Vietnam: Payment of monetary differences from salary in renting public housing

08:52, 16/08/2016

Circular No. 124/2016/TT-BTC of the Ministry of Finance of Vietnam provides guidelines for payment of monetary differences in renting public housing in case the rental price is higher than the amount that a tenant may afford to pay.

According to Circular No. 124/2016/TT-BTC of the Ministry of Finance of Vietnam, the tenant shall not pay more than 10% of his/her salary received as of the date of renting of such public housing. Procedures for payment of the difference shall be implemented as follows:

- Pursuant to the decision on renting of commercial houses as public housing, issued by competent authorities as provided for by Clause 2 Article 25 of Decree No. 99/2015/ND-CP of Vietnam’s Government, the host institutions where officers eligible for renting public housing shall notify the housing authority in writing of the rental payable and determination of the difference between the rental incurred from renting of commercial houses as public housing and the rental payable, and the amount subsidized by the state budget to cover such difference in accordance with relevant laws and regulations, in order to prepare and include them in the annual budget estimate of these institutions.

- Based on the budget estimate approved by competent authorities, the host institutions of officers renting public housing shall pay this difference on a monthly basis on the date of the State’s salary payment in accordance with laws and regulations.

Circular No. 124/2016/TT-BTC of the Ministry of Finance of Vietnam takes effect from September 19, 2016.

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