State budget provides 1.3% of Hanoi housing investment in 2021-2030

Hanoi needs VND880,000 billion ($36.84 billion) for housing investment in 2021-2030, of which the state budget will provide VND11,700 billion, or 1.3%, according to the city’s newly-approved housing development program.

Per the program, Hanoi needs a total floor area of 44 million square meters (sqm) for residential purposes in 2021-2025, and 45 million sqm in 2026-2030, or 89 million sqm in the 10-year period.

Until 2025, the capital aims to reach the floor area per capita at 29.5 sqm; and develop 22.5 million sqm of floor area for private houses, 1.25 million sqm for social housing, 565,000 sqm for resident resettlement following land clearance, and 19.69 million sqm for commercial housing.

The city will focus on developing satellite urban areas and cities within itself at northern localities like Dong Anh, Me Linh, and Soc Son districts and at western localities like Hoa Lac urban area and Xuan Mai township. Vietnam has already operated a similar model in Thu Duc city within Ho Chi Minh City.

Hanoi also strives to build smart urban areas along the Nhat Tan-Noi Bai axis, a route connecting Nhat Tan ward, Tay Ho district and Noi Bai International Airport; and construct and stabilize the population along the banks of the Red and Duong rivers.

Until 2030, the capital aims to improve the floor area per capita to 32 square meters; and develop additional 22.5 million meters of floor area for private houses, 2.5 million meters for social housing, 1.3 million meters for resident resettlement following land clearnce, and 15.19 million meters for commercial housing.

In July, Hanoi authorities issued a resolution of prioritizing developments of satellite urban areas and refraining establishments of apartments in the inner areas.