The Government and the Prime Minister have not officially assigned this task to the Ministry of Construction. However, given its responsibility for housing management, the ministry promptly instructed its specialised units to study international experience, review existing regulations, and propose solutions following the Party chief’s February 24 directive on setting up the fund to develop affordable housing in major cities.

Specialised units of the department have been tasked with studying all aspects, from planning and programmes for housing development, to project implementation, towards ensuring that once the Government and relevant authorities issue official instructions, the ministry can swiftly develop a proposal to submit it to the Government and relevant authorities, ensuring both progress and quality.

Regarding social housing development, Hanh said that 10 localities nationwide have incorporated social housing targets into their annual and five-year socio-economic development plans.

For the project to construct at least a million apartments of social housing, the Prime Minister has assigned local leaders, asking provincial people's committees to develop and approve specific plans for social housing projects annually and in phases, ensuring local demand is met through 2030.

Preliminary reports show that as many as 30 localities have issued implementation plans for the project. Nationwide, 1,309 sites covering an area of 9,737 ha have been designated for social housing development.

For implementing the 120-trillion-VND credit package for social housing development, Hanh said as of now, 37 out of 63 localities across the nation have submitted documents or announced project lists on their official portals, with a total of 90 projects being registered. A total of 2.84 trillion VND has been disbursed under the programme.

Regarding reducing lending rates to realised the target of economic growth of at least 8% this year, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu stressed that supporting capital access, especially for business expansion, is a major responsibility.

The SBV is working with ministries and agencies to propose solutions to unlock capital stuck in projects, Tu said, stressing that investment expansion requires lower interest rates.

According to him, commercial banks have lowered interest rates by an average of 1.4%. In the first two months of 2025, following the directives of the Government and the Prime Minister, the banking sector and credit institutions have continued to reduce interest rates in a stable manner.

In the coming time, the SBV will closely monitor interest rates to ensure commercial banks remain proactive while also supporting businesses by reducing costs and lowering lending rates across all terms, he stated./.