Hanoi approves $345-million social housing project

THE HANOI TIMES — The local authority has approved the development of the Tien Duong 1 social housing Project, the largest social housing development by investment scale to date, providing homes to some 12,400 people.

The project, located in Phuc Thinh Commune at the northern gateway of Hanoi along the Nhat Tan - Noi Bai axis, has a total estimated investment of VND8.7 trillion ($345 million). Compensation, support and resettlement will cost some VND617 billion ($24.5 million).

Covering 44.6 hectares with an expected population of 12,460, the complex will provide 3,530 housing units, including 3,100 social housing apartments and nearly 430 commercial units. The project also provides nearly 100 low-rise townhouses.

The consortium of Viglacera Corporation JSC, Hoang Thanh Infrastructure Investment and Development JSC, and Central Construction JSC is serving as the project investor.

The three investors will contribute VND1.5 trillion ($60 million), or 16% of the planned capital, with the remainder, over VND7.8 trillion ($310 million), to be mobilized from other sources.

Construction and development are scheduled for completion by 2030, with a 50-year operational term from the date of land allocation or lease approval.

In addition, Tien Duong 2 Social Housing Project will also be developed in Phuc Thinh Commune with an investment of VND6.8 trillion ($272 million) on 14.6 hectares, offering 3,460 units, including 3,340 social housing apartments.

Both projects are required to be completed by 2030, contributing to Vietnam’s national program to build at least one million social housing units by 2030.

Hanoi alone has been tasked with delivering 56,200 units, including 4,670 units in 2025. The city is on course to complete some 4,700 social homes, surpassing the target set for this year.