Vingroup, Techcombank propose lower interest rates and extended loan terms for social housing
Private conglomerate Vingroup and Vietnam Technological and Commcercial Joint Stock Bank (Techcombank) have proposed a new preferential credit package for social housing.
A social housing complex in Bac Giang city. (Photo: VNA)
Hanoi (VNS/VNA) – Private conglomerate Vingroup and Vietnam Technological and Commcercial Joint Stock Bank (Techcombank) have proposed a new preferential credit package for social housing.
This package offers a fixed interest rate of 4.8% per year for the first five years, a loan term of up to 30 years, and loans covering up to 100% of the purchase price. These terms are more favorable compared to the current 120 trillion VND (4.72 billion USD) package.
The news was released by the Ministry of Construction.
To implement this preferential loan programme, Vingroup and Techcombank have requested that the State Bank of Vietnam (SBV) increase the credit growth limit. This adjustment would allow financial institutions to expand their lending operations, thereby compensating for the lower interest rates offered to social housing buyers.
The estimated financial support needed for these interest rate subsidies is around 8 trillion VND.
In response, the Ministry of Construction has engaged with SBV, Vingroup and Techcombank and recently submitted a report to the Prime Minister. The new loan package shares similarities with the current 120 trillion VND credit package, but offers better interest rates, loan terms and amounts.
Currently, the 120 trillion VND package has an interest rate of 7.5% per year for homebuyers and 8% per year for project developers, with preferential rates applicable for five years. The SBV adjusts these rates every six months based on the average interest rates of the four state-owned commercial banks.
In the first two quarters of 2024, commercial banks disbursed only 1% of the existing package. The Ministry has recommended that the Prime Minister instruct the SBV to encourage more banks to participate in the preferential loan package and to consider extending loan terms and lowering the interest rates by 3-5% to make homeownership more accessible for low-income individuals./.
The Ministry of Construction (MoC) has been demanded to coordinate with other ministries and sectors to minimise processes and procedures for implementing social housing projects.
Prime Minister Pham Minh Chinh has emphasised the need to diversify resources for social housing development, from the State, the public, society and financial institutions, in order to provide support for both sellers and buyers.
According to a representative from the State Bank of Vietnam (SBV), 30 projects have indicated a requirement for loans out of the 68 projects across 28 provinces and cities included in the 120,000 billion VND social housing loan program.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
