Businesses join hands
According to the Ministry of Construction, of the 108 social housing projects registered to be completed in 2024, Ho Chi Minh City registered to complete 6 projects, with a scale of 3,765 apartments; Binh Duong 20 projects, with a scale of 4,500 apartments; Can Tho 2 projects (1,535 apartments); An Giang 4 projects (1,907 apartments). Bac Ninh province registered to complete 5 projects, with a scale of 6,000 apartments; Hai Phong 8 projects (3,925 apartments); Quang Ninh 3 projects (1,600 apartments); Hanoi 3 projects (1,181 apartments); Bac Giang 2 projects (2,428 apartments); Ha Nam 4 projects (1,666 apartments) and Da Nang 3 projects (1,880 apartments).
Most recently, Vinhomes has started two large-scale projects of more than 100 hectares in Hai Phong and Nha Trang in just one week. That is the Happy Home social housing project with a total estimated investment of nearly 3,800 billion VND in subdivision 3 of the Cam Ranh Bay Urban Area, expected to be completed by the end of 2026 and is the largest social housing project in Khanh Hoa province. The project scale is nearly 88 hectares, including nearly 3,600 low-rise social housing units and a commercial housing area with nearly 540 townhouses and townhouses with gardens. In addition, there are many commercial and service works such as shopping centers, supermarkets, markets, services, offices... and a number of other social infrastructure items.
Enterprises join hands to implement social housing projects with the Government
Previously, the group also started the first social housing project under the Happy Home brand in Hai Phong with a scale of more than 28 hectares and a total investment of more than VND 5,800 billion. After completion, it will provide 27 apartment blocks with about 4,004 apartments, providing accommodation for nearly 10,000 people. Previously, in July 2022, Vinhomes also broke ground on 2 social housing projects with 3,500 apartments in Quang Tri and Thanh Hoa.
Mr. Nguyen Viet Quang, General Director of Vingroup Corporation, said that the Happy Home social housing project is the 4th social housing project deployed by Vinhomes nationwide and the 2nd project to be started since the beginning of 2024.
Not only Vingroup, in Ho Chi Minh City, in the 6 social housing projects that the city registered to complete in 2024, all are invested by private enterprises. For example, Hung Thinh Corporation announced to build 150,000 social housing projects, contributing to solving the "thirst" for housing for workers and low-income people. According to Mr. Nguyen Dinh Trung, Chairman of Hung Thinh Corporation, one of the biggest problems of social housing is how the state and enterprises work together to have comprehensive solutions, creating conditions for housing supply for everyone. Because most people in big cities want to own a house and live there for almost their whole life. Therefore, owning a house is a big turning point, a dream, even a fortune that must be accumulated for a lifetime. The state has policies to support people to own houses, banks have lending policies, low interest rates. Enterprises in the supply chain from construction materials, design, construction, development... link together to create quality houses at affordable prices. It is important to have breakthrough, open mechanisms, creating conditions for developing goods sources. These houses are expected to cost less than 20 million VND/m2. However, despite great enthusiasm, the plan was launched in early 2022, but up to now, according to Mr. Trung, the legal procedures are still "nowhere".
Binh Duong is one of the pioneering provinces in building and putting into use the most effective model of social housing and worker housing. Specifically, in the period of 2011 - 2015, Binh Duong attracted 82 social housing development projects, with a total housing floor area of 3.8 million m², serving 238,325 people, with a total investment of 19,034 billion VND. In the period of 2016 - 2020, Binh Duong invested 1.33 million m2 of floor space/2 million m2 of floor space, reaching 65% of the plan. To do this, Binh Duong has mobilized many enterprises to participate in investing in the construction of social housing and worker housing. Typically, Becamex IDC, a state-owned enterprise, has been assigned by the province to build social housing. Thereby, with available advantages in capital, land fund and infrastructure, it has contributed to bringing synchronous, suitable and low-cost social housing projects to workers.
Despite much enthusiasm, social housing projects still face many problems with legal procedures.
Help the market recover
To promote the program of building 1 million social housing units, Mr. Nguyen Van Dinh, Vice President of the Vietnam Real Estate Association, proposed policy incentives, specifically on value added tax (VAT), which the state is studying to keep at 5%. Regarding profits from social housing, it is recommended to increase to 15% or reward based on actual achievements in social housing development or equivalent forms to offset costs, creating motivation for investors to continue investing and developing the social housing segment.
In Ho Chi Minh City, facing difficulties in social housing investment procedures, Mr. Bui Xuan Cuong, Vice Chairman of the Ho Chi Minh City People's Committee, said that Resolution 98 will be applied for implementation. Accordingly, in the coming time, the city will focus on resolving problems and difficulties in the implementation process for social housing projects. In order to speed up the progress of investment in building social housing and workers' housing, the City People's Committee has assigned specific tasks to each department, branch and relevant agencies to resolve records, administrative procedures, and difficulties and problems in the implementation process. In particular, the Vice Chairman of the Ho Chi Minh City People's Committee assigned the Department of Construction to preside over the research, handling and removal of social housing projects with clear and complete legal documents so that investors can soon implement them. For projects with complicated legal documents and problems, it is necessary to carefully study and advise on solutions to ensure strict procedures and compliance with legal regulations. For each specific project stuck in a department or sector, Mr. Cuong assigned that unit to thoroughly handle it.
According to experts, the project to invest in building at least 1 million social housing units for low-income earners and industrial park workers approved by the Prime Minister, with specific solutions for localities and banks, is helping to increase people's access to affordable housing. Especially when nearly 300 projects are implemented in the near future, the heat of social housing will spread to other real estate segments, helping the market recover.
Enterprises want local authorities to clear the land and create clean land funds for bidding and selecting investors. In addition, it is necessary to clarify the mechanism to resolve the value that investors have spent money to buy commercial land and convert it to social housing. In particular, there needs to be decrees and circulars approved by relevant ministries and branches, and local authorities need to strongly participate in each step of the procedure to speed up the progress of social housing construction.
Mr. Nguyen Van Dinh , Vice President of Vietnam Real Estate Association
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