HCMC – Work has started on a large-scale social housing project in Vinh Phuc Province as part of Vietnam’s plan to build at least one million affordable homes for low-income people and factory workers by 2030.
Located in the Nam Vinh Yen New Urban Area, the project will comprise 38 blocks with over 5,300 units, spanning nearly 190,000 square meters on a 17-hectare site. With an estimated cost of VND7 trillion, the project is expected to be completed before 2030.
Vinh Phuc, home to 17 industrial parks—nine of which are already operational—has a growing demand for worker housing, with over 260,000 laborers employed in the province.
To address this need, local authorities are accelerating social housing development, aiming to launch six additional projects with a total of 2,190 units by 2025. They have set an ambitious goal of completing the province’s housing target a year ahead of schedule.
For the Nam Vinh Yen project, provincial leaders have emphasized the need for speed, quality, and transparency in its implementation.
Speaking at the groundbreaking ceremony, Prime Minister Pham Minh Chinh highlighted recent legislative efforts to resolve legal obstacles in the real estate sector, particularly in social housing development. He emphasized that while social housing projects receive priority in land allocation, financial support, and resource allocation, quality must not be compromised.
The prime minister urged authorities to ensure efficient project execution, with proper infrastructure and environmental management. He reiterated the Government’s guiding principle for social housing, stressing that projects must benefit the state, the people, and businesses, ensuring a balanced approach with shared risks. At the same time, he warned against personal gain, corruption, or mismanagement of public resources.
Chinh also directed the Ministry of Construction and relevant agencies to refine housing standards to align with modern, sustainable living conditions. He called on the banking sector to provide stable, long-term credit for both investors and homebuyers.
Local governments are expected to integrate social housing targets into their broader economic development plans. Authorities must submit policy proposals to the Government by March 25 for review at the next National Assembly session.
