Biggest Social Housing Project in Vietnam Worth $155 Million, Finally Begins Construction

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The biggest social housing project in Vietnam’s Khanh Koa province commenced construction this first quarter of 2024. The housing project is aligned with the country’s target of 1 million units by 2030. The project promises to deliver homes to 20,250 people in the province.

The Biggest Social Housing Project in Khanh Hoa of this Size

The housing project, named Happy Home Cam Ranh, covers a total land area of 88 hectares. The project is estimated at nearly $155.3 million. It will include social housing units, several hundred villas, and adjacent townhouses with gardens.

Out of the 88 hectares, 25 hectares will be dedicated to social housing units, 2.3 hectares for commercial lands, and 3.8 hectares for townhouses.

The project will also include healthcare facilities, and education systems from preschool to high school. It will also feature entertainment centers, clubs, sports areas, and children’s playgrounds. The project is next to the National Highway and can easily allow residents to connect to the international airport.

It will house a total of 3,600 apartment units and is targeted to be completed by 2026.

This is the fourth social housing project for Vinhomes in Vietnam, and the second they launched since the start of 2024. Vinhomes, a subsidiary of Vingroup, is the largest commercial real estate developer in Vietnam.

Read also: Inside China’s real estate crisis and its crumbling housing market

Vietnam’s Target: 1 million Social Housing Units by 2030

During the groundbreaking ceremony for the project, held last January 2024, the Chairman of the provincial People’s Committee Nguyen Tan Tuan stressed the rise in social housing demand to 46,006 units by 2030. Chairman Nguyen Tan Tuan continued that due to the surge of service-oriented businesses, and industrial zones in the province of Khanh Hoa, requirements for available social housing are equally on the rise.

Last year, the Prime Minister of Vietnam Phạm Minh Chính signed Decision 338/QD-TTg. This is an ambitious investment project that aims to build 1 million social housing apartments for low-income earners and workers at industrial parks by 2030.

According to a report from the Department of Construction (MOC), the province of Khanh Hoa will have a total of 7,800 social housing apartments by 2030. The delivery will come in two phases: the first phase is to complete 3,400 units by 2025, and the second phase is an additional 4,400 units by 2030.

Deputy Director of the Department of Construction, Nguyen Ngoc Minh, stated that the province of Khanh Hoa is planning to construct more than 4,800 social housing units by 2025. This number greatly surpasses the initial housing goals by 1,400 units.

Khanh Hoa Province: a Tourist Destination

The province of Khanh Hoa is a coastal province in the South Coast region. It has a population of 1.1 million people and spans an area of 5,200 km2. The province attracts plenty of tourists with its pristine beaches, beautiful islands, and historical sites.

The rise of tourism in the region caused a rapid surge in service-oriented businesses. This surge has since increased the demand for low-income social housing for working individuals in the province.

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