Responding to media reports, the Ministry of Construction has asked Bac Ninh and Bac Giang provinces to clarify the situation concerning foreigners residing in social housing projects, an arrangement meant for local low-income workers.

The Ministry of Construction (MOC) believes that converting resettlement apartments to social housing is the best solution to the problem of thousands of idle apartments.

Of the nine resettlement projects with nearly 2,500 apartments in Hanoi, only two projects have been completed and have received official acceptance, but have not been put into use, while the other seven projects are under execution.

More flexible policies will help create incentives to attract investors and unlock the potential for expanding the social housing sector in Vietnam.

The Government is considering implementation of a state-funded credit package worth VNĐ30 trillion (US$1.2 billion) for social housing to replace the current ineffective package.

Citing lower birth rates and marriages at a later age, the Vietnam Association of Realtors (VARS) has proposed that couples with at least two children be eligible for one-time support to buy social housing at preferential rates.

The Vietnam Association of Real Estate Brokers (VARS) has proposed couples with two children are given priorities in buying homes at social housing projects, as a solution to encourage marriage before the age of 30 and increasing the birth rate.

The Ministry of Construction (MOC) supports a proposal on reducing the interest rate by 3-5 percent for social housing buyers and maintaining a subsidy of 1.5-2 percent for developers.

Under the 2023 Housing Law, since August 1, 2024, the sellers of apartments at social housing projects have not had to pay 50 percent of land use fees.

This aim is to create conditions for homebuyers to access the preferential loans in the context that the disbursement of the 120 trillion VND package remained stagnant.

Individuals with a monthly income not exceeding 15 million VND, or married couples with a combined income not exceeding 30 million VND, are eligible for social housing support policies.

Private conglomerate Vingroup and Vietnam Technological and Commcercial Joint Stock Bank (Techcombank) have proposed a new preferential credit package for social housing.

Minister of Construction Nguyen Thanh Nghi held talks with Minister of Land, Infrastructure and Transport of the Republic of Korea (RoK) Park Sanwoo in Hanoi on July 16.

Many resettlement apartments have been left idle at a time when many low-income earners don’t have accommodations. HCM City authorities have proposed turning these abandoned apartments into social housing.

The two largest resettlement quarters in HCM City remain deserted. People who had to give back land to the state to make room for public projects do not want to resettle there as planned.

A credit package of VND120 trillion was launched a year ago to provide preferential credit to develop social housing and improve old apartment buildings. However, no project has received disbursement from the package.

The Hanoi Department of Planning and Architecture has proposed the development of nine more social housing projects with a total area of 669 hectares in several suburban districts.

There are about 13,000 abandoned apartments in Hanoi and HCM City

Among the 36 unfinished social housing projects, six are under construction, and the rest have their legal procedures finished.