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Low-income housing to expand in 2011

In Uncategorized on January 8, 2011 at 4:08 am




Low-income housing to expand in 2011


QĐND – Thursday, January 06, 2011, 21:17 (GMT+7)

More than 70,000 low-income households will have new apartments this year, according to Deputy Minister of Construction Nguyen Tran Nam.


He said his ministry and others would work to mobilise capital to hasten construction of low-income housing.


The more than 70,000 households which were mentioned above are considered to have the most severe financial difficulty of eligible families.


After one year of implementing the Government’s programme to build low-income houses, 37 projects nationwide have started, with a total investment of VND3.6 trillion (US$180 million) and total floor space of 750,000 square metres.


These projects will provide living space for a total of 64,000 households.


By the end of 2010, construction on 1,653 apartments had been completed, with 728 of them sold to residents in Hanoi and Da Nang.


Recently, authorities of Hanoi and Da Nang told contractors to complete construction on 728 apartments so they can be handed over before Tet (Lunar New Year) holiday.


This year, there will be many more ongoing projects finished and new projects launched.


Nationwide, investment of VND23 trillion ($1.15 billion) has been registered for 190 projects to build houses for low-income people, Nam said.


Of those projects, around 170,000 apartments with a total floor space of 7 million square metres will be adapted or renovated for around 700,000 low-income people during the 2011-15 period, he added.


Policy


According to the incentive policy of the Vietnam Government for investors in low-income housing, which took effect in June last year, investors will enjoy exemptions on value-added taxes (VAT) and land-use or land-lease charges.


Those who invest in housing projects for low-income earners will also receive a corporate income-tax exemption for the first four years and a 50 percent discount for the next nine years. After that, the rate will be 10 percent.


The normal corporate income-tax rate is 25 percent.


The proportion of housing area on the project sites has been increased by 1.5 times more than what is allowed by current regulations.


Under the Government’s policy, investors are also eligible for low-interest loans, loans from localities’ Housing Development Funds and cleared plots of land.


Pham Si Liem, deputy chairman of the Vietnam Federation of Civil Engineering Associations, said localities should also assist low-income people, including offering long-term, low-interest bank loans.


To ensure security for the loans, the loans should be for around 80 percent of the house’s value, he said.


“Creating conditions for buyers will accelerate house demand; then the market will itself increase the supply,” Liem said.


Last year, around 1,000 government employees in HCM City were eligible to receive loans approved by the city’s Housing Development Fund.


Of that figure, 522 people have received loans for a total amount of VND132 billion. The remaining people are still looking for housing.


Source: VNA


Source: QDND

HCM City to increase housing space

In Uncategorized on October 14, 2010 at 6:31 pm




HCM City to increase housing space


QĐND – Wednesday, October 13, 2010, 20:29 (GMT+7)

HCM City targets building 39 million sq.m of new housing during the 2011-15 period, increasing its per capita housing area to 17 sq.m, the municipal People’s Committee has announced.

The 2009 per capita housing area in the city was 14.3 sq.m.

At least 25 degraded apartment buildings with a combined floor area of 350,000sq.m in districts 1, 3, 4, 5, 6, 8, 10, Binh Thanh and Tan Binh will be rebuilt in the next five years.

By the end of 2015, the city will complete 11 housing projects with a total floor area of 453,000sq.m, consisting of nearly 4,700 apartments.

More than 22 hectares will be set aside for developing seven low-income housing projects with 10,000 apartments having a combined floor area of 837,000sq.m.

These plans include nine projects that will accommodate 67,700 workers and 13,700 students.

The city will also relocate more than 13,200 households living along canals by the end of 2015. Of these, 4,500 households living along canals in districts 4, 6, 7, 8, 11, Tan Phu, Binh Tan and Binh Thanh will be resettled during the next two years and the remaining 8,700 households will be relocated by the end of 2015.

The city has proposed that the Government amend the Housing Law to allow social housing projects to be developed in accordance with height restrictions on apartment buildings in the city, removing the current six-storey limit.

It has also proposed changes in the eligibility conditions for buying or renting low-income apartments during the five-year plan period, raising the limit from below five sq.m per person to 10sq.m.


