Phat Dat Real Estate Development Corporation Participates in the 2024's Conference on Monetary Policy Management
In Hanoi, on March 14th, Mr. Bui Quang Anh Vu, the CEO of Phat Dat Real Estate Development Corporation (PDR), was invited to participate in the 2024’s Conference on Monetary Policy Management held at the Government Office. The conference aimed to address challenges in production and business, as well as to promote stability and growth in the macro economy.
The 2024’s Conference on Monetary Policy Management aimed to address challenges in production and business and to promote stability and growth in the macro economy.
The conference was presided over by Prime Minister Pham Minh Chinh and Deputy Prime Minister Le Minh Khai, and included the attendance of Central Party Committee members, such as Governor of the State Bank of Vietnam Nguyen Thi Hong, Minister and Head of the Government Office Tran Van Son, Minister of Planning and Investment Nguyen Chi Dung, Minister of Transport Nguyen Van Thang, Minister of Agriculture and Rural Development Le Minh Hoan, Deputy Minister of Public Security Luong Tam Quang, among others.
As a representative of the real estate sector at the conference, Phat Dat put forth several proposals to the Government and relevant ministries:
- Continuing favorable credit policies, including support for expediting approval processes, facilitating fund disbursement by credit institutions, and reducing loan interest rates while improving access to credit.
- Continuing policies aimed at streamlining legal procedures within the real estate market, thereby enabling projects meeting the criteria to enter the market smoothly.
- Actively directing and establishing inter-agency task forces to aid localities and enterprises in promptly addressing challenges.
Mr. Bui Quang Anh Vu – CEO of Phat Dat attending the conference
In 2023, Phat Dat encountered significant challenges pertaining to capital and liquidity. However, thanks to the backing of the Government and the confidence of investors, Phat Dat successfully garnered over VND 670 billion through private placement of shares to professional securities investors.
By the close of 2023, Phat Dat had settled corporate bonds totaling VND 2,500 billion punctually and even before maturity, thus bringing outstanding bond debt down to zero. This proactive measure not only underscored Phat Dat’s credibility and accountability to bondholders but also enhanced its standing with credit institutions. Moreover, it played a pivotal role in rebuilding investor trust, thereby bolstering confidence in the corporate bond market and the capital market at large.
All of PDR’s projects have fulfilled legal requirements and satisfied conditions for securing bank loans. In the fourth quarter of 2023, the Military Commercial Joint Stock Bank (MB Bank) extended comprehensive financial solutions exceeding VND 6,000 billion to investors and clients associated with real estate projects in Binh Duong Province.
In February 2024, MB Bank continued its support by offering a loan package worth VND 1,500 billion for a project situated in Binh Dinh Province.
Phat Dat remains optimistic that with the Government, the State Bank, and relevant ministries showing keen interest, the capital market will recuperate and resume its growth trajectory, thus contributing to the advancement of the nation’s economy.
