In the afternoon of 25 March, Vietnam Construction Bank (VNBC) and Thien Thanh Group Co., Ltd announced the 50,000 billion dong package for the real estate and the construction chain including bank - investor - contractor - construction material supplier/ manufacturer.

 

A resettlement area - Photo: T.L

 

Mr. Phan Thanh Mai, General Director of VNBC said that at the beginning, this credit package is linked by seven commercial banks including VNBC, Agribank, BIDV, Lien Viet, Ocean Bank, Sacombank and MB.

 

These seven banks finalized a unique regulation of closely monitoring the source of money to ensure that the money is used in the right purpose of the project.

 

Specifically, the banks will pay directly to the material suppliers or laborers of the project instead of transferring the money to the investor, and then the investors pay to the contractors as usual.

 

Mr. Nguyen Phuoc Thanh, Deputy Governor of the State Bank said that through this chain, the bank will control the cash flow to be used in the right purpose of the project.

 

The contractor can be sure the timely solvency. For the manufacturer, they can sell their large amount of inventory and to be paid on time.

 

However, this is the package created by the link between the commercial banks so the loan interest rate is the commercial interest rate; it is not supported as the 30,000 billion dong package.

 

DINH DAN - A.H. – Youth