Under a decision signed by the PM, approximately 428,000 apartments will be completed in 2021-2025, and another 634,200 apartments will be built in 2025-2030.

The Prime Minister encouraged all economic sectors to develop social housing for low-income people in urban areas and workers in industrial parks according to the market mechanism.

He underlined the need to mobilize resources from the public, especially large economic and real estate groups, as well as foreign investors, to develop social housing projects.

With regard to credit for social housing development, the Prime Minister requested that in the immediate future, the State Bank of Vietnam will pump out VND120 trillion and specific credit packages for investors and homebuyers, with interest rates about 1.5-2% lower than the average medium and long-term lending rates of State-owned commercial banks.

According to experts, Vietnam needs approximately 2.4 million apartments for low income earners in urban areas and workers in industrial parks in the 2021-2030 period, including 1.2 million apartments in 2021-2025, and 1.16 million apartments in 2026-2030. In addition, about 1.2 million workers working in industrial parks also need apartments to live.

So far, 301 housing projects have been completed in urban areas and industrial parks, with 155,800 apartments built on a total area of more than 7.79 million m2.

Source: VOV