State Audit of VIetnam reports that total apartments available are well short of demand.
According to a study conducted by State Audit of Vietnam, even if social housing targets for 2015 were reached there would be a shortfall of 26,732 apartments, or 36.7 per cent of total demand.
Construction of new social housing and adjustments made to existing projects to turn them into social housing have failed to narrow the gap between supply and demand.
Working with management and operating organizations of nine projects in Hanoi that have been put into use since April 30, 2014, State Audit of Vietnam found that four projects had violated the housing use purpose. Specifically, 319 apartments (6.5 per cent) were made available to buyers outside of the targeted segment, 441 apartments (9 per cent) remained vacant, and five apartments (account for 0.1 per cent) were used for other purposes besides housing.
The nine projects audited receive government preferences totaling VND641 million ($29.4 million), cutting sale prices by 10-36 per cent. But the study by State Audit of Vietnam showed that prices are still beyond the reach of most households.