VietNamNet Bridge – As the disbursement of the VND30 trillion bail-out is delayed, the State Bank of Vietnam (SBV) has asked five banks to quickly receive client applications and quickly respond them.
The State Bank last week asked five banks that participate in the program to loan low-income earners to buy houses and businesses to build houses for low-income earners to quicken the pace. The five banks include: the Bank of Agriculture and Rural Development (Agribank), Bank for Investment and Development of Vietnam (BIDV), Vietnam Bank for Industry and Trade (Vietinbank), Bank for Foreign Trade of Vietnam (Vietcombank) and the Mekong Delta Housing Development Bank (MHB).
The central bank urged the five banks to quickly disburse the package. “The banks have to accept loan applications and to provide specific guidance on the procedures and to quickly respond to clients whether they are loaned or not, with satisfactory explanation for the latter case,” the central bank instructed.
An official from the Vietcombank said that the source of supply of cheap houses is limited, affecting the disbursement. “For a month after the implementation of the bail-out, Hanoi has had only 1,000 apartments. If this number is divided to all credit institutions, it is clear that the supply is low,” he said.