About 6,000 apartments belonging to 11 social housing projects are expected to be completed in 2024-2025 and launched into the market, according to the Hanoi Construction Department.

The draft resolution aims to ensure funding for the ’One Million Social Housing Units’ project for low-income individuals and those who work in industrial parks in the 2021-30 period.

The Ministry of Construction (MOC) is consulting with ministries and branches on a draft resolution on a preferential credit package reserved for social housing development worth VND100 trillion. The capital will be from government bond issuance.

Real estate experts say that social housing products have become cheaper than ever, but are still beyond the financial capability of many people.

Apartment prices continue to surge in Hanoi, with affordable housing under 25 million VND ($1,000)/m² nearly vanishing, sparking concerns over accessibility for low- and middle-income earners.

With social housing units in Hanoi reaching prices as high as 50 million VND per square meter, aspiring buyers now face a multi-billion VND challenge to enter the market.

Lawmakers have raised concerns about speculative pricing in Vietnam's real estate market, citing the negative impact on buyers and overall market stability.

With a decline in social housing supply and rising costs, the government is urged to address affordable housing shortages and market imbalances.

Citizens satisfying all the requirements as stipulated by the laws are eligible to buy social housing, regardless of where they are from, according to Vuong Duy Dung, deputy director of the Housing and Real Estate Market Management Department.

The Ministry of Construction has announced plans to propose a 30 trillion VND credit package, funded by government bonds, to provide affordable housing loans to low-income individuals.

While domestic realtors have avoided the affordable housing market, foreign investors have poured money into the segment.

Prime Minister Pham Minh Chinh on October 1 called for the launch of a concentrated drive lasting 450 days and nights, pooling public strength to eradicate temporary and dilapidated housing nationwide by the end of 2025.

Responding to media reports, the Ministry of Construction has asked Bac Ninh and Bac Giang provinces to clarify the situation concerning foreigners residing in social housing projects, an arrangement meant for local low-income workers.

The Ministry of Construction (MOC) believes that converting resettlement apartments to social housing is the best solution to the problem of thousands of idle apartments.

Of the nine resettlement projects with nearly 2,500 apartments in Hanoi, only two projects have been completed and have received official acceptance, but have not been put into use, while the other seven projects are under execution.

More flexible policies will help create incentives to attract investors and unlock the potential for expanding the social housing sector in Vietnam.

The Government is considering implementation of a state-funded credit package worth VNĐ30 trillion (US$1.2 billion) for social housing to replace the current ineffective package.

Citing lower birth rates and marriages at a later age, the Vietnam Association of Realtors (VARS) has proposed that couples with at least two children be eligible for one-time support to buy social housing at preferential rates.

The Vietnam Association of Real Estate Brokers (VARS) has proposed couples with two children are given priorities in buying homes at social housing projects, as a solution to encourage marriage before the age of 30 and increasing the birth rate.