Speaking at a recent meeting, he said he would change regulations to promote investment in this segment, especially in social housing.

The affordable segment, defined as costing less than VND25 million ($1,092) per square meter, has seen a shortage in supply in recent years as developers prioritize high-end and luxury projects amid dwindling availability of land.

Last year, it accounted for only 1 percent of total housing supply in Ho Chi Minh City, while the high-end segment made up 70 percent, according to the Ho Chi Minh City Real Estate Association.

Only 42 percent of social housing targets were met as many localities failed to comply with regulations requiring 20 percent of lands used for commercial projects to be earmarked for social housing, according to the construction ministry.