Banks commit $285mln in credit for 15 social housing projects

Commercial banks have committed to provide credit totaling VND7 trillion ($285 million) for 15 social housing projects eligible to access the government’s social housing credit package, according to the State Bank of Vietnam (SBV).

They are among 30 projects that require loans under the program.

Cities and provinces have recently announced 68 projects eligible to access the program, 38 of which had also sought capital from other sources.

The credit package comes with preferential interest rates and is worth VND120 trillion ($4.89 billion).

Interest rates are 1.2-2 percentage points lower than the normal interest rate on commercial bank loans.

Four banks - Vietcombank, Agribank, BIDV, and VietinBank - are taking part in the program.