Businesses want social housing to get commercial loans and pay 10% tax

At the conference on Credit for Real Estate and Social Housing Development chaired by the State Bank of Vietnam (SBV) and the Ministry of Construction , Ms. Le Thuy Linh, Vice Chairwoman of the Board of Directors of IMG Investment Joint Stock Company, said that recently, the Government, SBV, and the Ministry of Construction have had timely solutions to support the real estate business, typically by "cooling down" loan interest rates.

Currently, the medium-term loan interest rate is at 7-9%/year, which is very good for businesses and people. However, people are losing confidence in the real estate market, so they do not "put down money" at this stage. Therefore, businesses propose some solutions to management agencies.

Ms. Le Thuy Linh, Vice Chairwoman of the Board of Directors of IMG Investment Joint Stock Company, contributed ideas at the conference. (Photo: D.V)

Specifically, access to loan packages for social housing and housing for workers is still facing many difficulties. Therefore, businesses have proposed that the Ministry of Finance and the State Bank provide commercial loans to businesses and adjust corporate income tax for social housing and housing for workers to 10%.

“ I think this is the fastest, most effective, and safest way for businesses to access capital and for people to have social housing because it is included in the selling price of social housing ,” said Ms. Linh.

According to Ms. Linh, the implementation of mechanisms and policies are very important factors to restore the real estate market and create trust for the people. Therefore, businesses recommend that the Government should issue regulations on the deadline for handling work and responsibilities when handling is slow. Agencies need to be more bold in approving qualified projects.

Ms. Linh shared that this company is having a real estate project in Australia. This is a 46-storey building, with an investment value of about 270 million Australian dollars (nearly 172 million USD). Currently, the company is having difficulty in borrowing capital domestically and internationally.

Therefore, businesses recommend that the State Bank allow Vietnamese businesses to mortgage assets in the country, and propose that the State Bank guarantee a foreign bank so that businesses can borrow capital.

Deputy Governor of the State Bank of Vietnam Dao Minh Tu shares his opinions with business representatives. (Photo: D.V)

Responding to the business's proposal, Mr. Dao Minh Tu, Deputy Governor of the State Bank of Vietnam, said that the proposal that social housing projects be allowed to borrow commercially as usual through the support of the Ministry of Finance's tax policy is an idea that needs to be studied in the near future. The State Bank of Vietnam will forward this content to the Ministry of Finance for consideration.

Regarding the regulations on loan settlement time limit, there should be specific regulations. This is related to many fields, so it must be submitted to the Prime Minister for general direction.

Regarding the issue of businesses wanting the State Bank to guarantee loans to implement projects abroad, Mr. Tu affirmed: " The State Bank does not have the duty or function to guarantee for businesses. This is the function of commercial banks. Businesses must work and discuss with banks to find solutions, ensuring that mortgages comply with legal regulations on foreign investment ."

DAI VIET

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