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Vietnam: Drastic solutions proposed to rescue property market

Posted on 17 December 2012

The Vietnam Association of Financial Investors (VAFI) has sent a document to the Prime Minister, suggesting solutions to unfreeze the local property market, whereas economists said the market should not be intervened in. The document was also sent to construction and finance ministers, governor of the central bank, the governments of HCMC and Hanoi and State Capital Investment Corp. (SCIC).
VAFI proposed the State set aside VND8 trillion to subsidize interest rates in the next three years in order to provide low- and middle-income home buyers with preferential lending rates. For example, the buyer of a VND2-billion house can access a lending rate of 7% for the first three years as the State will subsidize 3-5% per year, said VAFI………………………………………Full Article: Source


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