Unveiled: Consortium of Investors Behind Hanoi’s 9.3 Trillion VND Social Housing Project

The Hanoi People’s Committee recently approved a consortium of investors to develop the Tien Duong 1 Social Housing Project in Phuc Thinh Commune. The project will be executed through a competitive bidding process for land-use investors.

The approved consortium includes Viglacera Corporation, Hoang Thanh Infrastructure Investment and Development JSC, and Central Construction JSC.

The project’s estimated total investment is approximately VND 8.69 trillion, excluding compensation, support, and resettlement costs. Compensation expenses are projected at around VND 617 billion.

In terms of capital contribution, Viglacera leads with VND 825 billion (55%), followed by Hoang Thanh with VND 450 billion (30%), and Central with VND 225 billion (15%). Collectively, the three companies will contribute VND 1.5 trillion and mobilize an additional VND 7.8 trillion for project implementation.

According to the investment approval, the Tien Duong 1 Social Housing Project will be built on a 44.6-hectare site, accommodating approximately 12,465 residents. The project will provide around 3,530 apartments, including 3,103 social housing units, 427 commercial apartments, and 99 low-rise adjacent houses.

Earlier this year, Viglacera, in collaboration with Handico, commenced construction on 1,104 social housing units (CT3) as part of the Thang Long Green City Social Housing Project in Kim Chung Urban Area.

Developing social housing is a key focus for Viglacera in 2025. At the 2025 Annual General Meeting, the Board of Directors announced plans to continue developing social housing and worker housing projects in tandem with existing industrial zones in Dong Van IV, Phu Ha, Dong Mai, and Yen Phong. Additionally, social housing projects in Kim Chung (CT3, CT5) will proceed, along with preparatory work for projects in Tien Hai (Thai Binh) and Phu Ha (Phu Tho) industrial zones.

Moving forward, Viglacera will continue to develop land reserves for future housing and urban projects in designated areas. The company is also actively seeking new industrial, investment, and service projects in provinces such as Bac Ninh, Thai Nguyen, Yen Bai, Tuyen Quang, Lao Cai, Hung Yen, Lang Son, and Khanh Hoa.

Near the Tien Duong 1 Social Housing Project, the Tien Duong 2 Social Housing Project is being promoted by a consortium involving Kinh Bac Urban Development Corporation.

Spanning nearly 40 hectares, the project allocates 12.3 hectares for social housing, offering approximately 3,344 apartments and 114 low-rise commercial houses, with a total investment exceeding VND 6.8 trillion.

Both social housing projects are part of Hanoi’s pilot program for five concentrated social housing zones proposed between 2016 and 2017.

Previously, Hanoi’s leadership mandated the selection of investors and groundbreaking for these projects by September at the latest. This initiative aligns with the city’s goal of developing 56,200 social housing units by 2030, as outlined in the Government’s 1 Million Social Housing Units Program.