70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Real estate
South Korea helps Vietnam build more affordable houses
Duy Nguyen 17:49, 2021/04/17
Social housing segment is of high demand in the lower middle-income country.

Low-income earners in urban areas and workers at industrial parks in Vietnam will soon realize their dreams to own a house thanks to a project for the 2021-2030 period funded by South Korea.

 A social housing project in Hanoi. Photo: Kinh Te Do Thi

The “Establishment of the 2021-2030 comprehensive social housing policy in Vietnam” project, which was launched in 2018 under the non-refundable aid from the Korean International Cooperation Agency (KOICA), is aimed to complete the regulatory framework on affordable housing segment that is in high demand in the lower middle-income country.

In a latest move, KOICA and the Vietnam’s Ministry of Construction are speeding up the implementation of the project that costs US$3 million from the government of South Korea.

It covers five components namely (1) assessing current situation of social housing for low-income earners in urban areas and laborers working in industrial parks; (2) having projection of affordable housing need in the 2021-2030 period; (3) completing legal framework on social housing by referring international experiences; (4) completing Law on Housing; (5) improving capacity of public officials working in this segment.

Housing is one of the important issues in Vietnam’s development agenda as stated in the 12th National Congress of the Communist Party of Vietnam since 2016. Accordingly, completing legal framework has been focused to facilitate the participation of all economic sectors, mostly the public-private partnership (PPP) form.

According to the Ministry of Construction, nearly 250 affordable housing projects totaling 5.4 million square meters for low-income earners in urban areas and workers at industrial parks have completed, supplying roughly 104,000 apartments.

There are more than 260 on-going projects providing about 219,000 apartments.

Vietnam’s affordable housing target by 2020 was 12.5 million square meters.

RELATED NEWS
TAG: affordable house social housing South Korea KOICA
Other news
11:39, 2024/05/08
Hospitality real estate attracts remittances: VARS
Remittance volumes will be a new source of demand driving the property market, according to VARS.
13:31, 2024/04/30
Supply constraints keep housing prices high: expert
Rising value of Hanoi's residential segment calls for measures to reduce property prices.
15:16, 2024/04/15
Real estate prices are on the rise in downtown Hanoi
Demand for retail space in alleyways is rising as small and medium-sized enterprises seek to cut costs, given that most of their revenues come from e-commerce platforms.
19:14, 2024/04/09
Overseas Vietnamese excited about opportunities to buy local property
When the amended Land Law comes into effect in January 2025, more overseas Vietnamese will be able to own local property.
16:27, 2024/03/28
Vietnam real estate market in 2024 shows signs of recovery
In 2024, the housing market shows more positive signs than in 2023, but there will be differences in the timing of the recovery across segments.