Social housing projects in HCMC facing tough challenges
Chairwoman Nguyen Thi Le of the HCMC People’s Council yesterday led a meeting on monitoring social housing projects in Thu Duc City in the 2016-2025 period.
Binh Chanh District requested to tackle problems for social housing projects
Chairwoman of the HCMC People’s Council Nguyen Thi Le yesterday visited Binh Chanh District for the progress of social housing projects during the 2016-2025 period here.
HCMC focusing on addressing issues in social housing projects
HCMC has always paid much attention to tackling problems for social housing projects when adopting the campaign ‘Building at least 1 Million Social Houses for the Low-income, Workers of Industrial Parks in the 2021-2030 Period’.
Six social housing projects in HCMC get credit package of US$5.07 billion
Six social housing projects, worker housing projects, apartment renovation and rebuilding projects have qualified for loans from the VND120 trillion (US$5.07 billion) credit package.
Lack of land funds impedes social housing projects
Although many low-income earners expected to have a house, social housing projects in Ho Chi Minh City only meet 5 percent of the demand. One of the main bottlenecks for social housing project construction is the lack of suitable land funds.
Central bank starts huge credit package for social housing projects
Developers of social housing projects and buyers of this kind of house are entitled to benefit from a credit package worth VND120 trillion (US$5.1 billion) which was started by the State Bank of Vietnam (SBV) earlier this month.
Social housing investment procedures requested to be shortened
The Department of Planning and Investment is assigned to review and issue detailed processes and streamline administrative procedures in social housing investment.
Difficulties motivate businesses to develop projects to meet people’s needs
According to the National Assembly's Economic Committee, the real estate market's present difficulties will motivate real estate businesses to streamline their apparatus as well as focus on developing necessary projects to meet people’s real needs.
Ministry plans for one million social housing projects
Minister of Construction Nguyen Thanh Nghi has just submitted to the Government an investment project to build one million social houses for low-income people and workers in industrial parks and export processing zones in the 2021-2030 period. For the feasibility of this plan, many solutions are needed.
Steel market to recover in latter half of 2023
The steel market is likely to recover in the third and fourth quarters of this year thanks to augmented efforts to disburse public investment and credit packages for social housing projects, along with positive signs of the Vietnamese economy.
No investor of social housing projects gets loans with lower interest rates
After the support package of VND 30,000 billion (US$ 1,268,077,766) for social housing loans ended in 2016, the State Bank implemented social housing loans with preferential interest rates of 4.8 percent per year according to Decree 100 2015. However, because the budget has not been allocated to provide interest rate compensation to designated participating commercial banks which can’t lend. As a result, no investors in social housing projects can get loans with lower interest rates.
HCMC reviews large-scale land funds for social housing projects construction
The Ho Chi Minh City Department of Construction has just said that the whole city has 33 commercial housing projects extending 20 percent of the land fund for building social housing projects with around 70,000 apartments.
Social housing supply in HCMC meets about 20 percent of workers’ demands
So far, the number of social housing apartments in Ho Chi Minh City only meets about 20 percent of the demand among low-income workers.
Existing barriers restrain development of social housing projects
According to representatives of the Real Estate Association of Ho Chi Minh City, the current legal regulations are not synchronized, or overlapped; therefore, they have restrained the development of social housing projects.
Lengthy delays in social housing projects
For the last several years, authorities in Ho Chi Minh City have been discussing social housing projects and affordable housing schemes for low-income workers.
Could the VND 120,000 billion credit package be in jeopardy?
The government's initiative to disburse a favorable credit package of VND 120,000 billion for investors and purchasers of social housing and worker accommodations, launched on April 1, 2023, is facing challenges.
Interest rate for housing support loans to be lifted to 5 percent in 2023
From the beginning of 2023, commercial banks will increase the interest rate from 4.8 percent a year to five percent per year applying for loans used for purchasing, and leasing social housing projects and commercial ones having an area of under 70 square meters and VND15 million (US$634) per square meter following a new decision of State Bank.
Credit balance in HCMC hits VND3.3 quadrillion in six months
The outstanding credit balance in the region during the first half of the year amounted to around VND3.3 quadrillion, up 3.5 percent compared to the end of 2022, according to Mr. Nguyen Duc Lenh, Deputy Director of the SBV-HCMC Branch.
HCMC gets cracking on social housing development
The HCMC People's Committee has instructed relevant agencies to incorporate social and worker housing projects into the city’s investment stimulus program and streamline administrative procedures.
Party, State take heeds of building houses for low-income earners, workers: PM
Prime Minister Pham Minh Chinh stated that the Party and the State take heeds of building housing for people especially promoting the development of social housing for low-income earners and workers in industrial zones.