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Ho Chi Minh City earmarks over $530 mn for low-cost housing development

Ho Chi Minh City earmarks over $530 mn for low-cost housing development

Saturday, July 09, 2022, 11:04 GMT+7
Ho Chi Minh City earmarks over $530 mn for low-cost housing development
A housing project in Binh Chanh District, Ho Chi Minh City is seen in this image. Photo: T.T.D. / Tuoi Tre

Ho Chi Minh City aims to construct 93,000 affordable houses by 2030 with a total cost of over US$530 million, as part of its 2021-30 housing development plan approved by the municipal People’s Council.

The council on Friday, the last day of its three-day session, passed a resolution to adopt the plan, emphasizing that the development of houses, including those benefiting low-income earners, plays a significant role in the city’s socio-economic development strategy.

Housing development must ensure that the city would become a place with quality living conditions for both locals and foreigners to live and work, the resolution said.

Accordingly, the city encourages all economic sectors to invest in construction of houses, especially budget houses, and will allocate the State budget for housing projects benefiting low- and middle-income people.

As part of the plan, the city will set aside 451 hectares of land for building about 93,000 low-priced houses in the 2021-30 period at a total cost of more than VND12.4 trillion (US$531.2 million), or 10 percent of the total investment of the program.   

Of these houses, 35,000, with a total floor area of 2.5 million square meters, will be built between 2021 and 2025 with a total expense of VND3,770 billion ($161.5 million).

In the 2026-30 period, 58,000 units will be launched onto the market with a total cost of VND8,640 billion ($370.1 million) and a combined area of 4.08 million square meters.

At the session, director of the municipal Department of Construction Tran Hoang Quan said that he had advised the city’s administration to simplify procedures and create favorable conditions for businesses to engage in budget housing projects, the Vietnam Government Portal reported.

Accordingly, the approval time will be shortened from 345 to 153 days for projects with land managed by enterprises and from 540 days to 350 days for projects on cleared land owned by the State.

From 2016 to 2020, the city built nearly 15,000 housing units for low-income earners, with the State budget making up for six percent of the total investment.

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Vinh Tho / Tuoi Tre News

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