Source: VNA
Photo: SGTT


Source: QDND

US must support flagging housing market: Geithner

In Uncategorized on August 18, 2010 at 7:24 am

Timothy Geithner

WASHINGTON (AFP) – US Treasury Secretary Timothy Geithner said Tuesday that the government must bolster the embattled American housing sector to avoid more damaging recessions in the future.


“Without such support, the risk is that future recessions could be more severe because the financial system would not have the capital to support mortgage lending on an adequate scale,” he said.


“House price declines could be more acute, with even greater damage to financial wealth and economic security,” Geithner said at a conference in Washington on the future of housing finance in the United States.


A key issue is how to reform troubled mortgage giants Fannie Mae and Freddie Mac, which were taken over by the federal government at the height of the financial crisis in 2008 as their loan losses mounted.


Their portfolios of mortgage-backed securities snowballed to more than 1.6 trillion dollars at their peak without the financial resources to cover potential losses.


Since the takeover, the government has injected more than 140 billion dollars into the two companies, which own or guarantee more than half the 11 trillion dollar US residential debt market.


Geithner said fixing the damaged US housing finance system was “one of the most consequential and complicated economic policy problems we face as a country.”


He made it clear that the government “will not support” returning Fannie and Freddie to their previous role in which they fought to take market share from private competitors while enjoying the privilege of government support.


The Obama administration has vowed to deliver to lawmakers a comprehensive housing finance reform proposal by January 2011, beyond November elections.


Obama and his Democratic allies have already come under fierce attack from Republicans for not including Fannie Mae and Freddie Mac in a sweeping financial overall that was signed into law recently.


Reforming Fannie and Freddie is political charged as the housing sector struggles to emerge from the mortgage crisis that plunged the economy into a recession in 2007.


The two firms have underpinned the US housing market for 40 years, and — supporters argue — have made housing affordable for millions of poorer Americans.


Critics say they represent unwarranted government interference in the housing market.


Geithner recalled that the financial crisis saw a “full retreat” by private financial institutions from many forms of mortgage and consumer lending.


This “provides a compelling illustration of why private markets, left to their own devices, find it hard to resolve financial crises,” he said.


Geithner said the government’s role in providing stability to the housing finance system, both in times of prosperity and during downturns, was key to economic stability.


“This question is really about whether the government — in order to make sure that Americans can borrow at reasonable interest rates to buy a house even in a downturn — has to provide a form of guarantee or insurance against losses,” he said.


Some governments make insurance or guarantees explicit while many leave them implicit or hidden, Geithner said, adding that the jury was still out on what the extent of US government involvement should be.


“It’s safe to say there’s no clear consensus yet on how best to design a new system,” he said.

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Source: SGGP

Work starts on housing project for the low-income in Ca Mau

In Uncategorized on August 5, 2010 at 3:20 pm




Work starts on housing project for the low-income in Ca Mau


QĐND – Thursday, August 05, 2010, 20:47 (GMT+7)

PANO – The southern province of Ca Mau has recently started the construction of a housing project for low-income people in the area.


The VND30 billion project, located on an area of 3,480 sq.m., consists of two six-storey blocks. The ground-floor has management, trade and services offices, a parking place and a community area, while the remainder includes 112 apartment of 36-42 sq.m. each.


The construction of the project is expected to be completed by late 2011.


Translated by Vu Hung


Source: QDND

ACHR supports housing project for the poor

In Uncategorized on June 9, 2010 at 7:05 pm




ACHR supports housing project for the poor


QĐND – Wednesday, June 09, 2010, 17:27 (GMT+7)

The Asian Coalition for Housing Rights (ACHR) and the Association of Cities of Vietnam will join efforts to carry out a community housing project for poor urban people in the central city of Vinh.


The project will benefit 102 poor people who are living in a residential area which was built in Cua Nam Ward, Vinh, in 1974, and is now seriously dilapidated and vulnerable to environmental pollution, especially during the rainy season.


These people cannot afford to buy new land for housing and most do not even have sufficient money to repair the sewers that service their block of flats.


Under the project, the households in this area will receive loans with a zero interest rate for a period of 10 years so they can build new houses. The beneficiaries will pay the loans back in monthly installments. In addition, they will be offered the services of architects for free and be allowed to supervise the contractors.


Vinh City, which currently has 135 ageing blocks of flats, plans to replace these blocks by 2015.


