According to experts, the policy of the State not investing but letting businesses invest in social housing is very correct because the State has supported through land tax exemptions and has policies to provide low-interest loans.
In the context of the lack of affordable housing supply, especially when new laws and policies related to social housing have come into effect, Mr. Vuong Duy Dung - Deputy Director of the Department of Housing and Real Estate Market Management (Ministry of Construction) said that it is necessary to mobilize all resources (including support in terms of mechanisms, policies, and capital) from both the State and society, including the low-cost and high-end housing segment to solve the housing problem for people with real needs.
Need to mobilize all resources
Sharing at the seminar "Real Estate in 2025: Finding opportunities in challenges," held on February 11, Deputy Director of the Department of Housing and Real Estate Market Management Vuong Duy Dung said that the Housing Law 2023 and the guiding decree have specific regulations on land allocation, investment procedures, price calculation, and selection of subjects in the purchase and sale of social housing.
The government, ministries and sectors are also resolutely implementing social housing development projects. Thanks to that, the real estate supply has improved.
In fact, the revised and promulgated policies have directly and indirectly impacted the psychology of investors. Clear and transparent policies have also contributed to making the implementation of social housing projects in some localities more convenient with suitable prices for the people.
Regarding the Ministry of Construction, Mr. Dung said that this agency has also taken into account the social housing development targets in each locality, specifically each year. This is one of the bases for more active social housing implementation in the coming time, as well as for the 145,000 billion VND social housing loan package to be better disbursed.
Mr. Dung also expressed his views from the perspective of the Ministry of Construction, he is particularly interested in social housing and housing for low-income people. This is a type of housing with real, essential needs such as food, water, plus education and transportation, so it needs to be focused on and implemented; especially for low-income people in big cities like Hanoi and Ho Chi Minh City.
“So should the State invest or should businesses invest in social housing? I think we need to mobilize all resources, both state and social, including the low-cost and high-end housing segments. We see that the demand for suitable housing for people is still very large, we really need more resources, support mechanisms, policies, and capital,” said Mr. Dung.
Representative of the Ministry of Natural Resources and Environment, Deputy Director of the Land Department Le Van Binh said that the social housing segment is receiving many extremely good incentives from the State such as quick legal procedures and preferential land taxes.
"Even sales are quick because people will come to this segment themselves instead of having to spend time looking for customers like other segments. The social housing segment is also clearly profitable, but in reality it does not attract investment businesses," Mr. Binh acknowledged.
Expected to have 1 million social housing apartments by 2030
Meanwhile, Mr. Nguyen Quoc Hung - Vice Chairman and General Secretary of the Vietnam Banking Association said that the Government is currently "relaxing" real estate businesses to have time to pay bonds, helping businesses have time to restructure resources to pay banks and real estate loans.
However, Mr. Hung also noted that although real estate investors see development opportunities, in reality, challenges remain great.
“Are the products sold to consumers real? How many people actually buy houses to live in or do they just buy 3 or 7 more houses? Why are the prices so high, but many investors can still buy and rent them out?” Mr. Hung asked, saying that the reason is because they expect in the future that they can “make” a profit if they sell or rent them out, but this is a big risk for the future, a risk for both investors and businesses.
According to Mr. Hung, the housing shortage is real, but can those who need to buy buy? “I am concerned that the quality of housing is still the same but the price has doubled. Meanwhile, there are still many abandoned houses but the market is still lacking. Clearly, we see a huge waste problem,” Mr. Hung wondered.
Regarding the subject of social housing development, the Vice Chairman and General Secretary of the Vietnam Banking Association said that the State's policy of not investing but allowing enterprises to invest in social housing is a very correct policy because the State has supported through land tax exemptions for social housing and has policies to lend at low interest rates.
“Thus, the State has provided a lot of support, and it is not necessary to establish a new enterprise to implement social housing projects. I think that in the future, we expect and will certainly be able to build millions of social houses. When the Government assigns targets, urges and directs localities to implement, it will be possible,” said Mr. Hung.
Next, Mr. Hung said that the bank is also ready to devote many resources (including preferential loan packages with low interest rates) to implement the project. "If there are preferential loan packages, when the procedures are completed, it is expected that social housing investment can be implemented very quickly. It is expected that in the coming time, the housing needs of low-income people will be accessible, ensuring that by 2030 there will be enough 1 million social housing apartments," Mr. Hung emphasized./.
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