Social housing of Thuy Van Complex Project, phase 2 and has been handed over to customers

“Drip” deployment

To implement the Project (DA) "Investing in the construction of at least 1 million social housing apartments for low-income earners and industrial park workers in the period of 2021-2030" according to the Government's decision, the Provincial People's Committee (now the City People's Committee) has issued a social housing development plan, with the goal of striving to have a total of about 7,700 completed apartments by 2030. Of which, about 3,100 apartments will be completed in the period of 2021-2025 and about 4,600 apartments will be completed in the period of 2025-2030.

From 2021 to present, the city has approved investment for 7 social housing projects. In 2024 alone, the city has approved the investment policy for 2 social housing projects with a total investment of more than VND 2,620 billion. Specifically: Social housing project at land plot XH1 in Area B - An Van Duong new urban area with an area of ​​more than 1.8 hectares, total investment of more than VND 1,189 billion and social housing in Phong Hien commune with an area of ​​more than 26 hectares, total investment of VND 1,430 billion. In addition, there are 4 social housing projects from the land fund of 20% of the project to invest in building the NOTM with a land area of ​​about more than 12 hectares.

According to the reporter's records at the NOXH project on the 20% land fund of the Thuy Van Complex Project, Phase 2, Area B - An Van Duong New Urban Area, represented by Cotana Capital Real Estate Investment and Development Joint Stock Company, the investor has started construction and built 2/4 blocks, with a total of 364 apartments in the high-rise NOXH category on the 20% land fund of the project. The entire project includes 723 apartments in 4 high-rise apartment blocks and 361 apartments in the low-rise apartment block.

Social housing of Thuy Van Complex Project, phase 2 and has been handed over to customers

Mr. Le Van Thanh, Deputy General Director of Cotana Capital Real Estate Investment and Development Joint Stock Company, said that the entire project was assigned to the investor to be 44.6 hectares, of which 3.5 hectares were used to build social housing. For the high-rise apartment block with an area of ​​about 1.5 hectares, the investor has completed the construction and handed over 182 apartments in building XH3 and is continuing to build building XH2 with a scale of 182 apartments, expected to be completed in the third quarter of 2025. At the same time, at the end of the first quarter of 2025, the investor will continue to organize the groundbreaking ceremony for building XH1 with a scale of 210 apartments, expected to be completed in 2026. For low-rise social housing, investment procedures are currently being completed.

“During the process of constructing social housing, there were many problems that the investor worked with departments and branches to gradually resolve. In general, the construction of social housing in our project has met the construction progress according to the contract signed with the contractor, handing over 100% of the completed apartments as prescribed,” Mr. Thanh affirmed.

Synchronize solutions

Assessing the implementation of the project, the Department of Construction informed that by the end of 2024, the city had selected investors for 4 NOTM projects with a land fund of 20% for social housing investment according to the plan of the City People's Committee and approved the investment policy for 2 social housing projects, with a total expected investment capital of more than 2,620 billion VND. The number of projects that have selected investors is 4/19 projects, reaching a rate of more than 21%.

In addition, according to the plan of the City People's Committee, in the period of 2021-2025, the locality must start construction of 13 social housing projects, 2 worker housing projects and implement housing investment for low-income people on the 20% land fund of 1 NOTM project. However, by the end of 2024, only 384 social housing units on the 20% land fund of 1 NOTM project, which is the Thuy Van Complex Project Phase 2, have been started and completed. The project start rate by the end of 2024 only reached 6.25% compared to the plan.

According to the Department of Construction, the 2023 Housing Law and its guiding decrees have contributed to removing many difficulties and obstacles related to social housing investment projects. However, social housing development policies still have some contents that do not meet practical needs and have not been effectively supplemented, amended and completed.

To achieve the set goals of social housing development as well as the policy of developing social housing for low-income people, the cooperation of the State and enterprises is needed. On that basis, the Department of Construction recommends that the Ministry of Construction specify the conditions for non-mortgage or mortgage release as a basis for determining the conditions for selling future housing. Regulate the content of appraisal by state management agencies for appraisal of selling prices of social housing for low-income people...

In addition, it is necessary to reduce interest rates and extend loan terms for the VND120,000 billion credit program for buyers and investors implementing social housing projects. Research and implement loan packages from the Vietnam Bank for Social Policies such as the previous VND30,000 billion package so that home buyers can easily access loans, with reasonable interest rates and appropriate disbursement times. At the same time, expand the beneficiaries of the VND120,000 billion credit program for investors of the NOTM project, urban areas directly investing in social housing on 20% of the project's land fund. Increase the equity ratio of investors implementing social housing projects for low-income people and workers' housing to disburse the loan ratio, contributing to reducing the selling price of social housing. Have a policy of exempting or reducing VAT on the construction costs of social housing projects for low-income people and workers' housing...

According to the Department of Construction, the implementation of the VND 120,000 billion credit program is currently facing some difficulties such as high loan interest rates and short loan terms, causing financial pressure for those who want to buy social housing as well as investors. According to the guidance of the Ministry of Construction, this credit package only applies to social housing projects on independent land funds or land funds of 20% of the total residential land area within the scope of the NOTM construction investment project, urban areas but not implemented by the NOTM project investor will cause difficulties for businesses in accessing the loan package, so the disbursement rate of this loan package is very low.


Ha Nguyen