Source: VOV


Source: QDND

Four departments to check social housing applications

In Uncategorized on May 19, 2010 at 5:04 pm

In addition to the Department of Construction and the Department of Labor, the Departments of War Invalids and Social Affairs, as well as representatives of the Hanoi Father Front Committee and the Hanoi Party Committee, will now take part in the examination of processing applications to by or rent social housing.

Apartment building in Viet Hung urban zone in Hanoi

After passing inspections, the four organizations will send a list of qualified applicants to the Hanoi People’s Committee for approval.

Accordingly, guidelines prohibit the free sale or transfer of social houses owned or rented by low-income dwellers.  They may, however, be inherited.

The Hanoi government expects to complete 800 houses for rental, in the Viet Hung urban zone in Long Bien District, by the end of the year.


 

Source: SGGP

Government increases housing for students

In Uncategorized on May 17, 2010 at 8:58 am

Dormitory apartment constructed for students of PolyTechnique University in Hoa Hao Street ( Photo: SGGP)

The Vietnamese government has constructed 126 new dormitory apartments to meet the needs of 180,000 students for the upcoming academic year, 2010-2011.


The government funded the construction of apartments for teaching staffs and students through the sale of governmental bonds, including 15 approved projects in Hanoi and Ho Chi Minh City.


The government has allocated VND625 billion for conducting ten projects to satisfy accommodation need for 52,419 students in Hanoi and Ho Chi Minh City has been scheduled to receive VND800 billion to carry out five projects that will provide housing for 75,200 students haling from the countryside.

Source: SGGP

US company highlights Vietnam’s potential housing market

In Uncategorized on May 15, 2010 at 4:57 pm




US company highlights Vietnam’s potential housing market


QĐND – Saturday, May 15, 2010, 21:20 (GMT+7)

Vietnam’s housing industry has much potential to develop, RNCOS, a US ’s market consulting service company, has said.


In a new report released on May 13 on its official website, RNCOS underlined that Vietnam ’s housing industry is charaterised by massive housing shortage and offers ample scope for developments.


Vietnamese housing market is on the urbanisation process with an increase in the number of households, the reports said.


The report also noted that majority of Vietnamese people do not have their own permanent houses and more than 70 percent of the total residents households nationwide are living in temporary houses without proper housing facilities.


The company estimated that Vietnam will need nearly 20 million houses to meet the country’s increasing demand.


One of factors hindering the industry’s development is the country’s limited financial capacity, according to RNCOS’s experts.


Source: VNA


Source: QDND

Dong Nai sees host of failed housing projects

In Uncategorized on April 6, 2010 at 8:40 am

Nhon Trach District in the southern province of Dong Nai is well known for its strategic location near a bridge connecting to Ho Chi Minh City and close to Long Thanh International Airport.

 

Five years after being approved by the Dong Nai Province People’s Committee, a project of the Thanh Hung construction and trading company to build a new residential area has failed to make any progress (Photo: SGGP)

However, despite its prime location, the district has been left fallow due to a mass of sluggish housing projects.


One of the largest projects is the Long Tho residential area in Phuoc An Commune, invested in by the Housing and Urban Development Corporation.


The project, approved by Dong Nai Province’s People’s Committee in January 2002, was to be built on an area of 223 hectares.


The construction included building houses, villas, schools, hospitals, banks, post offices, an administrative center, entertainment venues, and exercise and sports areas.


Upon completion, it was expected that the complex would serve 25,000 residents.


After five years, however, only a few roads were built and the area was mainly deserted with just a few houses.


Today, not much has changed. In plots allocated for infrastructure, plants have grown tall and taken over much of the area.


Original houses in the area have long been abandoned with their windows smashed. Several houses have been converted to breed a type of bird called salanganes.


Elsewhere, an old tennis court can also be seen rotting away. 


According to the Nhon Trach real estate exchange floor, there are fewer than 150 houses now standing in what was to be a massive residential urban area.


Next to this plot of land is another 135-hectare housing project that the Housing and Urban Development Corporation responsible for.


Phuoc An Commune has also seen two other residential projects of the Thanh Hung construction and trading company fail to get off the ground.


One of the projects was granted land in 2004 but is just now clearing the site. The other project was approved in 2005, yet the company has not made any progress.


The commune has a total of 889.8 hectares of land reserved for building residential areas. However, even those that have been completed look like they’re already decaying.


