Nationwide, no social housing projects were completed in the third quarter.

In a recent market report, the Ministry of Construction said that the implementation of social housing projects across the country is still slow. The third quarter did not record any fully completed projects, only one new project handed over a building with 200 apartments in the An Van Duong New Urban Area, Hue City.

This quarter, only 4 projects started construction with nearly 2,100 apartments. Of which, Ho Chi Minh City has a project that has just broken ground by Le Thanh Construction Trading Company Limited with nearly 1,500 apartments. Meanwhile, Hanoi has no projects started or built.

Including the period from 2021 to present, the whole country has 79 completed projects with more than 42,400 units, reaching about 10% of the target by 2025 in the project to build one million social housing units. In addition, 131 projects have started construction, expected to supply nearly 112,000 units.

Regarding the VND120,000 billion credit package, in addition to the four state-owned commercial banks, TP Bank, VPBank, MBBank and Techcombank are now participating with VND5,000 billion each, bringing the total interest rate support capital to VND140,000 billion. After more than a year of implementation, the disbursement of this loan package is still very low, nearly 1.5%, or about VND1,783 billion. Of this, about VND1,633 billion is for investors in 15 projects, the rest are home buyers.

According to the investment project to build at least one million social houses, the target is to complete about 428,000 houses in the 2021-2025 period. This year alone, the Government aims to complete the construction of about 130,000 houses. However, the Ministry of Construction said that "it will be difficult to complete the above target in 2024" at the conference to review the first 6 months of 2024.

Earlier this week, the National Assembly discussed in the hall the report of the monitoring delegation, the draft Resolution on the management of the real estate market and social housing in the period of 2015-2023. In the report, the monitoring delegation assessed that the implementation of the project to build one million social houses has not met the requirements, and most localities have not completed the target. Many localities have a great need for housing but the implementation results are limited compared to the target of the project to build one million social houses by 2025.

For example, Hanoi needs to build 18,700 apartments by 2025, but only 3 projects have started construction (1,700 apartments), reaching 9% of the target. Ho Chi Minh City needs to build 26,200 apartments by 2025, but currently has achieved about 19% of the target, nearly 5,000 apartments. Similarly, Da Nang has only achieved 43% with 2,750 apartments in 5 projects.

In fact, some localities have not had any social housing projects started since 2021, such as Vinh Phuc, Ninh Binh, Nam Dinh, Long An, Quang Ngai...

The National Assembly's monitoring delegation believes that the Ministry of Construction is the focal agency responsible to the Government for the results of social housing development that have not met the targets. This is because the Ministry has not yet ensured its role in building a social housing database system to update on the Electronic Information Portal, making the development and approval of subjects difficult and lacking transparency in management.

To solve the credit capital difficulty, the Prime Minister assigned the Ministry of Construction to study a new credit package worth 30,000 billion VND for social housing in October. This package will be sourced from issuing government bonds and local budgets, different from the 120,000 billion VND package currently being implemented from commercial banks.