The total projected investment for these initiatives exceeds 30,000 billion VND. These projects mark the first phase of the city's comprehensive rental housing development program.

The three projects include a residential complex on plots A2, A3, A4 in the Phap Van - Tu Hiep area, Yen So ward, offering 1,176 apartments with an investment of approximately 1,396 billion VND. Another project is situated on land designated for old quarter population relocation in Viet Hung ward, providing 1,166 apartments with an investment of about 3,563 billion VND.

The largest undertaking is the Him Lam Long Bien mixed-use residential area, proposed by Him Lam Joint Stock Company. This project was an adjustment from a previous information technology park development. The company has allocated over 11 hectares of land to construct approximately 6,000 apartments, with a total investment of about 29,000 billion VND. Of these, about 4,000 apartments are specifically designated for long-term rental.

These developments are expected to address the housing needs of various demographics, including workers, employees, students, cadres, civil servants, public employees, armed forces personnel, and other resident groups seeking rental accommodation. They are also designed to foster a healthy and sustainable real estate market.

Vu Dai Thang, Chairman of the Hanoi People's Committee, stated that the three projects launched today lay the groundwork for a new housing segment in the capital. He emphasized, "The city's goal is to gradually establish a professional, high-quality, and affordably priced rental housing market. This also aims to reduce the pressure of homeownership at all costs and build a healthy, sustainable real estate market aligned with international trends."

According to city leaders, future rental housing areas will be synchronously planned with urban railways, employment centers, educational and healthcare facilities, and other public services. This integrated approach will create favorable living and working conditions for residents.

Perspective view of seven 12-13 story rental buildings in Viet Hung ward. *Source: Hanoi People's Committee*

The policy to develop rental housing gained momentum after General Secretary and President To Lam called for prioritizing rental apartment development in major cities, industrial zones, and economic zones. He stressed that housing should serve actual living needs rather than asset speculation. Prime Minister Le Minh Hung also instructed Hanoi to immediately implement several rental housing projects in june.

On 15/6, the Hanoi People's Council issued a resolution on investment, development, and housing support mechanisms and policies within the city. This resolution establishes the legal framework to promote the development of social housing and rental housing.

According to the Hanoi Department of Construction, the city currently has 90 social housing projects, comprising approximately 80,800 apartments. Of these, 13 projects with over 11,000 units have commenced construction. Additionally, 41 projects with nearly 27,500 units are slated to begin construction in 2026, and 29 projects with over 35,000 units will be implemented in 2027. Seven projects are presently in the final stages of investment procedures.

Vo Hai