The Official Telegram on continuing to drastically implement solutions to increase access to credit capital and promote the development of effective, safe, healthy and sustainable corporate bond and real estate markets

Published on 24 - 11 - 2023

On 23/11/2023, the Prime Minister issued the Official Telegram No. 1177/CD-TTg on continuing to drastically implement solutions to increase access to credit capital and promote the development of effective, safe, healthy and sustainable corporate bond and real estate markets.

According to the Official Telegram, to continue to effectively, promptly and drastically implement the direction of the Government and the Prime Minister on the solutions to enhance access to credit capital and promote the development of the effective, safe, healthy and sustainable corporate bond and real estate markets, associated with promoting social housing development, contributing to boosting production and business, promoting growth, controlling inflation and ensuring the great balance of the economy, the Prime Minister requests as follows:

- The Ministry of Finance presides and coordinates with relevant agencies:

+ To continue to strongly deploy and operate expansionary fiscal policy in a reasonable, focused, key, and effective manner, coordinate synchronously, closely, and in harmony with the monetary policy to promote investment, especially non-state investment, beef up public investment to serve growth, stabilize the macro economy, control inflation, ensure major balances of the economy, boost recovery and restore production and business activities of businesses and people.

+ To urgently review and thoroughly and specifically evaluate the solvency and payment capacity of corporate bond issuers, especially the bonds due for payment in late 2023 and 2024; proactively develop scenarios, evaluate impacts and make specific and effective plans and measures to handle according to authority, contributing to ensuring safety and security of financial and monetary markets; not let passivity, surprise and negativity affect the rapid and sustainable development of the economy.

+ To closely monitor and accurately assess the ability and payment plans of issuing businesses, especially the businesses that still have difficulties and risks in their ability to repay debt, proactively take appropriate measures and solutions according to authority to stabilize the market, require businesses to prioritize resources to fully fulfill their obligations according to regulations, ensure the legal and legitimate rights and interests of investors and related entities and the safety and security of financial and monetary markets in accordance with current legal regulations, with practical and effective solutions to consolidate, enhance and restore investor's confidence and promote the corporate bonds market to develop safely, transparently, healthily and sustainably.

+ To urgently review and evaluate the implementation of Decree No. 08/2023/ND-CP dated March 5, 2023 and related documents regulating private offering and trading of corporate bonds in domestic market and offering corporate bonds to the international market; clearly assess the necessity, propose specific plans, mechanisms and policies that are appropriate and timely in accordance with the law and the direction of the Government Leaders in Document No. 3580/VPCP-KTTH dated October 2 2023, promptly report to the Prime Minister, without delay affecting the market development.

+ To urgently coordinate with the Ministries of Justice, Planning and Investment, the State Bank of Vietnam and relevant agencies to review and evaluate overall legal regulations related to corporate bond issuance, clearly determine the necessity, propose specific plans and contents of legal documents that need to be amended, supplemented, decide according to authority and if beyond authority, submit to competent authorities to decide and recommend the assignment of a presiding agency and coordinating agency, a specific completion deadline, and a timely report to the Prime Minister in early December 2023.

+ To proactively further promote according to its authority the state management of corporate bond issuance, especially combating negativity, taking advantage of policy profiteering and other unhealthy activities. To strengthen close coordination, information sharing, joint supervision, proactive monitoring, and appropriate, timely and effective management of solutions and measures according to assigned functions, tasks and authority; strengthen inspection, examination, and strict and comprehensive supervision of law compliance, avoid profiteering, group interests, negativity, and corruption; strictly handle cases of violations of legal regulations; promptly report and propose to competent authorities on the issues that arise and exceed authority; ensuring the market to operate according to market rules, is healthy, safe, open, transparent and sustainable.

+ To closely coordinate with relevant ministries and agencies to focus on well carrying out information and propaganda work, especially on the situation and development orientation of the State, and the Government's direction for the corporate bond market; strengthen strict censorship, detect, prevent, and handle organizations, groups, and social information channels that propagate distorted, inaccurate information and incite people; promptly and strictly handle cases of law violation, causing loss of security, social order and safety.

- The People's Committees of provinces and centrally-run cities:

+ To drastically implement the tasks and solutions set out in the Government's Resolutions and the Prime Minister's directions, closely coordinate with the State Bank of Vietnam and credit institutions in the area to implement well solutions to improve access to credit capital for people and businesses, and support businesses to develop production and business; strengthen information and communication work, strictly handle cases of law violation, causing insecurity, social order and safety in the area.

+ To continue to direct authorities to focus on handling, resolving, and shortening the time to carry out procedures for real estate projects, especially investor selection procedures; prepare, evaluate and approve planning; design appraisal, construction licensing,... with priority given to accelerating the progress of industrial real estate projects, social housing, and housing for workers. To resolutely not let roundabout handling, avoidance, shifting of responsibility, delays, harassment, and negativity in handling administrative procedures, affecting the progress of real estate projects.

+ To continue to direct the Department of Natural Resources and Environment, the Department of Finance and related agencies to focus on immediately resolving and removing problems and delays in land allocation, land lease, and land price determination. To consider and decide land prices according to authority, in accordance with the provisions of law and take responsibility to the Prime Minister for any delays, negativity, waste, corruption... affecting the progress of implementation of investment projects.

+ To accelerate the preparation and approval of planning, especially construction planning, urban and rural planning as a basis for conducting effective, appropriate, synchronous and modern real estate projects. To publicly announce the List of real estate projects that must select investors in the form of bidding so that businesses have full information, proactively research, and register to invest in an open, transparent, equal and competitive manner according to market rules.

+ To urgently and focus on effectively implementing the specifically assigned tasks in Decision No. 338/QD-TTg dated April 3, 2023 of the Prime Minister approving the Project "Construction Investment at least 01 million social housing apartments for low-income people and industrial park's workers in the period 2021-2030" and a credit program of 120,000 billion VND for social housing and housing construction projects for workers, renovating and rebuilding apartments.

In addition, the Prime Minister assigned specific tasks to the Ministry of Construction, the Ministry of Natural Resources and Environment, the State Bank of Vietnam and Deputy Prime Minister Le Minh Khai to directly direct.

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