National housing fund must be established in March: Prime Minister
VGP - The National Housing Fund must be forumated in March, serving to mobilize social resources to increase low-cost housing supply especially in Viet Nam’s major urban centers, Prime Minister Pham Minh Chinh has ordered.
Prime Minister Pham Minh Chinh address the video-conference on social housing development in Ha Noi, March 6, 2025 - Photo: VGP/Nhat Bac
Pham tasked the Ministry of Finance to set up the fund during a video-teleconference on social housing development, which was held in Ha Noi on March 6.
The demand for social housing is very high in Viet Nam but construction process remains slow.
Pham tasked relevant ministries, agencies and localities perform their tasks in line with their functions, duties, and authority and deploy breakthrough solutions on social housing development.
He said the Government targets to cut at least 30 percent of administrative procedures in 2025 in a bid to speed up construction progress.
The Ministry of Construction was assigned to review and propose preferential policies for social housing development, which must be submitted to the Prime Minister either this month or in April.
Viet Nam targets to build at least 1 million social housing units for low-income earners and workers at industrial parks during the 2021–2030 period.
However, so far, only 103 projects with 66,755 apartments were completed, equivalent to less than 7 percent of the preset goal. Meanwhile, 137 other projects have been under construction with 114,618 apartments. Over 400 other projects got construction licenses with 412,200 apartments./.
