The target was announced at a conference on investment promotion and rental housing development held on June 9.
According to the city's Department of Construction, HCM City needs around one million social housing units and is expected to develop 181,257 more by 2030, including about 50,000 for rent.
Authorities said rental social housing projects would be prioritised to speed up approvals and construction, while the city's Housing Development Fund would help expand rental housing supply.
To encourage investment, the city plans to raise the maximum loan eligible for interest-rate support from VND 200 billion to VND 300 billion per project and provide up to VND 10 billion for technical infrastructure.
Speaking at the conference, Nguyen Van Duoc, chairman of the municipal People's Committee, said nearly 100,000 housing units had already attracted interest from investors.
He called for streamlined approval procedures and additional incentives, including reductions in land-use fees, tax incentives and preferential loans, to encourage greater private-sector participation in rental housing development.
Experts at the event said rising housing prices had made rental accommodation increasingly important for workers and low-income residents, helping maintain a stable workforce and support the city's economic growth.
