$275mn social housing project gets off ground in northern Vietnam

   Prime Minister Pham Minh Chinh on Sunday attended the groundbreaking ceremony for a large-scale social housing project at the Nam Vinh Yen New Urban Area in Vinh Phuc Province, northern Vietnam, with its first phase set to feature 38 apartment buildings with over 5,300 units.

   The project's first phase is scheduled for completion by 2030, spanning 17 hectares and carrying a price tag of over VND7 trillion (US$275 million).

   As per the government's initiative to build at least one million social housing units for low-income earners and workers in industrial zones, the province was assigned to complete the construction of 28,300 apartments by 2030.

   Dang Xuan Phong, secretary of the Vinh Phuc Party Committee, said that the province is home to 17 industrial zones, with nine operating at high occupancy rates.

   Over 260,000 workers are employed regularly, resulting in a high demand for social houses.

   In early 2025, the province started work on a social housing project, and plans to develop six more projects this year.

   The province aims to break ground on one social housing project each month until August, striving to meet the target set by the prime minister one year ahead of schedule.

   Speaking at the ceremony, PM Chinh highlighted that the National Assembly had passed several laws and guidelines to remove legal obstacles and smooth the path for the real estate market to thrive, particularly the social housing segment.

   He noted that social housing projects were given priority in terms of land allocation, financial resources, and support, but emphasized the significance of the quality of these projects.

   Local authorities must ensure the rapid, high-quality implementation of these projects.

   As part of his working trip to the province, the prime minister visited the Tam Dao livestock and beef processing complex project on the same day.

   With a total investment of VND1.67 trillion ($65 million), the Tam Dao livestock and beef processing complex was aimed at realizing a $500-million memorandum of understanding signed between a Vietnamese firm and Japan's Sojitz Corporation during PM Chinh's visit to Japan in 2021.

   The construction of the project began in 2023 and was completed in 2024.

Tieu Bac - Ngoc An / Tuoi Tre News

(2025/03/18-13:18)