Vietnam Affordable Housing : A Way Forward

Affordable housing will be instrumental to helping Vietnam achieve its goals for increasing productivity and inclusive urban growth. Since Doi Moi, the country has experienced impressive economic growth, averaged at 7.4 percent per annum from 1990...

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Bibliographic Details
Main Author:	World Bank Group
Format:	Report
Language:	English en_US
Published:	World Bank, Washington, DC 2015
Subjects:	HOUSING PROVISION EMPLOYMENT CAPITAL MARKETS FINANCIAL SERVICES REGULATORY FRAMEWORK LAND TAXES ACCOUNTING DEPOSITS URBANIZATION REVENUE MOBILIZATION URBAN GROWTH RETIREMENT FINANCIAL MANAGEMENT PRINCIPAL AUTONOMY BANKING INDUSTRY INTEREST LAWS GUARANTEES PRIVATIZATION INDUSTRY SAVINGS ACCOUNTS LOCAL GOVERNMENTS BANKING SYSTEM CAPITAL BASE STRATEGIES WATER SUPPLY SERVICES PRIVATE HOUSING SEWAGE PUBLIC SERVICES HOUSING MORTGAGE LENDING CONSUMPTION TAXES DEFAULT RISK CAPITAL ADEQUACY REORGANIZATION LOAN CLASSIFICATION PRICING EQUITY • CAPITAL PROJECTS REAL ESTATE LOANS ASSET MANAGEMENT ECONOMIC STABILITY SAVING CENTRAL BANKS INFLATION OPERATING MARGINS LAND PRICES MUNICIPALITIES AUDITS BUDGET CAPITAL LOANS PUBLIC HOUSING PUBLIC POLICY EQUITY CAPITAL LOAN PORTFOLIO QUALITY SAVINGS TECHNICAL ASSISTANCE PENALTIES PRIVATE SECTOR HOUSING EFFECTIVE GOVERNANCE TRANSPORT PRIVATE BANKS METROPOLITAN AREAS COLLECTIONS RECURRENT EXPENDITURES PRODUCTIVITY INTEREST RATES EXTERNALITIES MIGRATION TRANSFERS RECAPITALIZATION CRITERIA FINANCIAL INSTITUTIONS SPECIAL CITIES MARKETS DEBT LOCAL GOVERNMENT LEGISLATION DEFICITS COLLECTION SERVICES LOANS LABOR ENTERPRISES BAD DEBT RATE OF MIGRATION NATURAL RESOURCES LAND DEVELOPMENT INVENTORY LAND VALUE SUBSIDIES REAL SECTOR LEGAL FRAMEWORK FINANCE GRANTS ADMINISTRATIVE COSTS INFRASTRUCTURE TAXES BANKING SECTOR LAND USE BANKS EQUITY INSURED DEPOSITS LAND SPECULATION ACCOUNTABILITY CAPITAL WAGES COMMERCIAL CREDIT IMPAIRED ASSETS SOCIAL SERVICES FINANCIAL STABILITY SAVINGS PROGRAMS SOVEREIGN RISK SUBSIDIARIES VALUE GOVERNMENT BANKS BANK STATE ENTERPRISES CREDIT BUDGETS LARGE CITIES COLLATERALIZATION PRUDENTIAL REGULATIONS MANAGEMENT INFORMATION SYSTEMS EQUITY INVESTMENTS INCOME DISTRIBUTION CAPITALIZATION PUBLIC TRANSPORT PROPERTY MANDATES FOREIGN BANKS AFFILIATES TRADE UNIONS RENTAL HOUSING MARKET VALUE URBAN DEVELOPMENT ACTUAL COST PUBLIC DEBT SUBSIDIARY RISK FACTORS CONTRACTUAL SAVINGS PROFITABILITY CREDIT RISK GOVERNANCE INSURANCE CAPITAL GRANTS TAXATION MICROFINANCE NEW ENTRANTS HOUSING DEMAND PUBLIC AGENCIES PROPERTY TRANSFERS LAND RESERVE RATIOS RISK COMMERCIAL BANKS SAVINGS PAYMENTS MORTGAGE LOANS SUBNATIONAL GOVERNMENTS BANKING CIT FINANCIAL PLANNING DECENTRALIZATION REVENUE RISK MANAGEMENT LOCAL GOVERNMENT STRUCTURES LENDING CAPITAL EXPENDITURES TAX REFORM SAVINGS SCHEMES ADB GOVERNMENTS URBAN HOUSING PUBLIC TRANSPORTATION BANK OF THAILAND LAND VALUE TAXATION INTERNATIONAL BANKS COST OF CAPITAL LAND SUPPLY NONPERFORMING LOANS AUDITING CAPITAL ADEQUACY RATIOS LENDING INSTITUTIONS CONSOLIDATION GOVERNMENT INTERVENTION HOUSING LAWS
Online Access:	http://documents.worldbank.org/curated/en/2015/11/25251585/vietnam-affordable-housing-way-forward http://hdl.handle.net/10986/22921

Description
Summary:	Affordable housing will be instrumental to helping Vietnam achieve its goals for increasing productivity and inclusive urban growth. Since Doi Moi, the country has experienced impressive economic growth, averaged at 7.4 percent per annum from 1990 to 2008, lowering to an average of 6 percent per annum from 2007 to 2013. Strong economic growth has supported a substantial reduction in poverty, from 58 percent in 1993 to 17 percent in 20121. Yet, the country has remained largely rural, with more than half of its population working in the agricultural sector, which only contributed 17 percent of GDP in 20142. In some countries, urbanization has been used as a tool to accelerate economic growth and poverty reduction. As Vietnam aims to maintain a high growth rate, supporting urbanization, where cities contribute a growing share of jobs and GDP, will be an important measure. This structural shift will drive population growth and new demand for housing in cities, for which quality and affordable housing options in well-serviced and connected settlements will be needed. Areas of particular importance in the Law is support toward self-built housing, the active participation of the private sector, addressing the shortage of affordable rental housing as well as high demand for housing from low income groups, especially workers in industrial zones of large cities. This report, which includes a comprehensive assessment and roadmap for affordable housing in Vietnam, recommends the following key messages moving forward: increase investment, Prepare Three Flagship Initiatives under an umbrella National Affordable Housing Program, Institutional Strengthening, Land Tax Reform, and Create an Enabling Environment for Affordable Housing. Moving forward, design of the market-oriented measures described above will require intensive and careful consultation and engagement with all housing sector actors, particularly the private sector. Private sector will need to play an active role in the early preparation to ensure their participation and commitment that carries through to implementation of policy measures on the financing and supply side.

Vietnam Affordable Housing : A Way Forward

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