(VOVworld)-Prime Minister Nguyen Tan Dung has had a working session with Ho Chi Minh City’s leaders and business representatives to discuss measures to leave the real estate market out of doldrums and clear up bad debts.

Prime Minister Nguyen Tan Dung

His deputies Hoang Trung Hai and Vu Van Ninh also joined the meeting on Tuesday with the city’s property association and several commercial bankers. The city’s property inventory is evaluated at more than 30 trillion dong while mortgaged lending account for more than half of the nation-wide property debt. The Prime Minister urged investors to restructure their portfolio and lower prices in line with the market expectation. He welcomed several commercial banks for lowering interest rates for real estate projects, especially in social housing. The Prime Minister instructed the State Bank to finalize its proposal to deal with non performing loans within January next year:“Property mortgaged lending represents 70% of the 200 trillion dong worth of non-performing loan. Debts must be restructured with more loss reserve so that banks will take the lead in debt settlement.”