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| Social housing project in Dang Xa urban area, Thuan An commune, Hanoi (Photo: BAO LONG) |
A radical shift in thinking about housing, from primarily developing commercial housing to simultaneously developing both commercial and rental housing, will contribute to stabilizing the real estate market and ensuring people have access to stable, long-term housing that suits their ability to pay.
Strategic pillar of social security
With the goal of rental housing being a "strategic pillar of social security from now until 2030," in recent times, General Secretary and President To Lam and Prime Minister Le Minh Hung have issued many directives guiding the development of housing with many new points. In particular, rental housing is identified as a strategic, long-term segment serving a large number of people, especially workers, laborers, officials, civil servants, and members of the armed forces. Besides housing for sale, priority should be given to developing rental housing, especially the model of rental apartments in large cities, industrial zones, economic zones, dynamic regions, and important economic corridors…
With the goal of rental housing being a "strategic pillar of social security from now until 2030," in recent times, General Secretary and President To Lam and Prime Minister Le Minh Hung have issued many guiding principles for housing development with many new points.
Responding to the directives of the Party and State leaders, localities have simultaneously implemented large-scale rental housing projects. Dong Nai City is the first locality nationwide to implement this model, following the directive of General Secretary and President To Lam in Notice No. 64-TB/VPTW of the Central Party Office on developing rental apartment models to meet the housing needs of workers, laborers, and low-income groups.
The project covers an area of over 12 hectares, comprising approximately 10,000 social housing units for rent, along with a comprehensive social infrastructure system. The total investment is approximately 1,360 billion VND from the Dong Nai city budget, with a project implementation period of one year from the date of capital allocation as planned.
Hanoi recently commenced construction on three rental housing projects simultaneously. Specifically, the city decided to use public investment funds from the revenue generated from social housing development obligations of commercial housing projects to implement two rental housing projects: Plots A2, A3, and A4 in the Phap Van-Tu Hiep housing area, Yen So ward, with a scale of 1,176 apartments and a total investment of approximately 1,396 billion VND.
The city's rental housing project in Viet Hung ward, with a scale of 1,166 apartments and a total investment of over 3,562 billion VND, is being constructed by Vinhomes Joint Stock Company. Him Lam Joint Stock Company has proactively proposed adjusting the Information Technology Park project to the Him Lam Long Bien mixed-use housing project, allocating over 11 hectares to develop approximately 6,000 apartments, of which about 4,000 are for long-term rental, with a total investment of approximately 29,000 billion VND.
Following the Prime Minister's directive, many other localities across the country are also ready to begin construction of rental housing projects in June...
Continue to improve support policies.
As a business specializing in social housing for rent, Mr. Le Huu Nghia, Vice Chairman of the Ho Chi Minh City Business Association and Chairman of Le Thanh Company, stated: This model is currently not attractive enough to many real estate businesses due to a lack of support policies, a long capital recovery period, while the mindset of home ownership remains dominant. To "activate" the participation of businesses, it is necessary to raise the standard profit margin for social housing for rent to 15%, while simultaneously reducing corporate income tax and VAT by 70% to increase investment efficiency.
“For many years, our company has remained steadfast in this direction, primarily out of responsibility to our employees, to the city, and to the sustainable development of our business. However, building housing in this segment requires perseverance and dedication, accepting lower profit margins and slower cash flow, but in return, the company will have a stable and long-term customer base,” Mr. Le Huu Nghia emphasized.
Ho Chi Minh City Party Committee Standing Deputy Secretary Le Quoc Phong proposed that the city be allowed to directly decide on the allocation of state-managed land, public land, or land conforming to planning regulations to investors; and that auctions or tenders should not be required for social housing, rental housing, and worker accommodation projects. He also suggested that the government should soon issue policies to exempt or reduce land use fees and taxes, and provide interest rate subsidies for bank loans for housing projects following the aforementioned model.
The city will apply a "green lane" and "priority lane" mechanism to social housing and rental housing projects. It will study converting a portion of underutilized resettlement housing into social housing and strengthen the Housing Development Fund to focus investment on building social housing for rent; and research policies to support rent reductions for eligible individuals renting social housing invested in by businesses…
More specifically, the Ho Chi Minh City Department of Construction proposed a separate preferential credit package with an interest rate of approximately 3-4% per year; a loan term of 15-20 years and a three-year grace period; and recommended supporting 70-80% of commercial loan interest rates during the investment and operation phases of the project, especially in the first 10 years after the project is put into operation. At the same time, it proposed increasing the loan amount eligible for interest rate support from VND 200 billion to VND 300 billion per project; and fully supporting the investment costs for technical infrastructure within the project area, but not exceeding VND 10 billion per project…
According to Ha Quang Hung, Deputy Director of the Department of Housing and Real Estate Market Management (Ministry of Construction), the Ministry has been conducting a preliminary review of the implementation of Directive No. 34-CT/TW of the Party Central Committee, as a basis for perfecting the system of related legal documents. The focus is on amending and supplementing the Housing Law, the Real Estate Business Law, and other related laws, to be submitted to the National Assembly for approval in the October 2026 session. This will fully institutionalize the General Secretary's guidelines and viewpoints on classifying housing development into four groups (commercial housing, rental housing, public housing, and policy housing). Simultaneously, research and development of standards and regulations for each housing group will be undertaken according to the new model...
In addition, localities need to urgently review and comprehensively assess housing needs, especially rental housing, public housing, and housing models and types suitable to local conditions. They should also review land resources in urban areas, economic zones, industrial parks, high-tech zones, and rapidly urbanizing areas to proactively clear land, prepare clean land, and ensure synchronized connections for the development of rental housing.
Based on current legal regulations, proactively implement investment in the construction of rental housing using local budget funds, ensuring quality and applying long-term rental prices that are affordable for the people. Effectively utilize the national housing fund in the locality to invest in construction and create a rental housing fund in the area.
https://nhandan.vn/thuc-day-manh-me-nha-o-cho-thue-post971037.html
Source: https://huengaynay.vn/kinh-te/thuc-day-manh-me-nha-o-cho-thue-166999.html
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