'In Ho Chi Minh City, how can a person with an income of 11 million VND/month buy a house?'

Supporting the program of 1 million social housing, however, according to Dr. Tran Du Lich , member of the National Monetary Policy Advisory Council, there are still 2 major problems that make this program ineffective.

A social housing project is being implemented in Hanoi.

Firstly, both supply and demand are congested. In terms of supply, if there is available land for businesses to build social housing, it will be very favorable. But in reality, in urban areas like Ho Chi Minh City, there is no public land fund, and if there is, it is too far from the center, in the suburbs.

Regarding demand, businesses with housing products looking for buyers must identify the right target, have a certificate of not having a place to live, a certificate of minimum income of 11 million VND or less, and must reside in the locality... "Many places implementing this procedure takes a lot of time. Businesses are most afraid of selling to the wrong target," Mr. Lich said, adding that these two points must be resolved.

Accordingly, social housing policy should be reviewed. Building a common framework for all localities and cities is inappropriate, "it is impossible to have one net to catch all kinds of fish".

In the world , the construction of social housing is largely the responsibility of local authorities. Local authorities know how many people need it, whether they want to rent or buy, and build the program. The government only provides support. As for us, the government takes care of the entire interest rate package.

Therefore, it is necessary to create a relatively soft and flexible legal framework for localities with different conditions. The main responsibility lies with local authorities to develop it.

"There should be a clear viewpoint, the State is responsible for providing housing for the people, not the State is responsible for housing ownership for everyone. There needs to be a rental housing fund, the State and businesses work together. Like in Ho Chi Minh City today, how can people with an income of 11 million VND/month buy a house? If we choose the wrong target, it will be stuck immediately," said Dr. Tran Du Lich.

Regarding interest rates, if we want to build social housing, the State must support resources, not just issue policies and then let the market do it. Policies must have a support mechanism using the State budget at an appropriate rate, for example, interest compensation.

The 120,000 billion VND package with preferential interest rates for businesses of 8% is now outdated. Last year, the State Bank reduced interest rates 4 times, banks can completely lend for 20 years to buy houses with interest rates of 6.9%. That means much lower than the preferential interest rate, so this preferential interest rate policy needs to be reviewed.

The document is sent up from below and down from above.

Mr. Nguyen Viet Cuong, Chairman of Phu Cuong Group, shared that the difficulties in implementing social housing are mainly legal procedures.

"Recently, there were projects that we had two or three dozen seals for but could not implement," Mr. Cuong said.

This enterprise is also concerned when the Prime Minister works with great intensity, the Government's enthusiasm, the Central's enthusiasm with the development aspirations of enterprises, has given a very correct direction. But the problem is why those aspirations and wishes do not meet as expected and why cannot be implemented as planned?

Mr. Nguyen Viet Cuong, Chairman of Phu Cuong Group

Referring to the situation of "spreading carpets above, scattering nails below", Mr. Nguyen Viet Cuong expressed concern about the inadequacies and obstacles in administrative procedures or the problem of officials being afraid of mistakes, afraid of responsibility, and not daring to act for the common good.

He gave an example of a business with good capacity, always complying with the law, having implemented a project for 6 years, everything was almost complete, then suddenly a document was sent requesting a review of that project.

The project has been "frozen" for more than 3-4 years now, unable to be implemented, causing a loss of 2,000-3,000 billion VND that the enterprise has invested in to buy land and build, without paying taxes to the State. In this case, if any wrongdoing is discovered, the authorities must also point it out so that the enterprise can do the right thing.

Not to mention, Mr. Cuong also said that there is a situation where documents are sent from lower levels up, from higher levels down, only speaking in generalities, and in the end, no project is implemented. Besides, there should not be separate meetings for businesses. When reporting, many businesses are synthesized, there is no priority between this project and that project.

"I hope the Prime Minister, as well as central ministries and branches, will be more determined, especially in listening to and resolving the wishes, needs and suggestions of businesses," Mr. Cuong shared.

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