The Government is set to make rental housing a strategic pillar of its housing market as the Government shifts from an ownership-focused approach toward a model centred on housing access and use, according to Minister of Construction Tran Hong Minh.

Policy reforms in the coming period will focus on introducing more incentives to support the expansion of the rental housing sector, a Ministry of Construction official said at the Government’s regular press conference for May, held in Ha Noi on June 3.

Prime Minister Le Minh Hung has stressed the need for a major shift in housing market development, moving from a model focused mainly on commercial housing to one that develops both commercial and rental housing in parallel, with rental housing identified as a long-term strategic segment serving broad public demand.

Party General Secretary and State President To Lam stressed that citizens should have access to stable, safe and affordable housing suited to eligible beneficiaries, with rental housing becoming a long-term pillar.

Viet Nam’s consumer price index (CPI) rose by 0.16% in May compared to April, mainly due to higher costs for rental housing, home maintenance materials, electricity and dining out, the National Statistics Office under the Ministry of Finance reported on June 6.