Vietnam’s Minister of Construction, Tran Hong Minh, announced that the construction sector aims to complete over 82,000 social housing units by 2025. Currently, there are 69 social housing projects nationwide, comprising approximately 135,000 units. The Ministry of Construction urges local authorities to strive for the completion of more than 18,000 units this year to meet the target of 100,000 units.
Regarding the credit package for social housing, as of August this year, banks have disbursed 19.7 trillion VND, as reported by the Minister.
There are currently 69 social housing projects across the country. (Illustrative image)
Recently, the Ministry of Construction selected 18 capable enterprises to develop social housing projects, recommending them to local governments. These include Vingroup, Sun Group, Viglacera, the Housing and Urban Development Corporation (HUD), and Hanoi Construction Corporation (HANCORP).
The Ministry also identified 15 localities with the highest demand for social housing: Ho Chi Minh City, Bac Ninh, Hanoi, Tay Ninh, Dong Nai, Phu Tho, Hung Yen, Hai Phong, Vinh Long, Dak Lak, Da Nang, Nghe An, Thai Nguyen, Ninh Binh, and Quang Tri.
According to the Ministry, the selected companies were chosen based on multiple criteria, with strong financial capacity and the ability to mobilize capital for large-scale projects being paramount. Additionally, these firms must have experience in executing social housing, worker housing, or urban area projects ranging from hundreds to thousands of units.
The Ministry emphasizes that the chosen enterprises must demonstrate dedication, social responsibility, and a commitment to partnering with the government in achieving housing welfare goals. They should be prepared to invest long-term in this sector.
Selected developers must pledge long-term engagement in the social housing development program from 2025 to 2030. Furthermore, these companies need to possess the capability to manage a closed value chain, from planning and design to construction, operation, and management, ensuring project quality, timely completion, and reasonable costs.
