The government approved a project on Monday to construct at least a million units of affordable “social housing” for low-income people by 2030.
The project aims for 428,000 of the houses to be built by 2025. The total cost of the project is expected to be around VND849 trillion ($36.1 billion). Construction will be funded by multiple sources. It is expected to make houses affordable for families with low and average incomes in urban areas, and for workers in industrial complexes.
The government has requested that localities cooperate with the State Bank of Vietnam to deploy VND120 trillion in credit programs, among other loan packages, for investors and home buyers. These programs would help investors and buyers enjoy interest rates 1.5-2% lower than average mid-term bank loans.
The government also requested major cities like Hanoi, Ho Chi Minh City, Da Nang, Can Tho and Hai Phong to prioritize independent social housing projects in ideal locations, and on large-enough scales, while calling for businesses to also invest more in social housing projects.
Other changes approved by the government include allowing industrial complex infrastructure businesses to become the main investors in the construction of workers’ housing, and requiring localities to publicize their land funds for social housing so that businesses can propose investments.
By 2030, Vietnam is expected to need around 2.4 million units of subsidized social housing, while around 1.2 million more units will be needed by 2025. The country has 2.7 million workers in industrial complexes, with 1.2 million currently in need of help with housing.
Vietnam has completed 301 social housing and workers’ housing projects, totaling 155,800 homes. Over 400 other projects, totaling 454,360 more homes, are currently in progress.
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