The houses are from 17 social housing projects, including 11 in Hanoi, according to the Vietnam Social Housing 2023 report issued recently by property services company Cushman & Wakefield.
By the end of the first quarter of this year, Vietnam had completed 301 projects to build houses for low-income people in urban areas and workers with a total of 156,000 houses.
Roughly 401 other projects have been planned to be built in the coming time with a total of 454,000 houses. However, supply has still failed to meet demand.
Vietnam is facing the social housing shortage
According to the Ministry of Construction, between 2021 and 2030, workers at industrial parks nationwide would need a total 2.40 million houses.
The Cushman & Wakefield report showed that housing prices in Vietnam are 20 times higher than the per capita income of local people.
Meanwhile, procedures to get access to low-income houses in Vietnam are quite complicated. During the process of registering to buy a social housing unit, the buyer must win a lottery and submit various types of documents to prove their eligibility. This makes it increasingly difficult for individuals with real and urgent housing needs to access social housing.
The Vietnamese government has taken measures to raise social housing supply, including a plan to build one million social housing units, the VND120-trillion (USD5.21 billion) credit package for developing social housing and workers' housing projects, and an amendment to the 2014 Housing Law.
