An apartment building in Hanoi (Photo by Ha Phong)
The Hanoi People's Committee has submitted a proposal to the municipal People's Council seeking approval for a rental housing development in Viet Hung Ward.
If approved, the project would become one of the first large-scale rental housing developments in Hanoi to be financed through the city budget, in line with rental housing policies outlined in the Capital Law.
According to the proposal, the development will be built on land designated for the relocation and resettlement of residents from Hanoi's Old Quarter in Viet Hung Ward. The site covers approximately 2.46 hectares.
The project will comprise seven residential buildings ranging from 12 to 13 storeys, along with two basement levels, providing a total of 1,166 rental apartments.
City authorities said the project aims not only to increase housing supply but also to implement Hanoi's strategy of prioritising rental housing, particularly in major urban centres.
The city argues that housing policy should move beyond a primary focus on commercial residential developments toward a balanced approach that promotes both commercial and rental housing. Rental accommodation, it said, should be regarded as a long term strategic segment of the housing market.
The apartments are intended for workers, labourers, students, public employees, civil servants and members of the armed forces, groups that require stable accommodation but are not yet in a position to purchase homes.
According to the city administration, expanding the rental housing stock would help meet the housing needs of a large segment of the population while easing pressure on the commercial housing market in central urban areas.
The project is also expected to enhance the urban landscape of Viet Hung Ward and contribute to the development of eastern Hanoi.
The total investment is estimated at VND 3.562 trillion (approximately USD 137 million).
The Hanoi Civil Works Construction Investment Project Management Board has been assigned as the project's investor. Construction is scheduled to take place between 2026 and 2028.
