Hanoi (VNA) – Ministries, sectors and localities ought to ensure the construction of at least 1 million social housing units for low-income earners and industrial park workers during 2021–2030, Prime Minister Pham Minh Chinh told a national teleconference on this issue on March 6.
Under the programme on building at least 1 million social housing units, 655 projects have been implemented nationwide, offering over 593,000 units. However, the disbursement of the 120 trillion VND (4.7 billion USD) preferential credit package for the programme is still slower than expected, according to reports presented at the event.
Participants proposed the Government establish a special mechanism for selecting qualified and experienced enterprises to invest in social housing projects, issue mechanisms and zone land for such development, and ensure stable and long-term preferential interest rates for social housing loans.
Concluding the conference, PM Chinh stressed that social housing development remains a priority of the Party and the Government, and serves as a crucial driver for economic and social growth, especially in the current context, as it will help boost investment, stimulate consumption, ensure social welfare, progress and equality, and contribute to urban development.
While acknowledging certain progress in social housing construction, the Government leader noted that results have yet to meet expectations. He urged ministries, sectors, and local authorities to implement 10 groups of key tasks and solutions to make tangible improvements, ensuring the set targets are achieved.
He directed localities to make appropriate adjustments to social housing development plans, with the deadline for completion being the second quarter. He also instructed the Ministry of Construction to review related institutional and procedural hurdles while ensuring designs are suitable for mass production and utilising prefabricated structures for faster construction.
Relevant ministries and agencies were tasked with developing a funding mechanism with reasonable interest rates to support social housing development. While interest rates could be increased if necessary, the PM highlighted the need for swift action to avoid time wastefulness and delays.
Participants in the conference (Photo: VNA)
To mobilise resources for the work, he assigned Deputy PM Ho Duc Phoc to oversee the Ministry of Finance in establishing a national housing fund this March. Additionally, the State Bank of Vietnam was asked to exclude social housing loans from banks' credit limits.
The PM also tasked the Government Office with leading efforts to streamline related administrative procedures, mandating a reduction of at least 30% in 2025.
He stressed the request that those in need should not have to wait five to ten years to secure social housing.
The Vietnam Association of Architects, media agencies, the Ministry of Public Security, and businesses involved were also assigned tasks according to their respective functions.
PM Chinh noted that social housing projects must ensure the highest quality and incorporate comprehensive technical and social infrastructure. He also stressed the importance of transparency, urging authorities to promptly disclose and publicly announce all relevant project information after groundbreaking, allowing citizens to register for purchase, lease-purchase, or rental options.
He also requested the localities with high demand for social housing, particularly Hanoi and Ho Chi Minh City, to show a greater sense of responsibility and lead efforts to meet the targets set in the national plan. These two cities must each complete 100,000 housing units by 2030, significantly higher than the current targets of nearly 67,000 units for HCM City and 45,000 for Hanoi.
The leader further instructed authorities to cut and simplify administrative procedures related to social housing investment and construction, making it easier for businesses to participate in. Local budgets should be allocated for land clearance and compensation to ready ground for development. Additionally, local authorities were told to arrange funds to entrust to the Vietnam Bank for Social Policies, enabling affordable loans for purchasing and leasing social housing as well as building or repairing houses./.
