Prime Minister Pham Minh Chinh has determined that annual interest rates on preferential loans from the Vietnam Bank for Social Policies for renting or buying social housing or building, upgrading, and repairing houses will be set at 4.8 per cent.

The decision is effective from May 10, 2023 to December 31, 2024.

On April 3, Deputy Prime Minister Tran Hong Ha approved a master plan on building at least 1 million social houses for low-income earners and workers at industrial parks during the 2021-2030 period.

The plan sets a target of developing social housing and houses for workers at prices that low-income earners in urban areas and workers at industrial parks can afford.

By 2030, the total number of social houses built by localities is expected to reach 1,062,200.