In July 2022, Nguyen Thanh Cuong, 34, completed the purchase of an apartment at Flora Fuji project developed by Nam Long Real Estate. The 65 sq m apartment with two bedrooms sold for VND2.5 billion.

The Government will create a project on housing development, especially for low-income earners, to tackle the supply crunch in the real estate market.

Real estate prices have been staying high, though they have slightly fallen at times at some projects, according to the Ministry of Construction (MOC).

The Ministry of Construction has proposed a social housing stimulus package worth VND110 trillion to house tenants, buyers and developers.

The government has designed a program on developing 1 million social housing units, committing to apply serious measures to complete the program on schedule.

The new interest rate will be applied for loans used for purchasing, and leasing social housing projects and commercial ones having an area of under 70 square metres and VND15 million (US$634) per square metre.

The goal of developing 1 million social housing units may not be feasible.

The relationship between population and housing is two-sided. Population growth leads to rising demand for housing in Vietnam.

The taskforce comprises of eight members, headed by Minister of Construction Nguyen Thanh Nghi.

The Binh Quoi-Thanh Da urban area is located roughly 10 kilometres from downtown HCM City. It was planned to be a modern ecological urban area with an ecological park combining commercial centres and public areas to serve about 80,000 people.

The real estate market remained unstable in January-September this year, with social housing and low-cost commercial apartments still in short supply, according to the Ministry of Construction.

Only 990 apartments in HCM City were transacted in Q3 and the absorption rate was 15 percent, the lowest level since 2019.

The social housing market has unexpectedly attracted many real estate developers.

The Ministry of Construction (MoC) has submitted a plan to build over 1.8 million apartments under a social housing scheme for low-income earners and workers in industrial zones (IZs) by 2030.

The Ministry of Construction (MoC) has submitted a plan on building over 1.8 million apartments under a social housing scheme for workers and low-income earners in industrial zones in the 2021-2030 period.

PM Pham Minh Chinh has asked the Ministry of Construction to draft and submit a plan on building at least 1 million apartments of social housing for workers and low-income earners by 2030 to the Government in August.

HCM City saw improvement in supply in the first half of the year, with apartment prices in the city and surrounding areas increasing.

The largest southern city aims to build 107.5 million square meters of housing over the next 10 years, one of the highlights of the draft housing development programme for HCM City between 2021 and 2030.

The high concentration of industrial zones in big cities has attracted a huge number of workers from rural areas. However, improving their living conditions has become a huge problem that local authorities must deal with.

For high-end large-scale projects and developers with projects that need to borrow capital, HCM City People’s Committee believes that it’s necessary to strengthen supervision over the granting of credit.