KONTAN.CO.ID - HANOI. The Vietnamese government issued a resolution on Sunday ordering the central bank to take appropriate measures to ease a credit crunch for property developers to ensure the sustainable development of the sector.

The State Bank of Vietnam (SBV), the country's central bank, was asked to delay loan repayments or restructure bad debts for some property companies so they are better able to access new loans, according to the resolution signed by the country's prime minister.

The resolution also stated that SBV had to order commercial banks consider cutting costs to ensure they have room for lending interest rate cuts for home-buyers.

"Government officials must overcome the fear of making mistakes, the fear of taking responsibility to quicken the process of approving projects," the resolution said.

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The move came as many Vietnamese property developers face liquidity difficulties and a crackdown that has seen the arrest of high-profile business executives.

Last week, the government issued amended regulations on corporate bonds to prop up the real estate sector amid a credit crunch.

Editor: Yudho Winarto