The project, submitted under a build-transfer (BT) public-private partnership model, is expected to be implemented between 2026 and 2029.
The project includes a 38-storey social housing complex with about 1,400 apartments at Ma Lang and a 35-storey resettlement tower with around 760 units at the Ga-Gao market area.
The developments will be accompanied by upgrades to transport, technical and social infrastructure, including public facilities, schools and resettlement housing.
The city estimates the project's total investment at VND16.37 trillion, of which nearly two-thirds will be allocated to land clearance, compensation and resettlement.
According to city authorities, the project is intended to replace ageing housing and improve infrastructure in two densely populated inner-city neighbourhoods.
The Ma Lang redevelopment is expected to affect about 1,070 land and housing cases involving 1,459 households and 4,693 residents.
The Ga-Gao project will affect about 252 houses involving 192 households and 744 residents.
Construction is scheduled to begin in the third quarter of 2026, with completion expected by the end of 2028 and operations commencing in 2029.
