“A Dream Come True for Workers in Bac Giang: Purchase a Social Housing Unit for Just 100 Million VND and Finance the Rest Through a 24-Year Bank Loan, Repaying Only 1 Million VND/Month”

Speaking at the seminar “Breakthrough for Social Housing Development,” Mr. Pham Van Thinh, Vice Chairman of Bac Giang Provincial People’s Committee, shared that Bac Giang has selected investors and implemented approximately 14 projects with a scale of about 29,000 apartments.

Mr. Thinh mentioned that there are some typical types of apartments. For instance, a 33-square-meter apartment is priced at approximately VND 370 million. The owner only needs to pay VND 100 million upfront, and the rest is covered by a 24-year loan from the Policy Bank, with monthly installments of just VND 1 million. Eventually, the house becomes yours.

For the second type of apartment, measuring 57 square meters and featuring two bathrooms, the total amount payable is VND 670 million. A 30% down payment amounts to an initial VND 200 million, with the remainder financed by the Policy Bank over 25 years. For such families, the monthly repayment, including interest and principal, is about VND 2.2 million over 25 years.

“When we met them, they were very touched,” shared Mr. Thinh. “They said that they could only dream of coming to Bac Giang as workers, and in a very short time, they were able to own an apartment like this. They feel secure knowing that there is also a nursery for their children.”

According to Mr. Thinh, the province has set a plan to construct approximately 70,000 social housing units. “We estimate a scale of about VND 110,000 billion for the period from 2021 to 2030. This is a significant figure, and it also involves the use of local labor, materials, and resources. All the elements are in place, so it has a much more significant impact than other projects of a similar scale,” he added.

Based on this understanding, Bac Giang has demonstrated its commitment through very specific plans. In 2024, the province identified all land plots totaling over 200 hectares to implement more than 70,000 social housing units. So far, Bac Giang has approved 14 projects and selected investors for these projects, covering 29,000 apartments.

“If we apply Resolution 201 on piloting some special mechanisms and policies for social housing development, everything will be faster and more convenient. In July, we will select about 15 investors for over 30,000 units.

As per our plan, in the first quarter of 2006, we will have selected all investors to develop over 70,000 social housing units to achieve and exceed the set target,” Mr. Thinh stated.