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Vietnam in need of 10 mln square meters of social housing: official

Xinhua, August 22, 2016 Adjust font size:

Vietnam needs 10 million square meters of social housing, but currently the country has only 30 percent of that, according to Vietnam Construction Minister Pham Hong Ha on Monday.

Ha was quoted by Vietnam's state-run news agency VNA as saying that the imbalanced developments in supply and demand of luxury projects and housing projects for low-income earners are a problem in Vietnam.

Oversupply of luxury projects and shortage of housing projects are forecast for next year, said Ha.

Vietnam will focus on promoting social housing developments and its policies will be prepared to encourage property developers to invest in this segment, said the minister.

In Vietnam, investment on property development mainly comes from developers, banks and citizens."It's time Vietnam eyes new capital sources such as from real estate investment trusts,"he said. Endit