And despite the fact that so many older projects have failed to progress on schedule, a host of new ones were unveiled in 2009.


Phu Hoi Commune, considered the center of Nhon Trach District, has seen the same situation with dozens of projects being carried out sluggishly or not at all.


With a prime location near the district People’s Committee, the 25-hectare residential and commercial area, invested in by the Cho Lon real estate company, was approved in 2003.


However, the provincial People’s Committee announced recently that it would revoke the project because the investor had failed to compensate the residents, leaving their properties in limbo for several years.


Arguably the worst case is the Long Tan residential area project of Thien Nam construction and trading company. After the project was approved in 2002, the company simply dissolved.


The project was set to be built on an area of 30 hectares, affecting 53 local households.


However, in 2005 the investor met with residents just once to discuss compensation and then disappeared, said resident Nguyen Thi Kim Loan.


Chau Thanh Phong, chairman of the commune People’s Committee said the project has been suspended for the past five years.


However, it has not been revoked, causing difficulties for local residents as they cannot sell or mortgage their property to obtain bank loans to do business.


Nhon Trach District now has 74 residential area projects with a total of 4,740 hectares of land having been delivered to investors.


Of them, 12 projects are under construction while the remaining are lagging behind schedule.

Source: SGGP

Eateries, housing encroach on railway easements

In Social life on March 13, 2010 at 4:39 am




Eateries, housing encroach on railway easements


QĐND – Friday, March 12, 2010, 20:27 (GMT+7)

The numerous houses, cafes, liquor stalls and other small businesses that litter both sides of railway easements are a major cause of traffic accidents and should be removed, warns Hanoi – Hai Phong Railway Management Company deputy director Nguyen Hoai Trung.


Much of the 120-km major railway tracks the company managed had been seriously encroached, especially in the city, he said.


The railway corridors in Dinh Cong, Kham Thien, Nha Dau and Phung Hung streets, Hanoi, as well as Nhu Quynh village, Hung Yen province, were usually covered with rubbish that obstructed the traffic.


Informing people about the danger would be a “must” for his company this year, he said.


Vietnam Railway Corporation surveys show suburban violations are the most serious danger.


For example, residents have illegally built 40 of 43 crossings of 2-km railway in the Co Nhue commune, Tu Liem district for temporary markets and traffic accidents are regularly occur there.


The survey reveals encroachment at 12,000 locations in 33 cities and provinces – 4,200 in Hanoi, Hai Phong and HCM City.


Road and Railway Traffic Police representative Dam Xuan Bo said encroachment into the corridors blocked people’s sight and caused railway accidents.


His department’s statistics showed that an average of about 150 railway accidents that cause tens of deaths and injuries were reported each month.


The statistics also reveal that signals were ignored in almost 80 percent of the accidents and 10 percent were the result of people walking, squatting or lying on the railway.


The other 10 percent were the result of people intentionally ducking under traffic barriers.


But Vietnam Railways figures reveal that 99 percent of accidents occur at illegal and unprotected barrier-less crossings.


These include Giap Bat-Van Dien-Thuong Tin in Hanoi ; My Ly-Quan Thanh-Ca Rom in the central province of Khanh Hoa and Bien Hoa-Ho Nai in the southern province of Dong Nai.


For example, 16 deaths in 13 accidents were reported from the 500m Van Dien-Thuong Tin railway track where 166 illegal railroad crossings were built in the past two years.


Vietnam Railways safety director Pham Van Binh said residents demolished special-built safety walls and built their own crossings, for easier access.


Vietnam Railways inspectors together with road and railway traffic police and other agencies have started a campaign to deal with the suburban encroachments.


Vietnam Railways Inspector Uong Dinh Hung said local officials had played an important part in identifying the violators and suggesting proper, stiff punishments.


Local officials would assess household encroachments and those without house ownership or land-use certificates would face fines in accordance with government regulations of between 3 million and 20 million VND, about 147-1,052 USD.


Measures to have legal documents clear the corridors would follow.


The hazardous Tia Market in Thuong Tin District, Thanh Tri District, Giai Phong, Phung Hung, Kham Thien streets, central Hanoi, and illegal crossings in the Phuong Liet and Trung Phung wards of Dong Da District as well as the Hanoi- Ngoc Hoi line would also be cleared.


Source: VNA


Source: QDND