The Vietnamese government has increased its lending to private developers by 7% in fiscal year 2017, according to the Ministry of Finance.
The government said in a statement Monday that the government is helping private developers “to build the country’s first 100,000 affordable housing units.”
The statement said the program is expected to help more than 50,000 households.
The announcement comes as Vietnam prepares for the Lunar New Year, which begins on Jan. 1.
The Lunar New Years event is the first annual gathering of Vietnamese citizens to mark the beginning of the new year, when new regulations come into effect.