Business » Real estate
Affordable apartment project for workers planned
  • | dtinews.vn | October 06, 2017 12:10 PM
Workers at industrial zones will be able to own a 45-square-metre apartment at the price of VND270m (USD11,800), according to a non-profit project by the Vietnam Confederation of Labour.


  

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The country’s trade union organisation has proposed to build affordable apartments in eight provinces including Quang Nam, Ha Giang, Ha Nam, Tien Giang, Tra Vinh, Bac Ninh, Hung Yen and Phu Tho.

Three projects in Ha Nam, Quang Nam and Tien Giang will be started in November. The confederation has negotiated with suppliers to acquire the materials at lowest prices possible. A 31-square-metre apartment will be sold at VND5m (USD220) per square metre and VND6m per square metre for the 45-square-metre apartment. Workers can take a 10 to 15-year mortgage.

Phan Van Anh, head of the financial department of the Vietnam Confederation of Labour, said they would work with the banks and suggested the prime minister letting workers benefit from lower interest mortgages. They hoped the annual interest rate will be as low as 5% but admitted that it would be difficult.

The confederation will find the best contractors for the projects to ensure high-quality buildings for the labourers. Before the constructions are started, they will survey demand and collect deposits to avoid losses.

Bui Van Cuong, head of Vietnam Confederation of Labour, said current industrial and processing zones only met 2-10% of the demands on private houses, nurseries, legal assistance and other needs.

10,000 apartments are expected to be completed by 2018 and about 50,000 apartments can be completed by 2020.

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