PM requests speeding up social housing projects

Prime Minister Pham Minh Chinh has asked relevant ministries, localities and investors to take stronger measures to accelerate construction of social housing projects.

Chairing a meeting in Hanoi on May 17 to discuss solutions to social housing development, as part of a program building at least 1 million social houses for low-income earners and industrial park workers in the 2021-2030 period, PM Chinh stressed the need to diversify resources for social housing development, from the State, the public, society and financial institutions, in order to provide support for both sellers and buyers.

Localities are urged to prioritize urban planning for social housing, simplifying procedures relating to selecting investors, approving eligible buyers and approving selling prices, and allocating land fund for social housing projects.

The Government leader instructed businesses and investors to prepare enough financial sources and apply new technologies to accelerate construction of social housing projects.

He urged building and issuing a resolution allowing the Land Law, Housing Law and Real Estate Business Law to take effect early from July 1, 2024, and the early enforcement of preferential policies for social housing projects.

Vietnam now has 503 underway social housing projects, providing a total of 418,200 units.

Commercial banks have so far disbursed over VND1.14 trillion ($48.8 million) for investors of 11 social housing projects and VND11 billion ($390,000) for buyers at four social housing projects.