Speaking at a meeting on May 27, Hanoi People’s Committee chairman Vu Dai Thang said beneficiaries of the policy would include workers, students, armed forces personnel, teachers, doctors, journalists and other labour groups.
“The government’s new approach is to develop the long-term rental housing market to meet genuine housing demand rather than ownership or speculative investment,” Thang said.
Hanoi currently has 90 social housing projects with around 80,800 apartments. Of these, 13 projects with more than 11,100 units have already broken ground, while 41 projects with roughly 27,400 units are expected to begin construction this year.
According to Thang, the city has focused heavily on social housing development for low-income residents, workers and essential service employees, but rental housing has yet to receive adequate attention.
He said Hanoi aimed to quickly develop pilot rental housing projects that could later be expanded citywide.
“This is not simply the development of another real estate segment, but an important shift in housing policy from asset accumulation towards serving real housing needs,” he noted.
Thang also called on departments and agencies to review policies and incentives capable of attracting businesses to invest in rental housing projects.
“Companies with experience in managing and operating rental property should proactively propose projects. The city is committed to streamlining procedures and accelerating approvals,” he stressed.
The chairman also proposed raising the proportion of rental units in social housing projects from the previous level of around 20 per cent to as much as 20-30 per cent, depending on each project.
As part of the plan, Hanoi will prioritise the student housing project in the Phap Van-Tu Hiep area, where city authorities aim to accelerate implementation by reusing existing designs to reduce costs and shorten construction timelines.
The city is also reviewing cleared land sites suitable for conversion into urban developments that include rental housing projects.