Hanoi targets to complete 22 social housing projects with a combined area of 1.2 million square meters of housing floors by 2025, and 28 others with two million square meters after the period.

Dang Xa social housing area in Gia Lam District. Photo: Pham Hung/The Hanoi Times

Under the plan, Hanoi is working urgently to meet its social housing targets. This includes completing the necessary procedures to approve investment policies, organizing tenders to select investors, and carrying out detailed planning for various social housing zones.

In line with such effort, the city plans to identify additional areas suitable for independent social housing developments along Ring Road No.4 project and in other areas. The approved detailed planning will serve as a foundation for district-level People's Committees to formulate project investment policies to select investors according to regulations.

In addition, the city will allocate funds from the budget and the City Development Investment Fund for social housing development, including planning adjustment, site clearance, and infrastructure investment in these projects.

Additionally, the city is expected to encourage investment in social housing projects in industrial zones and industrial production establishments.

It would also review existing land plots within commercial housing projects and urban areas to add to the city's social housing fund.

In the period 2021-2025, an estimated capital of VND12.5 trillion (US$527 million) will be required for social housing investment and development. Out of this amount, about VND283 billion ($12 million) will be sourced from the State budget.

In the previous period of 2016-2020, Hanoi completed 25 social housing projects with a total floor area of over 1.2 million square meters. However, the results of social housing development fell short of the set targets outlined in the program and plan, achieving only 20.2% of the plan.