The push for rental housing comes amidst increasing demand driven by rapid urbanization, particularly in major cities. This segment, though crucial, has seen limited development, despite being explicitly regulated in the Housing Law 2023 alongside housing for sale and rent-to-own. General Secretary, President To Lam and the Prime Minister have directed localities to prioritize this.

Lam Van Hoang, Chief of Staff of the Ministry of Construction, emphasized during a press conference on the afternoon of 3/6 that "rental housing is identified as a strategic, long-term segment, serving a broad demographic, especially workers, students, civil servants, and armed forces."

The Ministry of Construction is tasked with three key assignments, starting with refining institutional frameworks and policies. This includes proposing amendments to the Housing Law and the Real Estate Business Law, slated for submission to the National Assembly's October session. The core shift in approach is from primarily focusing on commercial housing to simultaneously fostering commercial, social, and rental housing.

Mr. Lam Van Hoang, Chief of Staff of the Ministry of Construction, answering at the press conference on the afternoon of 3/6. Photo: Nguyen Phong

The Ministry is exploring superior land and financial incentives to help businesses access land and credit for rental housing projects. Alongside housing for sale, the agency proposes prioritizing the development of rental apartments in large urban areas, industrial zones, economic zones, key growth regions, and important economic corridors.

To ensure quality and safety, the Ministry is collaborating on technical standards for rental housing, with a focus on fire prevention and safety requirements for small and medium-sized models.

The Ministry of Construction is working with Hanoi, TP HCM, Dong Nai, Hai Phong, and Da Nang to assess rental housing demand across various groups, aiming to prevent supply-demand imbalances. Based on these assessments, the Ministry will advise the Government to assign specific rental housing development targets to localities nationwide. It will also propose mechanisms for effective mobilization, allocation, and utilization of state and social resources in this sector.

Hoang urged localities to proactively survey the rental housing needs of civil servants, armed forces, workers, and students within their jurisdictions. This data will inform investment plans and appropriate capital allocation.

Dang Xuan Phong, Chairman of the Government Office, highlighted the strong consensus on the policy to develop rental housing. The Prime Minister has engaged with several high-demand localities, including TP HCM, Hanoi, Can Tho, Hai Phong, and Bac Ninh, to address challenges and accelerate social and rental housing development. Many localities have committed to initiating rental housing projects in June.

General Secretary, President To Lam, during a working session with the Government Party Committee on 19/5, underscored the principle that "housing is for living, not for business or asset accumulation." He also called for rental housing to be designated as one of the strategic pillars of housing policy through 2030.

Vu Tuan