Vietnam needs 308,000 low-cost homes in 2019-2020

Vietnam needs 308,000 low-cost homes in 2019-2020

Demand for social housing development in Vietnam is still quite large, while about 70% of the supply set for the 2011-2020 period has failed to meet goals.

21:00, 27/02/2019
A housing project is being developed in HCMC.

A housing project is being developed in HCMC.

According to data of the Ministry of Construction, in the period, the demand for social housing nationwide is about 440,000 apartments. In particular, Ho Chi Minh City (HCMC) needs about 134,000 units; Hanoi about 110,000 units; Binh Duong 41,250 units; Dong Nai 36,700 units; and Da Nang 11,500 units. According to the results of the localities, ony about 30% of the plan has been implemented so far.

Meanwhile, a survey by the HCMC Institute of Development says there are 81,000 households and individuals in need of social housing in the 2016-2020 period, including 10,000 civil servants; 39,000 poor and near-poor households; and 17,000 workers in industrial zones. 

HCMC authorities are implementing a plan to build 39 social housing projects with a total of 44,701 apartments, of which 20,000 ones are set to be completed by 2020. However, in fact, due to the limited budget resources, it is still unable to timely meet the needs of social housing of the whole country, especially in Hanoi, HCMC and industrial provinces.

The implementation of social housing policies has been hindered by the lack of adequate funding from the budget to meet the demand for loans from social housing beneficiaries. Therefore, HoREA proposed supplement to the program of implementing social housing policy with 21 sectors that are prioritized to use medium-term public investment budget for the period of 2016-2020 and to allocate budget for annual social housing policy depending on budget capacity. 

In addition, HoREA said interest rates for social housing preferential loans should be from 3-3.5% per year with term of loan for renting and buying social houses depending on each period to create more favorable conditions for low- income earners living in urban areas.

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