Minister of Construction: The goal is to complete 570,000 social housing units by 2025.

On the afternoon of November 3, 2022, under the direction of Senior Lieutenant General Tran Quang Phuong - Vice Chairman of the National Assembly, the National Assembly conducted the first question and answer session on the construction sector.

Panorama of the question-and-answer session on the afternoon of November 3 at Dien Hong Hall, National Assembly House. Photo: Quang Khanh

During the question and answer session, 36 delegates questioned, 1 delegate debated, and 4 ministers participated in explaining many related issues, including: Current situation and solutions to improve the quality of urban planning and development management in Vietnam, especially in big cities.

Relocating the headquarters of ministries and branches from the inner city of Hanoi; managing the real estate market; handling organizations and individuals who violate the law in transactions, capital mobilization, and real estate business.

Building social housing for low-income people and workers, especially in economic zones, industrial parks and big cities.

Delegate Pham Van Hoa - National Assembly Delegation of Dong Thap Province: Policy mechanisms to encourage businesses and people to invest and build housing for workers. Photo: Quang Khanh

State management responsibility of the Ministry of Construction in building, promulgating and implementing technical standards, unit prices and norms in basic construction; controlling prices and ensuring sources of raw materials for construction of works and projects, especially important national projects.

Many delegates commented on the solution to implement the project to build apartments for low-income people. Regarding this content, Minister of Construction Nguyen Thanh Nghi said: According to the project to build social housing submitted to the Prime Minister, it will be divided into 2 phases. From 2021 to 2025, the target is to complete 570 thousand houses.

The Nghe An National Assembly delegation attended the question-and-answer session at Dien Hong Hall, National Assembly House on the afternoon of November 3. Photo: Quang Khanh

The solution to implement this Project is to perfect the legal policies related to social housing development, implement and remove difficulties and obstacles in procedures related to land, investment, construction, planning, capital sources as well as ensure the policy research process to determine land funds for social housing to meet the requirements of implementing the Project.

With effective coordination between ministries, branches and localities, we will gradually achieve the goal of building housing for workers as set out in the Project.

Minister of Construction Nguyen Thanh Nghi answers questions. Photo: Quang Khanh

Regarding some contents on credit control, Governor of the State Bank of Vietnam Nguyen Thi Hong said that a safe and healthy development of the real estate market plays an important role in the socio-economic development process; contributes to the development and change of urban appearance; develops social housing; and ensures social security.

The real estate market development needs to mobilize resources from channels such as direct investment, capital from the stock market, corporate bonds, state budget, equity capital of people and businesses, credit capital is just one of the above channels...

The State Bank must ensure the safety and stability of the monetary and foreign exchange markets, and prioritize the safety of the system. The State Bank needs to balance between prioritizing the real estate market and ensuring the achievement of its important goals.

Governor of the State Bank of Vietnam Nguyen Thi Hong clarifies some contents on credit control. Photo: Quochoi.vn

In the process of control, the State Bank has used indirect measures, regulations towards risk control. The State Bank's policy is to prioritize credit granting for low-segment housing loans.

Regarding credit for social housing, the Government has paid close attention and directed closely. Specifically, the Government issued Decree 100 in 2015 on the development and management of social housing, which was amended by Decree 49 in 2021.

The Governor of the State Bank of Vietnam said that the Vietnam Bank for Social Policies has disbursed funds according to regulations. The credit institutions designated in the Decree have not been able to disburse funds because the interest rate subsidy money has not been arranged, so they cannot make loans.

Senior Lieutenant General Tran Quang Phuong - Vice Chairman of the National Assembly concluded the question and answer session on the afternoon of November 3. Photo: Quochoi.vn

The Governor of the State Bank of Vietnam emphasized that in the coming time, credit management policy will be within the framework of monetary policy to ensure macroeconomic stability, maintain system safety and social security.