HCMC – Vingroup JSC has pledged to construct 500,000 social homes by 2030, accounting for half of the Government’s one-million-unit target.
Le Khac Hiep, vice chairman of Vingroup, announced the plan at a national conference on social housing development on March 6, reported the local media. The company reaffirmed its commitment to the ambitious goal, emphasizing its determination to follow through on the initiative.
Vingroup has proposed that the prime minister allow local authorities to directly appoint contractors and investors to accelerate the process. The company also suggested streamlining administrative procedures, including allowing simultaneous planning and investment processes. It said that sequential approvals for planning, investment, and financing would create bureaucratic hurdles.
Several real estate firms are also contributing to the Government’s one-million-unit goal. Housing and Urban Development Corporation (HUD) aims to launch social housing projects with a total of 2,800 units by 2026 and increase this figure to 17,500 by 2030.
However, HUD noted that administrative procedures remain a challenge. The company called for shorter investor selection processes and direct contracting for projects where developers already meet the requirements.
Viglacera Corporation is currently working on 10 social housing projects with a total of 17,200 units. It has delivered 5,500 units in Hanoi City.
Meanwhile, the Urban Infrastructure Development Investment Corporation (UDIC) began its social housing projects at the Ha Dinh New Urban Area in Hanoi’s Thanh Tri District in late 2024. The firm said it shortened construction timelines to 24 months instead of 36. Still, UDIC reported difficulties related to land availability, lengthy project approvals, and strict profit caps that do not always cover fluctuating material and labor costs. The company called for a pilot policy allowing land allocation without bidding for qualified state-owned enterprises.
Kim Oanh Real Estate JSC is also building social homes, along with commercial homes priced from VND950 million to VND1.6 billion per unit for one- or two-bedroom apartments. The company plans to develop 40,000 social housing units by 2028.
Kim Oanh representatives cited international examples, particularly Singapore’s model of three- to four-bedroom units for multi-generational families, and recommended expanding both unit size and segments to better serve a wide range of income levels.
