The government previously launched a project on developing at least 1 million social housing products for low-income earners and industrial zone workers in the 2021-2030 period.

To prepare for the conference, the Prime Minister requested the Miniatry of Construction (MOC) to present a report on social housing development.

The ministry has also been tasked with proposing the participation of major real estate enterprises to advise the Government on overcoming challenges and promoting social housing. Conference attendees include 43 real estate companies, two real estate associations, and 10 banks.

Ten conglomerates and corporations in the real estate sector were asked to propose solutions for social housing development, including Vingroup, Sungroup, BRG, Becamex IDC Binh Duong, Viglacera, HUD, UDIC, Nam Long, Ecopark, and Corporation 319 of the Ministry of Defense.

Some real estate firms actively involved in social housing development were invited to discuss solutions, such as NHS Construction Investment JSC, Le Thanh Trading and Construction, Hoang Huy Group, BIC Vietnam JSC, and Phu Long Real Estate JSC.

The Prime Minister requested State Bank of Vietnam to report on the disbursement of the VND120,000 billion loan package to help enterprises expedite the completion of social housing projects, and the reconstruction of apartment buildings.

The central bank has also been asked to report on proposals to offer long-term preferential loans to people under 35.

Dinh Trong Thinh, a respected economist, observed that 2024 marked a year of very rapid price increases in Hanoi’s apartment market. Prices rose in both the primary and secondary markets, with even older projects experiencing hikes. 

He believes that it is necessary to address the supply-demand imbalance to cool down prices.

Under a Prime Minister’s decision assigning targets for social housing development in 2025 and subsequent years, 995,445 apartments must be built in 2025-2030.

This includes 100,275 units in 2025, 116,347 units in 2026, 148,343 units in 2027, 172,402 units in 2028, 186,917 units in 2029, and 271,161 units in 2030.

The locality with the highest social housing target is HCM City, with 69,700 units, followed by Hanoi with 56,200 units, Hai Phong with 33,500 units, Da Nang with 12,800 units, and Can Tho with 9,100 units.

The Ministry of Construction (MOC) reported that from 2021 to the present, 103 social housing projects with 66,700 apartments have been fulfilled.

In 2024 alone, the country completed 28 projects with nearly 21,900 units, representing a 58 percent increase compared to 2023.

Hong Khanh