Vietnam’s Ministry of Construction and Japan’s Ministry of Land, Infrastructure, Transport and Tourism held a workshop to seek to generate more capital for social housing construction in Hanoi on December 4.

Deputy Minister of Construction Nguyen Tran Nam said the Vietnam National Assembly ratified the amended law on housing and real estate business, which will take effect in early July next year.

The law will help the housing market in Vietnam become more attractive, especially for foreigners living and working in the country, who wish to run investments in the field, as well as creating a healthy and stable estate market.

Akihiro Gozawa, an official from the Japanese Ministry, shared that the housing policy in Japan has changed in accordance with population movements and focus has been given to the quality of houses to ensure their long-run use.

He introduced participants to the Japan Housing Finance Agency (JHFA), which was established in 2007 in charge of supporting private financial institutions via the issuance of government bonds and offering loans for post-disaster housing rehabilitation.

The agency will provide long-term and low-interest loans for house buyers or constructors. Meanwhile, the public houses for lease will be provided by the central and local governments at prices lower than that of the market, he said.

During the workshop, participants discussed experience on how to mobilise middle and long term capital to help low-income people and social welfare recipients in urban areas buy their own houses.

They also exchanged views with Japanese experts in service of the building of documents guiding the early enforcement of the Vietnamese amended law on housing and real estate business.-VNA