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In 2024, the Ministry of Construction will closely monitor the implementation of the plan and work with local governments to allocate land for social housing.

The average housing area per capita in Hanoi reached 28.6 square meters in 2023, exceeding the planned target of 28.2 square meters.

Incentives from both market regulators and developers will be key to driving Vietnam's property sector in 2024.

The Prime Minister has ordered Hanoi to impose strict controls on the central area's high-rise development and implement programs to renovate and rebuild the city.

During this period, Hanoi saw positive developments in its housing development plans, with nearly 50 million square meters of new residential floor space built and the housing needs of tens of thousands of households met.

Hanoi is expected to have 44 million square meters of new housing in the 2021-2025 period, which equates to a per capita floor area of 29.5 square meters.

To meet the needs of people in different income brackets, the city will focus on building satellite cities and areas expected to become urban districts between 2021 and 2030.

The difficulties in the real estate sector may have contributed to Vietnam's lower-than-expected GDP growth in the first quarter (3.32%).

The city will need VND12.5 trillion (US$527 million) for social housing development in the period 2021-2025.

The plan aims to achieve a minimum floor area of 10 square meters per person and a total housing area of approximately 44 million square meters.

Despite the high demand for housing, the transaction volume stays low due to the high prices compared to people’s average income.

Contractors deemed incapable of performing the works will have their investment licenses revoked. Meanwhile, others will be selected through competitive bidding.

In the 2021-2025 period, Hanoi expects to speed up the construction of 22 social housing projects and complete the preparation for others with a combined floor area of 1.21 million square meters.

The technical guidelines have also been shared with local government, construction services and disability organizations throughout Vietnam, to help guide the future development of accessible and affordable housing countrywide.

The capital city will allocate more than 1,800ha for housing development.

Foreigners can buy and own a maximum of 30% of the total number of apartments in a building, according to the draft amendment to Vietnam's Housing Law.