Solutions for Ministries and Industries
For ministries and industries, first and foremost, focus on constructing the guiding Decree on Housing Law No. 27/2023/QH15 to overcome obstacles in mechanisms, policies, and laws. Efficient implementation, promoting the development of the real estate sector. At the same time, continue to coordinate with relevant ministries and departments to provide feedback on drafting the guiding Decrees on Real Estate Business Law, Land Law (amended), Credit Institutions Law, and amended tax laws… to synchronize with the amended Housing Law in terms of housing policy mechanisms.
Currently, the Ministry of Construction, Ministry of Natural Resources and Environment, and Ministry of Finance are studying the draft guiding Decrees on Housing Laws and Real Estate Business Law, Land Law (amended), Credit Institutions Law (amended) to submit to the Government for issuance in May 2024. This serves as a basis for the Government to consider and submit to the National Assembly for early effectiveness of the aforementioned Laws, expectedly by July 1, 2024.
The State Bank of Vietnam (SBV) is requested to continue researching and considering lowering the interest rate for capital support of VND 120 trillion (US$5.11 billion) to correspond with practical conditions in each stage. Furthermore, resolve difficulties and effectively deploy the capital support of VND 120 trillion (US$5.11 billion).
In addition to promoting the deployment of the VND 120 trillion (US$5.11 billion) capital through commercial banks, the Ministry of Planning and Investment is suggested to coordinate with the Social Policy Bank, the Ministry of Construction to allocate sufficient funding from the state budget from public investment for the Social Policy Bank to allow individual customers to borrow and rent apartments according to regulations on development and management of social housing in the period 2024-2025 and the subsequent period, specifically following the proposal of the Social Policy Bank for the 2024-2025 period, with a demand of VND 12 trillion (US$511 million), of which the state budget allocates 50% or VND 6 trillion (US$256 million), and 3 trillion (US$128 million) each year.
For the Ministry of Public Security, the Ministry of National Defense, the target is to develop 5,000 affordable housing units by 2024. Determine the housing needs of the managed groups and closely coordinate with localities to prepare land funds to ensure meeting the requirements while preparing other resources in terms of finance, human resources… to effectively deploy housing projects for the armed forces after the Housing Law 2023 takes effect.
The Vietnam General Confederation of Labor also sets a target of implementing 2,000 apartments in 2024.
The Ministry of Construction is responsible for coordinating with ministries and departments to urge localities to focus on achieving the target of completing 130,000 affordable housing units in 2024 according to the directions of the Government in Resolution No. 01/NQ-CP dated January 5, 2024.
 The Minister of Construction, Nguyen Thanh Nghị, speaking at the conference – Photo VGP/Nhat Bac
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Solutions at the Local Level
For localities, first and foremost, urgently establish, amend, and supplement programs and plans for housing development, clarifying the targets for affordable housing for low-income people, industrial workers, and armed forces. Develop and deploy projects according to the tasks assigned by the Prime Minister.
Based on the targets of the project and the targets in the appendix of affordable housing to be completed in 2024, localities urgently need to develop specific plans to invest in affordable housing projects to achieve the set goals.
For projects that have started, localities are suggested to regularly urge completion of the projects in 2024, guide and facilitate the acceptance and usage of the projects in accordance with legal regulations.
For projects that have been approved for investment decisions, it is necessary to urgently implement procedures for selecting investors, land allocation, granting certificates of land use rights, establishing, appraising basic designs, technical designs, and construction permits… for groundbreaking and construction in 2024.
For affordable housing land funds that have not been approved for investment decisions, it is necessary to promptly develop plans, assess feasibility reports, update projects into local programs and plans… to complete the procedures for approval of investment decisions.
The Ministry of Construction is responsible for coordinating with ministries and departments to urge localities to focus on achieving the target of completing 130,000 affordable housing units in 2024 according to the directions of the Government in Resolution No. 01/NQ-CP dated January 5, 2024.
Regarding preferential funding for affordable housing development, provincial People’s Committees are requested to continue reviewing and inspect legal procedures, compile a list of housing construction projects, provide loans from the VND 120 trillion (US$5.11 billion) capital support to purchase, renovate, and rebuild eligible condominiums for public disclosure on the electronic portal of provincial People’s Committees. This will allow banks to apply for loans according to the program and send documents to the State Bank of Vietnam and the Ministry of Construction for monitoring and synthesis.
