On the afternoon of July 12, the Working Group No.3 of the Supervisory Delegation on the implementation of policies and laws regarding real estate market management and social housing development from 2015 to the end of 2023 met with the People's Committee of Ho Chi Minh City (HCMC).
The delegation included Vice Chairman of the National Assembly Nguyen Duc Hai, Secretary-General of the National Assembly and Head of the National Assembly Office Bui Van Cuong (Head of the Supervisory Delegation), and Minister of Construction Nguyen Thanh Nghi. Chairman of the People's Committee of HCMC Phan Van Mai chaired the meeting.
According to the People's Committee of HCMC, during the 2015-2023 period, HCMC had 257 real estate projects, including 227 commercial housing projects and 30 social housing projects. Among these, 199 projects have been completed, 32 projects are under construction, 24 projects have halted construction, and three projects have not started construction.
The People's Committee of HCMC has established a Working Group to address difficulties and obstacles for investment projects in the city. The Chairman of the People's Committee of HCMC has assigned the Department of Planning and Investment of HCMC to lead the resolution efforts and periodically compile and propose solutions for issues under the Chairman's authority for 64 problematic projects.
According to the 2019 population and housing census, HCMC has about 476,000 households without housing or living with parents or relatives, accounting for nearly a quarter of the total number of households. Among these, the housing demand of government officials, civil servants, and public employees is around 20,000 households.
The demand for housing to improve urban areas includes about 21,000 households living on or near canals and about 35,000 households living in old apartment buildings that need to be renovated, upgraded, or relocated for resettlement. The People's Committee of HCMC assesses that the housing demand of residents is extremely high and continuously increasing, with the population growing by approximately 200,000 people each year, mainly due to natural population growth.
From 2016 to 2020, the population of HCMC increased by 983,406 people. The average housing area per capita also rose from 16.7 square meters per person in 2015 to 20.8 square meters per person in 2020. This increase in average housing area per capita indicates that housing development has met the accommodation needs of the growing population and contributed to improving the existing housing conditions.
In the period from 2021 to 2023, the total residential floor area in HCMC increased by an additional 19.74 million square meters. Of this, self-built housing continued to play a dominant role, increasing by 14.25 million square meters (accounting for 72.20 percent), while commercial housing accounted for the second largest share, reaching 5.43 million square meters (27.49 percent). Social housing saw a modest increase of just 0.062 million square meters (0.31 percent).
According to HCMC’s housing development plan for the 2021-2025 period, the total residential floor area needs to increase by approximately 50 million square meters, with the average housing area per capita expected to reach 23.5 square meters by the end of 2025. However, the implementation of this plan is facing many challenges, and meeting the housing needs of the growing population is expected to be limited.
According to the People's Committee of HCMC, real estate prices in the city have increased across all segments. Apartment prices have continuously risen, with an average increase of 15-20 percent per year. Specifically, the price of affordable apartments has risen from VND25-35 million per square meter in 2015 to VND40-60 million per square meter in 2023. Mid-range apartments have increased from VND35-50 million per square meter in 2015 to VND50-70 million per square meter in 2023, and high-end apartments range from VND70-100 million per square meter in 2023.
House prices have also steadily increased during this period, with an annual increase of about 10-15 percent. In 2022-2023, prices ranged from VND50-100 million per square meter for townhouses to VND150-300 million per square meter for villas.
According to the People's Committee of HCMC, the supply of commercial housing meets market demand but is priced at higher levels, predominantly targeting the mid-range and high-end segments, which poses accessibility challenges for low-income individuals, workers, and migrants. At the same time, there is a severe shortage in the supply of social housing.
