VOV.VN - Prime Minister Pham Minh Chinh has signed a document requesting that relevant ministries, agencies, and localities remove obstacles to the real estate market which has been in limbo for months.

There have been positive signs for the property market's recovery, said industry experts and economists.

Retail stocks have dropped significantly due to the decline in business results in the context of the global economic recession and high interest rates.

The State Treasury raised nearly VND36.6 trillion (US$1.58 billion) worth of Government bonds, or 79.12% of the total G-bonds on offer, via 12 auctions on the Hanoi Stock Exchange in February.

The State Bank of Vietnam (SBV) on March 14 issued two decisions to reduce regulatory interest rates by 0.5% to 1%, which will come into force on March 15.

Credit growth in the first months of this year slowed significantly due to high interest rates and firms’ poor health, raising concerns about rising bad debts.

Deputy Prime Minister Tran Hong Ha has requested promptly tackling obstacles in social housing development policies and mechanisms, with incentives in infrastructure, land and finance for developers engaged in the effort.

Affordable home buyers can access preferential loans at rates 1.5-2% lower than the market average as part of a credit package worth around VND120 trillion (US$5.02 billion).

The State Bank of Vietnam (SBV) has recently granted the first credit growth quotas in 2023 to a number of banks, with a majority of them receiving lower rates than last year.

The group of the four biggest State-owned banks (Big 4) have launched preferential loan packages with interest rate reductions of up to 3% per year to lower short-term lending rates to only 7% per year.