The Ho Chi Minh City Real Estate Association (HoREA) has just issued a document commenting on the Draft Decree detailing and implementing measures Resolution No. 201/2025/QH15 of the National Assembly on piloting a number of specific mechanisms and policies for social housing development.
HoREA proposes to amend Point c, Clause 1, Article 7 of the Draft to supplement the content of "ustad-held enterprises with more than 50% of charter capital or total shares with voting rights", as prescribed in Point b, Clause 1, Article 88 of the Law on Enterprises. At the same time, it is proposed to add the same thing at point d1, clause 2, Article 7.
According to HoREA, Clause 3, Article 88 of the Law on Enterprises 2020 clearly stipulates that enterprises with the State holding over 50% of charter capital or total voting shares include: two-member limited liability companies or more, joint stock companies that are parent companies of economic groups, state-owned corporations or parent companies in the parent- subsidiary group; as well as independent companies. Therefore, the Association recommends adding enterprises under the Ministry of Construction with state capital control, operating in the fields of investment and business in urban areas and housing to the subjects that must regulate after-tax profits to the Central Housing Fund, which is reasonable.
Currently, in Ho Chi Minh City, there are a number of state-owned enterprises operating in this field such as Saigon Real Estate Corporation (Resco) LLC. Of which, the member is Saigon 5 Real Estate Development Joint Stock Company with a state capital of up to 99.78%. Therefore, HoREA proposes to add revenue from after-tax profits payable to the state budget of enterprises with 100% or more than 50% state capital, under the provincial People's Committee, operating in the fields of investment, urban area business, and housing to the local Housing Fund.
According to HoREA, the National Assembly's recent approval of the Law on State Capital Management and Investment (effective from August 1, 2025), which no longer limits state-owned enterprises from investing and trading in real estate, will create conditions for large-scale state-owned corporations and enterprises to participate in urban and housing development, similar to the model of LH Group (Korea) or the HDB Housing Development Committee (Singapore).
HoREA also proposed that the Ministry of Construction recommend the Government and competent authorities to consider abolishing the regulation in Point b, Clause 4, Article 123 of the Construction Law - requiring specialized agencies to inspect the acceptance of investors for most projects, including social housing with high-rise apartments.
The Association believes that we should return to the "social" mechanism before the 2003 Construction Law, when the investor is responsible for accepting the project with the A-B-TK components and is allowed to choose an independent construction consulting unit. At that time, the apparatus of specialized construction agencies was also more compact and streamlined than today.
Notably, HoREA recommends not to conduct state audits for social housing projects that enterprises self-agree to receive land use rights transfers, or have land use rights that are not "public land". The Association cited the case of Le Thanh Company, which implemented three social housing projects that did not use a square meter of public land and did not use budget capital but were still subject to state audit for three consecutive years. This, according to HoREA, puts unnecessary pressure on businesses and hinders the socialization of housing investment.
