Prime Minister Phạm Minh Chính chairs a meeting discussed social housing policies and related issues on Friday in Hà Nội. — VNA/VNS Photo Dương Giang

HÀ NỘI — Authorities have been instructed to review and amend Decree No 100/2024/NĐ-CP to expand eligibility for social housing and raise the income ceiling for buyers to VNĐ50 million (US$1,900) per month, as the Government seeks to ease mounting affordability pressures.

The directive was issued at a meeting chaired by Prime Minister Phạm Minh Chính in Hà Nội on Friday morning, where officials discussed social housing policies and related issues.

Under the proposed changes, eligibility criteria would be adjusted as follows: single individuals, or those officially certified as unmarried, must have an average monthly income not exceeding VNĐ25 million ($950); single individuals raising minor children would face a higher threshold of VNĐ35 million ($1,330); married applicants and their spouses would be subject to a combined average monthly income cap of VNĐ50 million ($1,900).

PM Chính also called for broader policy measures to encourage local authorities, State-owned corporations, conglomerates and private enterprises to invest in rental housing developments in line with planning frameworks, targeting workers and labourers.

The Ministry of Construction has been tasked with coordinating with the Ministry of Public Security to streamline procedures for verifying eligible beneficiaries via the VNeID application, making access simpler and more convenient for both citizens and businesses.

At the same time, authorities were urged to strictly prohibit and penalise any individuals or organisations found exploiting the policy for personal gain, ensuring support reaches the intended recipients.

Further efforts will focus on refining regulations governing price caps for social housing and profit margins, as well as improving policies tailored to public officials, workers and labourers.

He requested that the Ministry of Construction incorporate feedback from the meeting, alongside input from the public, businesses, affected groups and experts, to finalise the policy framework.

The revised proposal is to be submitted to the Government for approval, following appraisal by the Ministry of Justice, before March 25 under an expedited process.

The proposal to raise income thresholds comes amid rapidly rising housing prices, which have exceeded the affordability of many citizens.

Those earning more than VNĐ20 million ($760) per month are currently ineligible for social housing, yet often still unable to afford homes at prevailing market prices, particularly in major urban centres.

Currently, the eligibility requirements for purchasing social housing are as follows: single individuals, or those officially certified as unmarried, must have an average monthly income not exceeding VNĐ20 million ($760); single individuals raising minor children would face a higher threshold of VNĐ30 million ($1,140); married applicants and their spouses would be subject to a combined average monthly income cap of VNĐ40 million ($1,520).

According to reports presented at the meeting, sustained and decisive direction from the Government has significantly improved the institutional and policy framework for social housing development, making it increasingly coherent, flexible and aligned with practical needs, thereby laying a solid legal foundation for continued expansion of the sector.

At a previous session of the Central Steering Committee on Housing Policy and the Real Estate Market, Chính had already instructed the Ministry of Construction to explore mechanisms to broaden eligibility for social housing, including prompt amendments to relevant legal documents if income thresholds were to be expanded.

In response, the ministry has drafted revisions to Decree No. 100/2024/NĐ-CP, which provides detailed guidance on implementing provisions of the Housing Law related to the development and management of social housing.

Việt Nam is currently pursuing an ambitious plan to build at least one million social housing units.

To date, 220 projects have been launched and are under construction, with a total of nearly 215,000 units.

Cumulatively, 737 social housing projects are underway nationwide, comprising 701,347 units, or more than 70 per cent of the one-million-unit goal set for 2030.

The Ministry of Construction has indicated that the target could be achieved two years ahead of schedule. — VNS