HCMC – The Ministry of Construction has proposed a social housing stimulus package worth VND110 trillion to house tenants, buyers and developers.

The ministry has yet to give details on the allocation of the package, but it said the package should be similar to the VND30-trillion credit package launched in the 2013-2016 period.

The VND30-trillion Government-backed house-buying aid package allowed low-income workers to take out loans to rent or buy commercial homes smaller than 70 square meters and priced at less than VND15 million per square meter.

About 70% of the package was allocated to workers and the remainder to social home developers.

In 2021, the ministry suggested a social housing credit package worth VND65 trillion to accelerate socio-economic recovery post Covid, but it did not get the nod from the Government.

The ministry said that launching the package could help stimulate sustainable growth in the real estate sector and provide a home for those in need.

It also asked the Government to remove legal hindrances plaguing the sector and pilot policies supporting social housing projects.