Wednesday , June 7 2023

Construction ministry mulls changes to social housing laws

The Ministry of Construction is seeking to revoke the provision that developers of commercial housing have to set aside 20% of the total land area for social housing.

The ministry, which is drafting amendments to the Housing Law, said the government should scrap this requirement when submitting the bill to the National Assembly.

It also recommended other changes related to social housing, such as removing the minimum five-year lease term.

Besides, the rent for social housing units and accommodation for workers and military personnel should be agreed upon between the developers and tenants, it said.

The government has approved a scheme to build at least one million social housing units for low-income people by 2030 at a cost of VND849 trillion (US$36 billion).

The ministry wanted the new social housing policies to take effect within 45 days after the Housing Law amendments are approved to enable the real estate market’s development.

The amendments are expected to be taken up by the National Assembly in May.

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