The 120,000 billion package has not generated outstanding debt?
According to a leader of Dong Nai Provincial People's Committee, currently in the province, 31/32 industrial parks have come into operation with 618,000 workers, of which about 321,000 are from other provinces, most of whom have housing needs. It is expected that by 2025, 3 more industrial parks will come into operation, with about 450,000 workers needing housing...
Although the province has directed, provided solutions, reviewed land funds, supplemented the housing development plan for workers (NOCN), and initially implemented a number of projects, up to now the whole province has only reached about 4,500 units. Workers still mainly have to rent houses built by local people.
Thu Thiem Company's worker housing project is sluggish
In Binh Duong, one of the localities that has been quite successful in building social housing (NOXH) and NOCN, as of 2020, only about 35,700 units have been put into use compared to the development target of 86,877 units in the period of 2021 - 2030 assigned by the Government. Compared to the demand by 2030 of 129,212 units, the above figure is still too modest.
Although Ho Chi Minh City also has many industrial parks and a large immigrant population, from 2006 to now, it has only built more than 18,800 social housing units. According to a leader of the Ho Chi Minh City People's Committee, in the period of 2021 - 2025, Ho Chi Minh City is expected to develop about 2.5 million square meters of social housing floor space, equivalent to about 35,000 houses. In the period of 2026 - 2030, it is expected to develop about 58,000 units.
According to a report from the Ministry of Construction, to date, the country has completed the construction of 181 social housing projects with nearly 94,400 apartments, with a total area of over 4.8 million m2 . Localities are continuing to implement 291 social housing projects, with a construction scale of about 271,500 apartments, with a total floor area of about 14.52 million m2 .
Notably, regarding the VND120,000 billion credit package, the Ministry of Construction said that 11 localities have announced a list of 24 projects eligible for loans, with a loan demand of about VND12,400 billion. However, in reality, this credit package has not yet generated outstanding debt.
Speaking to Thanh Nien , Mr. Nguyen Tan Kiet, leader of Thanh Thang Design and Construction Consulting Co., Ltd., the investor of the social housing project in Long Khanh City (Dong Nai), said that on October 4, the company organized a lottery to choose to buy 201 social housing units at the project. As soon as the VND 120,000 billion credit package was announced in April 2023, the company also registered with the Dong Nai Department of Construction to allow home buyers to borrow money but has not heard any feedback. The company has also worked with the Social Policy Bank to lend money to customers to buy social housing at a more preferential interest rate of only 4.8%/year but has not received any response.
"The social housing project in Bao Vinh Ward, Long Khanh City started construction in June 2020, with 1,054 social housing units, including 462 apartments and 592 townhouses. Of which, one-storey, one-storey townhouses cost about 800 - 900 million VND/unit, about 90 - 95 m2 . Most social housing buyers are interested in the loan package of the Bank for Social Policies because the interest rate is cheaper," said Mr. Kiet.
Thousands of social housing units are unsold
Recently, Vice Chairman of Bac Ninh Provincial People's Committee Ngo Tan Phuong informed that in the past time, the province has completed 7 social housing and industrial housing projects with 4,000 apartments that are eligible for use. Investors have advertised 1,681 apartments for sale, but very few workers have registered to buy, leaving 1,324 apartments unsold. The reason is that more than 70% of workers in this locality come from other places. In particular, the young labor force aged 18-30 who come to work only want to rent instead of buy a house. In addition, workers also have difficulty meeting the financial needs to buy a house when their income is 9-10 million VND per month. In addition to covering living expenses, workers who are already struggling often have to save money to send money back home to their families. Not only that, most workers in Bac Ninh have unstable residences and often change jobs. Provincial leaders also said that workers are not used to living in high-rise buildings. Therefore, Bac Ninh proposed that investment in the construction of NOCN should be carried out outside industrial parks so that this type can widely serve workers working in industrial parks, economic zones, export processing zones, high-tech zones, small and medium-sized industrial clusters, and production facilities of all industries and occupations. At the same time, the province proposed that the Ministry of Construction study and supplement more special incentive mechanisms for worker accommodation projects.
Not only Bac Ninh, the situation of unsold social housing and non-residential housing is also happening in Ho Chi Minh City, where there has been a shortage for a long time. Recently, when working with the Ho Chi Minh City People's Council, the leader of Thu Duc City said that the NOCN project of Phuoc Thanh Company has more than 1,000 apartments expected to be handed over by the end of this year, but only about 100 applications have registered to rent houses. The investor's representative explained that in reality, many customers in the group of beneficiaries of social housing support have inquired, but very few applications meet the requirements. Those who are eligible to buy do not have money, do not dare to borrow from banks with the interest rate of the 120,000 billion VND credit package of up to 7.7%/year, lasting only 5 years and only 1 - 1.5%/year lower than the commercial loan interest rate. Meanwhile, those who have money are not included in the group of workers. To sell the above apartments, the investor of this project is currently "risking" selling them to other social housing buyers besides workers.
Mr. Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association, said frankly that the interest rate in the VND120,000 billion package is too high, a burden for those who buy social housing. In addition, according to current regulations, those eligible to buy social housing must meet three conditions regarding housing, residence and income. In particular, the residence condition is to have permanent residence registration at the location of the social housing project or temporary residence registration for one year or more. Those who buy social housing must also not be subject to personal income tax, meaning their salary must not exceed VND11 million per month. These regulations are considered outdated by some experts. For example, social housing prices have nearly doubled in 5 years, but the method of determining low income - an important condition for buying a house - remains the same as 8 years ago.
The leaders of the Ministry of Construction admitted that although the social housing development program has achieved remarkable results, it has not yet met expectations. The main reasons are the lack of land, difficulties in selecting investors, lack of preferential capital, the incentive mechanism is not substantial and not strong enough; the investment procedures for social housing development are still complicated and lengthy. In addition, some organizations and individuals have not complied with the law on social housing because the sanctions are lacking or not strong enough.
Currently, the Government is receiving and revising the draft Law on Housing (amended). In particular, it proposes to amend policies related to land funds for social housing development, selection of social housing project investors; incentives for project investors in social housing construction for lease, lease-purchase, and sale; determination of selling prices, rental prices, and lease-purchase prices for social housing... to encourage and promote investment and development of social housing and ensure that social housing prices are at a moderate level so that low-income cadres, workers, and laborers have the conditions to buy housing and stabilize their lives. In particular, this draft has added many provisions to highlight the leading role of the State in implementing social housing policies. Specifically, the State invests in the construction of social housing using public investment capital for lease and lease-purchase of social housing. The State invests in the construction of social housing using capital from national government bonds, bonds, official development assistance capital, preferential loans from sponsors, state development investment credit capital; capital mobilized from land development funds, other non-budget state financial funds according to the provisions of law for sale, lease, and hire-purchase.
Mr. Le Hoang Chau , Chairman of Ho Chi Minh City Real Estate Association
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