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Gov't chief approves program to build one million social housing apartments

VGP - Prime Minister Pham Minh Chinh has signed Decision 338/QD-TTg approving a program to build 1,062,200 social housing apartments for low-income earners and workers in industrial parks and processing zones in the 2021-2030 period.

April 03, 2023 9:38 PM GMT+7
Program on 1 million social housing units approved - Ảnh 1.

Illustration photo

The Government plans to build 428,000 apartments by 2025 and the rest of 634,200 apartments will be built by the end of this decade.

The Ministry of Construction is in charge of putting foward amendments to the current regulations on social housing for low-income earners and workers at industrial parks and processing zones.

The ministry is also responsible for drafting a resolution of the National Assembly on pilot policies for social housing development and proposing amendments to the 2014 Law on Housing.  

The program is expected to cost over VND 849 trillion (US$ 37.7 billion).

In the short term, the State Bank of Viet Nam will disburse a low-rate credit package worth around VND 120 trillion for social housing development in line with Resolution 33/NQ-CP, dated March 11, 2023.

In Viet Nam, social housing sells at VND15 million per square meter on average, and the prices can be up to VND21-25 million per square meter in some areas, beyond the reach of the poor.

In 2011-2020, only 248 social housing projects providing 100,000 apartments were developed, which meant that only 41.4 percent of the plan was implemented.

Under current laws, only families and individuals can buy or lease social housing, not institutions or legal entities. This has caused difficulties for both preferential beneficiaries and project developers./.