The funding package, part of the Government’s socioeconomic recovery and development program for the 2022-2023 period, is aimed at supporting investors involved in social housing construction and apartment building rehabilitation.

The renovation of old apartment buildings should be done quickly to protect residents and their assets before the 2022 rainy season, according to the ministry.

The provincial and municipal governments are tasked with checking and assessing the quality and condition of aging apartment buildings, and listing the buildings to deploy the renovation plan.

The local governments should set criteria and requirements for the selection of investors for the rehabilitation projects.

The cities and provinces were also told to arrange temporary accommodation for residents during the renovation period and map out a compensation plan.

As of the end of 2019, the country had seen some 2,500 apartment buildings deteriorating. These buildings, constructed before 1994, are home to hundreds of thousands of households.

Source: Saigon Times