As many as 10 social housing and house-for-workers projects with over 19,800 units got off the ground nationwide between January and July, according to the Vietnamese Ministry of Construction.

Among the social housing projects, four with 6,707 houses began being developed in Hai Phong, a major port city in northern Vietnam, while Hanoi turned the first sod at one project with 720 units.

Thua Thien-Hue Province in central Vietnam and the Central Highlands province of Lam Dong started developing one each with 1,085 houses and 303 units, respectively.

Three housing projects for workers commenced in Hai Phong, the south-central province of Binh Dinh, and the northern province of Bac Giang, with a combined 11,040 apartments.

Since early 2022, Vietnam has broken ground on 29 projects of building social houses and houses for low-income employees with some 53,144 units.

The ministry said that the Vietnam Bank for Social Policies disbursed VND4.4 trillion (US$184 million) out of the total VND15 trillion ($630 million) for 12,200 customers who intended to buy or rent a house, or build and upgrade housing projects in line with the government’s socio-economic recovery program.

In addition, 24 social and affordable housing projects and apartment upgrading projects were entitled to preferential loans worth over VND7.5 trillion ($315.2 million) in accordance with Government Decree 31/2022, in which state money is used for loan interest support for businesses, cooperatives, and household businesses.

The Ministry of Construction will urge the provincial and municipal authorities to develop at least one million social houses for low-income earners and workers at industrial parks.

The ministry will also work with the Vietnam Bank for Social Policies to speed up the disbursement of the VND15-trillion preferential loans package, said the ministry.

Furthermore, the ministry will team up with provinces and cities to form a list of housing investors eligible for a credit package with an interest rate discount of two percentage points.

The ministry will cooperate with the State Bank of Vietnam to expedite the disbursement of a VND120-trillion ($5 billion) credit package with interest lower than normal market levels for developing homes for the poor and factory workers, and renovating or re-building aging apartment blocks.

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