National Housing Development Fund to Be Established for Social Housing and Young People Under 35
On April 21st, Deputy Prime Minister Hồ Đức Phớc chaired a meeting with relevant ministries to discuss the establishment of a National Housing Development Fund. The fund will support the development of social housing, rental housing for workers, and affordable housing for people under 35 to rent or purchase.
According to the Ministry of Finance, the key challenge in social housing development is the limited availability of concessional loans. As a solution, the government proposes leveraging existing financial institutions rather than creating a new one.
The National Housing Development Fund will operate as an off-budget state fund, mobilized from sources such as the state budget, voluntary contributions from investors, land use fees (20% of land allocated for social housing in commercial projects), and other legal funding sources.
The fund will be structured into two levels: central level managed by the Ministry of Construction, and local level managed by provincial authorities. The overall goal is to accelerate housing development and achieve the target of at least 1 million social housing units between 2025 and 2030.
Ref: Ngoc An - Tuoi Tre Online
