HANOI – Vietnam's Ministry of Construction has submitted a proposal to the government to raise the income eligibility threshold for individuals and households seeking to purchase social housing. The move is aimed at making affordable housing accessible to a larger segment of the population struggling with current economic pressures.
Under the new proposal, the maximum monthly income for a single individual to qualify for the social housing program would be increased from the current VND 15 million to VND 20 million (approximately $785 USD). A corresponding increase in the income cap for households has also been proposed to reflect the rising cost of living.
Addressing an Outdated Standard
The proposal comes in response to growing concerns that the current income requirements are outdated and no longer reflect the economic reality in Vietnam's urban centers. With inflation and the general cost of living on the rise, many low- to middle-income workers, who are the intended beneficiaries of the social housing program, find themselves earning just slightly above the current cap, effectively disqualifying them from the much-needed support.
Officials from the Ministry of Construction argue that this adjustment is a necessary step to ensure the social housing policy remains relevant and effective. By raising the income ceiling, the government can provide a pathway to homeownership for a broader group of citizens, including essential workers, civil servants, and young families who are currently priced out of the commercial real-estate market.
Potential Impact and Next Steps
If approved by the government, the new regulation is expected to significantly expand the pool of eligible applicants for social housing projects across the country. This would be a crucial development in addressing the high demand for affordable homes, particularly in major cities like Hanoi and Ho Chi Minh City, where housing prices have soared in recent years.
The proposal is now under official review. Its potential approval is being closely watched by thousands of Vietnamese citizens who hope that the updated criteria will finally give them the opportunity to secure a stable and affordable home.
