Building Social Housing for Rent with Public Investment Funds

Vice Prime Minister Tran Hong Ha has signed Decision No. 927/QD-TTg, issuing a plan to implement the Secretariat's Directive No. 34-CT/TW on strengthening the Party's leadership in developing social housing in the new situation.

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The plan aims to propagate, organize, and efficiently implement the tasks and solutions directed in Directive No. 34-CT/TW. Concurrently, it seeks to bring about a significant shift in the perception and actions of ministries, sectors, local authorities, and citizens regarding social housing development. It also strives to enhance the effectiveness and efficiency of state management, establish mechanisms and policies, and allocate resources for social housing development.

Regarding policy and legal system improvement, the plan mandates the issuance of favorable and proactive mechanisms and policies for localities in allocating their budgets for investing in social housing projects. It also entails carrying out compensation, land clearance, and resettlement support to obtain clean land for social housing construction.

Simultaneously, it involves refining the legal framework and facilitating mechanisms and policies to enable the Vietnam General Confederation of Labour to participate in social housing development using trade union funds.

According to the plan, the state focuses on developing social housing for rent in urban areas using public investment capital.

Another crucial task outlined in the plan is to streamline administrative procedures, facilitating enterprises’ involvement in social housing investment and making social housing more accessible to eligible beneficiaries. It also emphasizes minimizing the time required for administrative procedures related to social housing investment, construction, business, buying and selling, and management.

In terms of resource mobilization, the plan calls for prioritizing the allocation of corresponding and timely state budget capital from central and local sources to ensure the realization of social housing development goals. The state concentrates on developing social housing for rent in urban areas using public investment capital.

The plan underscores the importance of socializing capital sources for social housing development, especially from domestic and foreign enterprises. It also involves reviewing and addressing challenges to effectively implement the program of preferential loans for social housing support.

Encouraging the formation of investment funds, investment trusts, and joint ventures to execute social housing projects is also part of the plan. It ensures sufficient budget allocation to the Social Policy Bank and designated commercial banks for preferential lending for social housing development.

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