On May 29, the State Bank of Vietnam (SBV) issued Official Dispatch No. 4290 to nine banks, directing them to implement a special credit program aimed at supporting young homebuyers under 35.

The participating banks include the Vietnam Bank for Agriculture and Rural Development (Agribank), and joint-stock commercial banks: VietinBank, Vietcombank, BIDV, HDBank, VPBank, Techcombank, TPBank, and MB (Military Bank).

The SBV emphasized that these commercial banks must continue to promote and expand implementation of the Government’s housing credit program under Resolution 33, which supports social housing, worker housing, and the renovation and reconstruction of old apartment buildings.

For young people under 35 purchasing social housing, an even more preferential lending policy will be applied.

At the time of signing a loan contract, eligible customers will benefit from the following terms:

For the first five years (starting from the first disbursement date), the interest rate will be 2% per annum lower than the average mid-to-long-term VND lending rates offered by four major state-owned banks: Agribank, BIDV, Vietcombank, and VietinBank. The applicable rate through June 30, 2025 is 6.1% per annum.

For the subsequent ten years, the interest rate will be 1% per annum lower than the average mid-to-long-term VND lending rates of the same four banks.

Starting July 1, the SBV will review and announce the applicable interest rates for the preferential period every six months to participating commercial banks.

The source of funding for this program comes from banks that have officially registered to participate in the housing credit initiative under Resolution 33.

The SBV has instructed participating banks to fully implement the program nationwide starting May 31 and to ramp up communication efforts to ensure that eligible borrowers are well-informed and able to register for loans when needed.

Tuan Nguyen