Create conditions for businesses to invest in social housing

In recent years, Binh Duong has implemented various programs and plans for social housing development, enforcing preferential policies effectively, which contribute to ensuring social security and supporting the socio-economic development of the locality. The Provincial People's Council issued a resolution regulating the support mechanism for executing social housing construction investment projects in Binh Duong province. The resolution is expected to create incentives for businesses to invest in building social housing, contributing to the completion of the project on developing social housing and workers' housing for the 2021-2025 period, with a vision to 2030 in the province.

An example of social housing development

Binh Duong is a locality that develops many industrial parks, attracting a large labor force from outside the province. In recent years, the province has always paid attention to housing for workers and identified this as a key task in the province's socio-economic development. The Provincial Party Committee, the People's Council, and the People's Committee have issued resolutions, programs, and plans for housing development over five- and ten-year phases to address the housing challenges faced by low-income workers. The focus is on developing social housing, encouraging investment from businesses, and promoting the construction of social housing in new urban areas.

Dinh Hoa social housing area invested and built by Becamex IDC Corporation has now become a home for low-income workers. 

Binh Duong has made notable progress in developing social housing, enhancing social security and contributing to the local socio-economic development, making it a standout example of social housing success in the country. Specifically, in the period 2011-2015, Binh Duong attracted 82 social housing investment projects with a total housing floor area of 3.8 million m², serving 238,325 people; total investment was 19,034 billion VND. In the period of 2016-2021, Binh Duong has 18 more social housing investment projects with a total floor area of 1.33 million m².

Notably, the Social Housing and Workers' Housing Project invested in and built by Becamex IDC Corporation has solved the housing needs of thousands of workers and low-income people. Social housing projects in the province have been occupied immediately after completion and put into use.

Actively increase compared to the target assigned by the Government

Currently, there are 65 social housing projects being executed in the province, expected to be completed in the 2021-2025 period. In the housing development program of Binh Duong province for the period 2021-2030, the Government assigned the province a target of developing 86,877 houses. However, due to the high demand for social housing, Binh Duong strives to invest in a higher number of houses than the target assigned by the Government. Specifically, recently, the Provincial People's Committee issued a decision approving the Project on developing social housing and workers' housing for the 2021-2025 period, with a vision to 2030.

Accordingly, by 2030 Binh Duong plans to invest in about 160,325 social housing units, with a total land area of about 470.4 hectares and a construction floor area of about 9,253,924 square meters, serving about 552,458 people. In particular, in the 2021-2025 period, it is expected to arrange about 158 hectares of land area, build about 42,445 social housing units, with a construction floor area of about 2,612,721m², serving about 138,326 people, with a total investment of about 23,817 billion VND; in the 2026-2030 period, it is expected to arrange about 334.3 hectares of land area, build about 117,880 social housing units, with a construction floor area of about 6,641,203m², serving about 441,132 people, with a total investment of about 60,939 billion VND.

Mr. Vo Van Minh, Deputy Secretary of the Provincial Party Committee and Chairman of the Provincial People's Committee, said that Binh Duong set high targets for social housing construction because it was based on the actual needs of workers. In addition, Binh Duong has favorable conditions in terms of land fund and interest from investors. Starting on August 1, 2024, the Housing Law and the Real Estate Business Law of 2023 will come into effect. These laws will create favorable conditions for investors to access land and funding for social housing projects. Additionally, workers will benefit from improved opportunities to secure preferential loans for purchasing social housing, helping them to settle down and contribute more to the development of Binh Duong.

Binh Duong becomes a bright spot in the country in social housing development. In photo: Dinh Hoa social housing area.

Reported by P.Le, T.Tuyen - Translated by Ngoc Huynh