Rental housing: Making a breakthrough.

Experts, associations, and businesses contributed many insightful opinions, and the leaders of Ho Chi Minh City affirmed their commitment to creating all conditions for the development of rental housing.

On the afternoon of June 9th, the Ho Chi Minh City Department of Construction, in coordination with the Ho Chi Minh City Association of Construction Science and Technology, organized a conference to implement and promote investment in the development of rental housing in Ho Chi Minh City.

Attending the conference, on behalf of the Central Government was Mr. Nguyen Van Sinh, Deputy Minister of Construction ; on behalf of the city was Mr. Nguyen Van Duoc, Member of the Central Committee of the Party, Deputy Secretary of the City Party Committee, and Chairman of the People's Committee of Ho Chi Minh City.

High demand

In his orientation speech, Vice Chairman of the Ho Chi Minh City People's Committee Nguyen Cong Vinh acknowledged that for a city of 14 million people and a major economic center like Ho Chi Minh City, the demand for housing for experts, workers, students, and laborers is increasing rapidly.

In line with the Central Government's close guidance on decisively removing legal obstacles to address the housing needs of the people, Ho Chi Minh City is acting with the highest determination. For the period 2026-2030, the city aims to develop an additional 181,257 social housing units.

Recently, General Secretary and President To Lam issued a landmark conclusion, calling for a change in thinking and a strong shift from focusing solely on developing housing for sale to simultaneously developing both privately owned and rental housing.

This includes creating approximately 50,000 social housing units for rent, and also planning to convert a portion of resettlement housing and surplus public assets into rental housing to optimize resources.

"Despite our efforts, we must frankly acknowledge that the current rental housing market still lacks sufficiently long-term credit mechanisms, and the preferential policies are not strong enough, causing many businesses to hesitate," said Mr. Nguyen Cong Vinh.

He emphasized that the conference serves as a forum for the city, management agencies, banks, and businesses to engage in frank discussions aimed at finding breakthrough solutions regarding land, capital, and management models. The city hopes to receive many contributions to soon establish a modern, sustainable rental housing ecosystem befitting a civilized, modern, and compassionate urban environment.

Information presented at the conference indicated that Ho Chi Minh City aims to develop an additional 181,257 social housing units during the 2026-2030 period (10 times the results of the 2021-2025 period). Regarding land use planning for social housing projects, the total land area allocated for this type of housing development in Ho Chi Minh City by 2040 is 1,740 hectares.

Analyzing the problem

The conference recorded many insightful presentations from departments, agencies, associations, and businesses. Mr. Vo Khac Thai, Vice Chairman of the Ho Chi Minh City Federation of Labor, proposed researching a model for the integrated development of industrial zones linked with residential areas and housing for workers and laborers, while simultaneously improving financial and credit mechanisms to support housing development for these groups.

Specifically, it is recommended that the Government and central ministries and agencies improve the preferential credit mechanism specifically for the development of housing for workers and laborers, focusing on stability, long-term financing, and suitability to the characteristics of lease and lease-purchase projects. This aims to reduce financial pressure on investment enterprises, contribute to lowering rental prices, and improve access to stable housing for low-income workers.

The Vice Chairman of the Ho Chi Minh City Federation of Labor Unions emphasized that housing for workers and laborers is not only a matter of public welfare but also a crucial foundation for ensuring social security, stabilizing human resources, and promoting sustainable development of the city.

A social housing project for rent with 1,040 apartments in Cat Lai ward, Ho Chi Minh City. Photo: QUOC ANH

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Mr. Phan Tran Huy Hung, Vice Chairman of the Ho Chi Minh City Association of Construction Science and Technology, stated that if transportation is the circulatory system of the city, then rental housing is one of the conditions that helps maintain and regenerate human resources for the city.

A sustainably developed city is measured not only by the scale of investment, building height, or real estate value, but also by its ability to enable its residents to live, work, and remain committed in the long term.

The Ho Chi Minh City Association of Construction Science and Technology expects that rental housing will receive increasing attention in the city's development strategy.

"At the same time, we hope that state management agencies, the business community, professional organizations, research institutions, and the entire society will join hands to promote the development of the rental housing market in a modern, professional, efficient, and sustainable direction," Mr. Hung said.

Meanwhile, Mr. Nguyen Quang Thanh, Deputy General Director of Ho Chi Minh City Financial Investment Company (HFIC), stated that the Ho Chi Minh City People's Council Resolution, based on Resolution 98/2023 of the National Assembly, stipulates that the city will provide interest rate support for projects, including social housing, at a rate of 200 billion VND per project, with a support period of 7 years. However, this level of support still creates financial pressure. Therefore, HFIC proposes increasing the support level to 300 billion VND per project, with a support period of 10 years.

Maximum support

Concluding the conference, Chairman of the Ho Chi Minh City People's Committee Nguyen Van Duoc noted a paradox: while the number of low-income earners is greater than the number of high-income earners, high-end housing accounts for the majority (approximately 70%), with the remainder being mainly mid-range housing, and social housing making up a small proportion.

Another paradox is that many people talk about the situation where those who need a home cannot afford one, while those who own a home do not need one, leading to market distortions, low occupancy rates, and signs of speculation.

According to Mr. Nguyen Van Duoc, this problem stems from misguided investment strategies and social attitudes, and needs to be addressed in the future.

Member of the Central Committee of the Party, Deputy Secretary of the City Party Committee, and Chairman of the People's Committee of Ho Chi Minh City, Nguyen Van Duoc, delivered a speech at the conference.

Regarding the proposals, the Chairman of the Ho Chi Minh City People's Committee stated that they would be considered, including providing maximum support for land allocation for social housing and rental housing development, creating a "green channel" for related procedures. In addition, the city is researching the possibility of establishing a "price ceiling" for rental housing to better suit the income of workers and laborers.

Mr. Nguyen Van Duoc said that this weekend Prime Minister Le Minh Hung will work with Ho Chi Minh City and he will propose some suggestions for developing social housing and rental housing.

The Chairman of the Ho Chi Minh City People's Committee also requested the Ministry of Construction to soon issue regulations and standards for rental housing so that businesses and people can participate in construction, affirming that the city has the basis and confidence to successfully complete the directives of the General Secretary, the President, and the Prime Minister on the development of rental housing.

Strong commitment

Deputy Minister of Construction Nguyen Van Sinh emphasized that the opinions expressed at the conference are important grounds for amending the Housing Law and the Real Estate Business Law in the near future.

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He suggested that Ho Chi Minh City should boldly incorporate the breakthrough mechanism for developing rental housing into the institutional framework of the Law on Special Urban Areas for the city. At the same time, it should review the rental housing needs accurately and realistically to ensure investment and development aligns with actual needs.

The leaders of the Ministry of Construction also suggested that the city review public assets and public housing to convert them into rental housing, avoiding waste. In addition, they suggested considering the unused housing stock in some resettlement areas and converting it into rental housing.

Private businesses sign up to participate in the rental housing development program. Photo: CHI NGUYEN

At the conference, business units signed commitments to participate in the development of rental housing. Specifically, four units from the state management sector and state-owned enterprises committed to developing 46,755 rental housing units.

Specifically, the Ho Chi Minh City Housing Development Fund will develop 25,000 units; the Management Board of Export Processing Zones and Industrial Parks (Hepza) 10,000 units; the Ho Chi Minh City Labor Union 10,000 units; and Saigon Real Estate Corporation - Limited Liability Company 1,755 units. Nine private enterprises have committed to developing more than 50,000 rental housing units.

Source: https://nld.com.vn/nha-o-cho-thue-tao-dot-pha-196260609214238034.htm