investors and home buyers to quickly access preferential credit capital, meeting the housing needs of low-income people, Agribank allocated 30,000 billion VND to implement a loan program for social housing, worker housing, and projects to renovate and rebuild old apartments, lasting until December 31, 2030.

The preferential interest rate of the program is adjusted every 6 months. Currently, the interest rate applied until December 31, 2024 is 7%/year for investors and 6.5%/year for home buyers. The preferential interest rate period for investors is 3 years from the date of disbursement but not exceeding the loan term in the original loan agreement, and for home buyers is 5 years.

Up to now, of the total VND 1,344 billion in credit capital that banks have disbursed to investors and home buyers, Agribank leads in disbursement turnover with nearly VND 650 billion for project investors and more than VND 40 billion for social housing buyers.

Agribank has approved the Thong Nhat Smart City Social Housing Project in Yen Phong District, the Social Housing Project in Pho Moi Town, Que Vo District, Bac Ninh Province; the Social Housing Project in the Bank Hill Residential Area in Hong Hai Ward and Cao Thang Ward, Ha Long City, Quang Ninh Province; the Social Housing Project in Duy Tien Town, Ha Nam Province; the Social Housing Project in Rach Gia City, Kien Giang Province... with a total committed loan amount of more than 1,500 billion VND.

In the second quarter of 2024 alone, Agribank approved credit for 3 social housing projects and increased disbursement by more than VND 150 billion to projects and homebuyers. It is expected that in the coming time, Agribank will continue to provide more than VND 1,500 billion in credit to 5 new social housing projects in Binh Dinh, Hai Phong , Lam Dong and Thai Nguyen.

Although there are still difficulties in the implementation of the preferential credit program, which need to be resolved by ministries, branches and localities, the implementation efforts and initial results of Agribank have contributed to removing difficulties and promoting the real estate market to develop safely, healthily and sustainably, along with risk control; focusing on social security, creating opportunities for low-income people to own quality housing that is suitable for economic conditions.

Currently, the State Bank of Vietnam is reporting to the Government a draft Resolution adjusting the content of the preferential credit program for social housing loans in the direction of reducing interest rates for home buyers by 3-5%.

“When the policy takes effect, Agribank will step up propaganda activities so that more people can access preferential capital to buy social housing. At the same time, we will continue to proactively approach new social housing projects according to the approved list of the Ministry of Construction, thereby accompanying and supporting businesses with investment and construction capital,” emphasized the representative of Agribank.