The Ministry of Construction has proposed that the Prime Minister host a conference to promote social housing development and ensure a healthy, sustainable real estate market. The conference is expected to take place in January 2025.

High-level engagement with nationwide participation

According to the proposal, the conference will be held in person at the Government Office and streamed online to the People’s Committees of all 63 provinces and cities.

Approximately 200 delegates are anticipated to participate directly, including the Prime Minister, Deputy Prime Minister Tran Hong Ha, and ministers from key sectors such as Construction, Natural Resources and Environment, Finance, and the State Bank of Vietnam.

Also in attendance will be experts, representatives from the Vietnam Real Estate Association, the Ho Chi Minh City Real Estate Association, and leaders from prominent real estate corporations, such as Vingroup, Sungroup, Novaland, Hung Thinh Land, Becamex IDC, CEO Group, Him Lam, Capital House, Capitaland, Viglacera, HUD, and Ecopark.

Real estate market performance in 2024

The Ministry of Construction provided an assessment of the real estate market in 2024, highlighting progress in administrative reforms, urban planning, and real estate supply across various localities.

Over the year, 59 commercial housing projects were completed nationwide, providing approximately 16,720 units.

In addition, 28 social housing projects were completed, delivering 20,284 units, while 67 infrastructure investment projects were approved for land-use transfer, contributing 6,667 land plots to the market.

The total number of transactions involving apartments and individual houses in 2024 reached approximately 137,386 units, up 2.2% compared to 2023.

Land plot transactions totaled around 446,899, marking a significant increase of 38.1% compared to the previous year.

Advancements in social housing development

The government's initiative to build at least one million social housing units for low-income individuals and industrial workers for the 2021–2030 period has shown promising results.

To date, 645 social housing projects have been launched nationwide, with a total of 581,218 units planned.

In 2024 alone, 28 projects delivering 20,284 units were completed, representing a 46% increase from 2023.

An additional 23 projects, comprising 25,399 units, have been approved and commenced construction. Furthermore, 113 projects with 142,450 planned units have received investment approval.

Local authorities have also earmarked 1,309 locations, allocating approximately 9,756 hectares of land for social housing development.

Under the 120 trillion VND ($5 billion) preferential credit program for social housing, worker housing, and old apartment renovations, banks have pledged to provide loans totaling over 4,000 billion VND ($167 million). To date, 2,360 billion VND ($98 million) has been disbursed.

The upcoming conference is expected to address critical issues in the real estate market, foster collaboration among stakeholders, and further advance the development of social housing to meet growing demand.

Hong Khanh