Ho Chi Minh City to Add 12 New Social Housing Projects

Ho Chi Minh City to Complete 4 Social Housing Projects and Launch 8 New Ones in 2025

The Ho Chi Minh City Department of Construction detailed these plans in a document sent to the city's Social Policy Bank. According to the report, the city expects to complete 4 social housing projects with a total of 2,874 units and break ground on 8 new projects comprising nearly 8,000 units in 2025.

Details of the Completed Projects:

The 4 projects slated for completion and occupancy this year are located in District 6, District 10, and Thu Duc City, areas with a high concentration of workers employed in local industrial zones.

Upcoming Projects in 2025:

The 8 new projects will be spread across several districts:

• Thu Duc City: 2 projects in Phu Huu and Truong Thanh wards.
• District 12: 2 projects in Hiep Thanh and Tan Thoi Nhat wards.
• Other Locations: Projects in Binh Thanh District, Binh Tan District, and Binh Chanh District.

These initiatives reflect Ho Chi Minh City’s commitment to addressing the housing needs of its growing population, particularly for low-income residents and workers. The projects will not only provide more affordable housing options but also enhance the city’s social infrastructure.

Social Housing Project for Workers on Vo Chi Cong Street, Thu Duc City Photo by: Quynh Tran

Ho Chi Minh City Aims to Build Up to 93,000 Social Housing Units by 2030

According to a report by the Ho Chi Minh City People's Committee, the city targets constructing 69,700 to 93,000 social housing units by 2030. Currently, 10 projects are underway, 6 of which have been completed, delivering nearly 6,000 units to the market. However, in 2024, only one social housing project was approved for investment, mainly due to issues with planning and investment approval procedures.

2025: A Turning Point for Social Housing

The year 2025 is projected to be a “breakthrough” year for social housing following a series of government-promoted policies. The city plans to allocate resources to build over 26,000 social housing units, enabling low-income residents to access affordable housing options.

Addressing Social Welfare Goals

Social housing development is a key initiative for ensuring social welfare. The government has been actively urging ministries, agencies, and localities to resolve bottlenecks and accelerate the growth of this real estate segment.

Loan Interest Rates for Social Housing

The loan interest rate for purchasing or renting social housing is now 6.6% per year, higher than the previous 4.8%. However, analysts believe this is a reasonable rate given inflation and the rising prices of commercial housing.

Credit Support for Social Housing

The 145 trillion VND credit package, registered by nine banks for social housing projects, will not be included in the credit growth cap, as per the State Bank of Vietnam. Analysts suggest this regulation allows banks more flexibility to support social housing projects without being constrained by credit "room" limits.

This combination of supportive policies and targeted investments positions Ho Chi Minh City to make significant progress in meeting its social housing goals.

Source: vnexpress.net