Hanoi needs 4 billion USD for social housing projects

Hanoi needs nearly 4 billion USD to develop 7.2 million square meters of social housing in the next five years amid a shortage of low-cost residential real estate.


The capital city had planned to develop 6.2 million square meters of social housing in the 2016-2020 period, but only managed a little over four million square meters, or 65 percent.

The figure comprises 59 social housing projects and three commercial ones that have parts dedicated to social housing.

Affordable apartment development has been a headache for Vietnamese authorities in recent years as developers focus on building projects in the mid- and high-price segments for higher profits.

There are 249 social housing projects with 104,200 units nationwide and another 263 with 215,800 units are being developed./.