Binh Duong Proposes Special Mechanism for Social Housing Development

Binh Duong Proposes Special Mechanism for Social Housing Development

Binh Duong is proposing the issuance of a special mechanism to improve procedures related to social housing development. The province aims to increase the profit margins for social housing investors, expand the range of eligible buyers, and facilitate easier access to capital for both investors and buyers.

Currently, many real estate businesses have had to shift to investing in social housing due to a lack of customers for commercial housing products.

Many Projects Unable to Determine Land Prices

During a recent field survey at the "One World" housing project in Thuan Giao Ward and the Binh Quoi residential area project in Binh Chuan Ward, Thuận An City, the National Assembly supervision delegation noted the challenges faced by businesses. These projects have been allocated land and completed infrastructure but have yet to have land prices determined to pay land use fees and bring products to market.

The real estate market is facing numerous difficulties, such as a sharp decline in supply, blockages in new project implementations, and many projects being delayed or unable to proceed. Despite this, real estate prices continue to rise, creating an imbalance in supply and demand across segments.

Need for a Special Mechanism for Social Housing Investment

According to the Binh Duong People's Committee, the stock of affordable social and commercial housing is still limited and does not meet the demand of the people. The investment and transaction procedures are complex and lengthy, incurring costs for businesses. Incentive policies for social housing investment projects are not attractive enough.

Binh Duong People's Committee Chairman Vo Van Minh emphasized the necessity of issuing a special mechanism for procedures in implementing social housing development projects. Some businesses have also reported difficulties in implementing projects, such as allocating land for social housing, verifying eligible beneficiaries, and the limited availability of preferential loans.

Therefore, businesses are proposing the early issuance of detailed and synchronized guidelines related to social housing development procedures, along with amending and supplementing incentive policies to encourage the development of social housing. The Binh Duong People's Committee also suggests allowing investors in industrial zones to purchase social housing for their workers, encouraging investment in social housing, and issuing a special mechanism for project implementation procedures.

Bui Van Cuong, Secretary General of the National Assembly, Head of the National Assembly Office, and Deputy Head of the National Assembly Supervision Delegation, suggested that Binh Duong clarify the issues to provide specific solutions for each project, avoiding losses for businesses. He also stressed that Binh Duong needs to proactively research and propose solutions to support the business community while promoting administrative procedure reforms. The local recommendations will be studied by the supervision delegation and reported to the relevant authorities for consideration.