Hanoi is embarking on an ambitious plan to develop three rental housing projects across Long Bien, Viet Hung, and Yen So districts, with a total investment exceeding 34 trillion VND (approximately $1.4 billion). These projects are expected to deliver nearly 4,400 rental units by the year 2030, marking a significant step in the city’s housing strategy.

The largest of the three projects will be located in Long Bien, proposed by Him Lam Joint Stock Company. This project will cover an area of 36 hectares and will feature around 2,000 rental apartments, with a total floor area of nearly 169,000 square meters. The investment for this project is estimated at over 29 trillion VND, with construction set to commence in the third quarter of 2026 and completion anticipated by the third quarter of 2031.

Another project will be developed in the Phap Van - Tu Hiep urban area in Yen So, spanning 1.9 hectares and providing 1,176 rental apartments. This project is expected to be completed by 2027, with an investment of nearly 1.4 trillion VND.

The third project will take place in a portion of land designated for resettlement in the ancient quarter area in Viet Hung, covering more than 2.4 hectares and offering 1,166 rental units. This project is scheduled for completion by 2030, with a total investment exceeding 3.5 trillion VND.

These developments were initiated following a groundbreaking ceremony held at the end of June and are the first under Hanoi's rental housing development program. During a meeting on May 25, Prime Minister Le Minh Hung emphasized the need for Hanoi to lead in implementing rental housing models to refine policies and facilitate similar initiatives in major urban areas and economic hubs.

Hanoi’s Chairman Vu Dai Thang stated that the city aims to shift from a model primarily focused on selling homes to a balanced approach between selling and renting. The city prioritizes affordable rental housing for workers and low-income individuals, recognizing the pressing need for urban housing solutions as property prices continue to escalate beyond the reach of many workers.

According to real estate services firm CBRE, as of the end of the second quarter, most newly launched apartments were priced above 80 million VND per square meter, with those over 120 million VND per square meter accounting for more than 35% of the market share.