Rising house prices have prevented many people from buying their own houses in big cities like Hanoi and HCM City.

Phuc, a resident in Hanoi, said the total income of he and his wife was VND30m (USD1,300) but they still didn't dare to take a mortgage to buy a house.

Phuc has to support his child and parents. If they take a bank loan with a monthly interest of VND10m to VND15m, they would not have any savings for emergencies.

"Several years ago, there was a project with VND900m (USD38,700) to VND1.2bn per apartment but because I hesitated, the opportunity slipped. I registered to several social housing projects but I've never been selected, I don't understand why," he said.

Meanwhile, Nguyen Manh Hung, a HCM City resident, made the decision to borrow money to buy a VND1.7bn (USD73,200) house immediately and said that it was worth it. Hung said their salaries were not high but stable.

"I only had VND600m then. If I had waited and continued saving, I would have never been able to buy it," Hung said.

According to Hung, after three years, the price of his house has increased to VND2.3bn (USD99,000).

The housing and land prices along that route also increased from VND26m to VND34-36m per square metre.

Salaries of many young people can't afford to buy houses in Hanoi and HCM City.

The average income per capita in Vietnam last year was USD2,587, or about VND5.5 million (USD239) a month.

An apartment in Hanoi costs VND20m (USD861) to VND33m per square metre. The prices in HCM City are VND33m to VND37m per square metre.

The monthly income hardly increased compared to skyrocketing house prices.

In the first six months of 2019, apartment prices in HCM City increased by 18%. The number of houses for low-income people can't meet demand.

In the second quarter, the supply of Grade C apartments dropped by 34.7% compared to the same period last year and will continue to drop in the coming months since no new projects were started.

In the next decade, HCM City will need one million apartments to meet demand. However, property developers in Hanoi and HCM City are not interested in affordable housing.

According to HCM City Real Estate Association, the authorities need to apply specific and incentive mechanisms if they want to develop the affordable housing sector.