Government proposes to set up National Housing Fund

The Government has proposed the establishment of a National Housing Fund as part of measures to boost the social housing development.

The proposal was submitted to the National Assembly on May 20 as part of a draft resolution to speed up construction progress and address regulatory hurdles in the social housing sector.

The fund would be financed by state budget, voluntary contributions, proceeds from land-use payments where infrastructure has been developed for social housing, revenues from the sale of public housing assets, and other sources.

It would be used to finance the development of social housing for public employees and workers through rental or rent-to-own schemes.

Under the Government program on building at least one million social houses for low-income earners and workers at industrial parks in the 2021-2030 period, some 657 projects have been implemented which will supply over 597,000 units nationwide. Of which, 103 projects have been completed with 66,755 units.