Hanoi is chosen to pioneer practical and scalable rental housing models that could later be replicated in other major urban and economic hubs nationwide, said Prime Minister Le Minh Hung while chairing a working session on May 25 with the municipal People's Committee and ministries on rental housing development in the capital.
This is considered an important step in restructuring the real estate market and meeting real housing demand while promoting sustainable urban economic development, according to the PM.
He urged Hanoi to take the lead in implementing long-term rental housing models by leveraging special mechanisms under the Capital Law to proactively design, implement and supervise policies.
He said rental housing development must be integrated with urban planning, land-use planning, public transport, industrial zones and labour market development, with priority given to major cities, industrial parks and key economic corridors with full infrastructure.
He called for diversified funding sources, stressing that while public investment remains important, the sector cannot rely solely on the state budget. Authorities should unlock private capital and long-term funding from investment funds and credit institutions, while using state resources effectively to guide and stimulate the market.
Hanoi was asked to strive to break ground on several rental housing projects this June while flexibly using social housing obligation revenues under a model in which the State invests in and professional enterprises operate projects.
