Real estate major Vinhomes on Thursday started construction of Vietnam's biggest ever social housing project in Khanh Hoa province.
Covering approximately 88 hectares in Cam Nghia ward, Cam Ranh town, the VND3.8 trillion ($155.29 million) Vinhomes Happy Home Cam Ranh is expected to accommodate about 20,250 people.
Once completed by the end of 2026, the project will deliver some 3,600 units of low-rise social housing, complemented by several hundred villas and adjacent townhouses.
It also encompasses a comprehensive array of social infrastructure components, including healthcare facilities and an educational system spanning from preschools to high schools.
"This is the fourth Vinhomes social housing project in Vietnam and the second launched since the beginning of 2024," Nguyen Viet Quang, vice chairman and CEO of Vingroup, the parent company of Vinhomes, said at the event.
Chairman of the provincial People's Committee Nguyen Tan Tuan said Khanh Hoa needs 44,461 social housing units by 2025 and 46,066 by 2030.
He said in recent years, the province has witnessed a rapid surge in workforce serving service businesses and industrial parks, posing new challenges and requirements for housing solutions in the locality.
Aligned with the government's project on the construction of at least 1 million social housing units for low-income earners and industrial park workers for 2021-2030, Khanh Hoa has been allocated to complete 3,400 units during 2022-2025 and an additional 4,400 units from 2026 to 2030, Tuan said, adding that between 2022 and 2025, it aims to finish over 4,800 units.
Vinhomes, a subsidiary of Vingroup - Vietnam's largest private company by market capitalization, is listed on the Ho Chi Minh Stock Exchange as VHM. The stock closed Thursday at VND42,000 ($1.71).