On 13/6, the Hanoi People's Committee submitted a proposal to the City People's Council, requesting approval for the investment policy of the city's rental housing construction project in Viet Hung ward.

Accordingly, the city will invest in constructing seven new 12-13 story residential buildings with two basement levels across land plots: CT-04C, CT04E, CT-05B, CT05D, CT06A, CT07A1, CT-07A2, along with internal infrastructure for the housing area. The total area is approximately 2,46 hectares, comprising 1,166 apartments.

Thuong Thanh resettlement area, Viet Hung ward. *Photo: Hoang Phong*

The estimated total investment for the project is over 3,500 billion VND. This figure is an estimate and will be finalized during the preparation, appraisal, and approval of the feasibility study report as regulated. The implementation period is 2026-2028.

The City People's Committee believes that implementing this project represents a significant shift in housing development philosophy. It moves from primarily commercial housing to simultaneously developing both commercial and rental housing. Rental housing is identified as a strategic, long-term segment, serving a broad population, especially workers, laborers, students, cadres, civil servants, public employees, and armed forces personnel.

"The rental housing fund helps ensure that residents have access to stable, long-term, safe, and affordable accommodation, contributing to reducing housing demand for a significant portion of the capital's population," the proposal states.

Previously, General Secretary and President To Lam called for prioritizing the development of rental apartments in large urban areas, industrial zones, and economic zones. He emphasized that housing must serve actual living needs, not for speculative asset accumulation. During a meeting with Hanoi on 25/5, Prime Minister Le Minh Hung also requested the city to immediately implement several rental housing projects in June to meet the real needs of residents.

Two days later, at a meeting to implement the central government's directive, Hanoi Chairman Vu Dai Thang instructed units to immediately carry out several key projects before 15/6. Specifically, the student housing project in Phap Van - Tu Hiep area was urged to utilize existing designs to accelerate progress and save costs. The city also continues to review rental housing projects in Viet Hung ward and some projects in Hoa Lac Hi-Tech Park for early implementation.

According to the Hanoi Department of Construction, the city currently has 90 social housing projects with approximately 80,800 apartments. Of these, 13 projects with over 11,000 units have commenced construction; 41 projects with nearly 27,500 units are expected to start in 2026; 29 projects with over 35,000 units are planned for 2027; and 7 projects are completing investment procedures. The Department of Construction has also incorporated mechanisms and policies to support rental housing investment into the draft resolution of the City People's Council, following the amended Capital Law 2026.

Vo Hai