As of July 30, 2024, the country has implemented 619 social housing projects. (Source: dangcongsan.vn)

At the recent regular meeting of the Government in July 2024, the Ministry of Construction informed about the progress of the implementation of the Project "Investing in the construction of at least 1 million social housing apartments for low-income people and industrial park workers in the period 2021 - 2030".

According to the summary of reports from localities from 2021 to present, as of July 30, 2024, the whole country has implemented 619 social housing projects with a scale of 561,816 units. Of which, 79 projects with a scale of 40,679 units have been completed; 128 projects with a scale of 111,688 units have been licensed and started construction; 412 projects with a scale of 409,449 units have been approved for investment policy. Thus, compared to the end of 2023, Vietnam has had 124 more social housing projects implemented, the number of completed projects increased by 9 projects with 5,123 apartments ready to welcome new owners, contributing significantly to the dream of "settling down" of many low-income people.

It can be seen that determining social housing as a humane policy, within the consistent viewpoint of taking people as the center, supporting the disadvantaged, and leaving no one behind, over the past many years, the Party, State, and Government have resolutely directed the direction and removed difficulties.

More importantly, the spirit of “joining hands and unanimity” for the goal of 1 million social housing units in the 2021-2030 period for people has been responded to in almost all provinces, cities and localities. Many places have prioritized land funds for this type of real estate.

According to data released by the Ministry of Construction on July 10, 2024, the country has planned more than 10,000 hectares of land for social housing. Compared to the 2020 report, the land area for social housing development has increased by 6,641 hectares, typically Dong Nai has reserved 1,064 hectares, Ho Chi Minh City has reserved 609 hectares, Quang Ninh has reserved 704 hectares, Hai Phong has reserved 837 hectares...

Specific and practical actions have also been continuously recorded. In Ba Ria - Vung Tau, it is expected that by the end of 2024, the province will complete the procedures to start construction of 4 social housing projects with a scale of 6,903 units. In the first 6 months of 2024, the province has approved the investment policy of 5 projects with a scale of 2,714 units; of which, 3 projects are under construction, expected to be completed by the end of 2024, supplying 313 units. The remaining project is expected to be completed in April 2025.

Meanwhile, Long An has 7 projects expected to start construction in 2024, with a scale of 4,550 units. There are 24 social housing projects in the 20% land fund of commercial housing projects with policies, with a scale of 50,835 units.

Identified as one of the two key provinces/cities in social housing development, Hanoi has just proposed 9 land plots for concentrated development with a scale of about 600 hectares in the following districts: Chuong My, Quoc Oai, Ha Dong, Thanh Tri, Thuong Tin, Dan Phuong, Dong Anh, Gia Lam and Me Linh.

In May 2024, the Secretariat issued Directive 34/CT-TW on strengthening the Party's leadership in social housing development in the new situation, setting out 5 key tasks and solutions, including the requirement to prioritize land allocation and capital sources for this policy.

On the Government side, in addition to decrees, resolutions, and directives, in the first 6 months of 2024 alone, Prime Minister Pham Minh Chinh chaired two events on social housing.

These are the Conference on removing difficulties and promoting social housing development organized online, connecting from the Government headquarters to 63 provinces and cities in March 2024 and the meeting on removing difficulties and obstacles, promoting social housing development, implementing the Project "Investing in building at least 1 million social housing apartments for low-income people and industrial park workers in the period 2021 - 2030" in May 2024.

Recently, on August 5, 2024, at a working session with the State Bank on monetary policy management and banking system operations, the Prime Minister welcomed the State Bank's proposal to increase the credit package of 120,000 billion VND for preferential loans for the development of social housing and workers' housing to 140,000 billion VND with an increased loan term and reduced interest rates; requiring research on appropriate access conditions and finding ways to implement this credit package.

With its functions and tasks, the Ministry of Construction has coordinated with central agencies to submit to the Secretariat for promulgation of Directive 34-CT/TW dated May 24, 2024 on strengthening the Party's leadership in the development of social housing in the new situation and has completed submitting to the Prime Minister for promulgation of the Plan to implement Directive 34.

In addition to monitoring and urging the implementation of the Project "Investing in the construction of at least 1 million social housing apartments for low-income people and industrial park workers in the period of 2021 - 2030", the Ministry of Construction has proposed solutions to remove difficulties. Currently, the State Bank is seeking opinions on adjusting the lending interest rate for customers buying social housing by 3-5% compared to the average medium- and long-term lending interest rate of state-owned commercial banks in the market in the periods, according to one of the proposals of the Ministry of Construction.

In terms of institutions, the Housing Law 2023, together with Decree 100/2024/ND-CP detailing a number of articles of the Housing Law on the development and management of social housing, Circular 05/2024/TT-BXD guiding the Housing Law 2023, which also officially took effect from August 1, 2024, has removed difficulties in land funds, shortened investment procedures, investor selection processes, and determined in detail the components of the total investment cost of construction of social housing areas as the basis for calculating the maximum profit of 10% of the total investment cost of construction of social housing areas according to the Housing Law 2023, encouraging businesses to develop social housing projects.

From the demand side, the beneficiaries of social housing policies have been expanded, the conditions for enjoying the policies have been clarified, and the forms for identifying people who are beneficiaries of social housing policies have been made available.

These are considered a "boost" for the social housing segment, contributing to realizing the goals set out in the Project "Investing in the construction of at least 1 million social housing apartments for low-income people and industrial park workers in the period 2021 - 2030", of which the immediate goal is to complete about 130,000 apartments in 2024.

We have every reason to believe that the dream of a stable, quality and humane place to live for the low-income working community will soon come true.