Solid foundation supports the establishment of a housing development fund

Deputy Prime Minister Ho Duc Phoc has held a meeting with relevant ministries and sectors to explore the establishment of a national housing development fund.

The projected fund will include provisions for social housing, rental housing for workers, and rental or purchase options for individuals under 35 years old.

Based on a comprehensive review of the legal framework and financial mechanisms at both central and local levels, the Ministry of Finance has proposed a financial support mechanism for social housing development and outlined plans for the creation of the National Housing Development Fund.

During the meeting, representatives from the Ministry of Construction, the State Bank of Vietnam, the Ministry of Justice, and the Government Office exchanged and discussed the political, legal, and practical foundations for establishing the fund. They also deliberated on its functions, tasks, organizational model, scale, target beneficiaries, governing body, and funding sources to ensure the fund operates effectively and meets its objectives.

In his concluding remarks, Deputy PM Phoc emphasized that the establishment of the national housing development fund to support social housing, rental housing for workers, and housing options for individuals under 35 years old has solid political, legal, and practical foundations. He confirmed the fund's official name as the "National Housing Development Fund".

The National Housing Development Fund will be a State-established, off-budget fund, distinct from State budget expenditure responsibilities.

The Fund's resources are expected to be mobilized from various sources, including State budget allocations, voluntary contributions from domestic and foreign investors, revenue from the 20% land fund designated for social housing within commercial housing projects, contributions from organizations and individuals, and other lawful sources.