HCMC – Finance Minister Ho Duc Phoc, speaking at the National Assembly (NA) session on June 5, emphasized the need for authorities to give prior approval of social home prices.

Social housing projects are developed either by state agencies or companies. Minister Phoc suggested that if the projects are publicly funded, provincial and municipal governments should be empowered to set selling prices or rental rates.

On the other hand, if social housing projects are privately financed, authorities should set a price cap to ensure that needy people can afford to buy or rent social homes, he noted.

The current Law on Housing allows social housing project investors to determine home prices and they will have to submit prices to authorities for appraisal before homes are ready for sale or rent.

Amendments to the Law on Housing will be discussed during the upcoming NA session slated for June 19.