At the seminar titled “Quenching the Thirst for Affordable Housing and Solutions to Attract Residents to New Urban Areas” held on the afternoon of October 17, Mr. Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association (HoREA), shared the success of Dai Dung Group in collaborating with Japan to export mechanical engineering globally.
Mr. Chau noted that Dai Dung Group, known for its “largest steel dome on the planet,” proactively sought a “mentor” in Japan, a leading mechanical construction company in the country. After 15 years of collaboration, Dai Dung not only acquired advanced technology but also expanded its exports to Europe, the Americas, Australia, and the Middle East.
“In this region, Zamil Steel is renowned for its industrial frames, yet Dai Dung successfully penetrated the market through its partnership with Japan. This highlights the power of choosing the right partner,” he stated.
According to him, this lesson is particularly relevant in the real estate sector, where success depends not only on capital and land but also on vision, perseverance, and long-term cooperation. “Companies like Dai Dung and Nam Long, partnering with Japanese giants Mitsubishi UFJ Group and Hankyu Hanshin, demonstrate that selecting the right partner is decisive. Their loyalty, resilience, and mutual growth are key,” he emphasized.
Mr. Le Hoang Chau, Chairman of HoREA, speaking at the seminar.
Transitioning from international collaboration, the HoREA Chairman addressed the pressing issue of affordable housing and housing opportunities for young people. He emphasized that this is crucial for sustaining population growth and long-term social stability.
Mr. Chau proposed long-term credit policies and interest rate incentives for first-time homebuyers, suggesting extending support to individuals up to 50 years old. “They borrow not just with assets, but with their future and labor. Providing them with housing opportunities is investing in the nation’s future,” he remarked.
However, he highlighted the current challenge: the near disappearance of affordable housing supply. HoREA’s report revealed that in 2020, Ho Chi Minh City had only 163 affordable units, accounting for 1% of the total supply. From 2021 to 2024, all new projects launched were in the luxury segment. In the first half of 2025, the city saw just over 3,300 units launched—the lowest in years—with average prices hovering between 87 and 97 million VND per square meter.
“The market is seeking a ‘remedy’ for safe, healthy, and sustainable growth. We don’t discriminate against luxury segments, but the scarcity of housing for middle and low-income earners is concerning,” Mr. Chau noted.
To address the affordable housing shortage, Mr. Le Hoang Chau proposed three solutions. First, increase the supply of affordable housing by resolving legal bottlenecks for 2,890 stalled projects, as directed by the Prime Minister. Second, effectively implement National Assembly Resolution 171, allowing businesses to use non-residential land for commercial housing development. Third, streamline administrative procedures, such as waiving construction permits for projects with 1/500 planning.
“To lower housing prices, we must increase supply, but it must be genuine—housing for middle-income earners and young people, not more luxury projects,” he said.
According to the HoREA Chairman, suitable commercial housing prices should be under 3 billion VND per unit, accompanied by 20–25-year loans at 4.8–5% interest. “Currently, the 5.4% lending rate at the Social Policy Bank remains too high. To make housing truly accessible, rates must be reduced further, enabling realistic debt repayment and living conditions,” he shared.
Mr. Chau stressed that all policies—from land and credit to administrative procedures—must prioritize housing for citizens and genuine business development. Only then can the real estate market grow stably, sustainably, and become a vital economic foundation.
“When citizens can afford homes, businesses grow through real capabilities, and the government manages effectively, we’ll have a healthy real estate market,” Mr. Le Hoang Chau concluded.
Dai Dung made its mark with the largest steel dome on the planet, weighing 24,000 tons, at the National Exhibition Center (Dong Anh, Hanoi), spanning over 90 hectares. After Phase 2, the indoor exhibition area reached 304,000 m², ranking among the world’s top 10 largest exhibition centers.
One of Dai Dung’s global milestones was supplying steel structures for the Lusail Stadium (Qatar) and 28,000 tons of steel for the Ras Abu Aboud Stadium (Stadium 974)—a modular, weld-free structure with a technical tolerance of just 2mm.
Following this debut, Dai Dung was entrusted with Qatar’s North Field East, the world’s largest gas project. The group’s website highlights other major projects, including Phnom Penh International Airport (Cambodia), the Manyar Smelter copper mining plant (Indonesia), and the Power House Parramatta tower in Australia.
Most recently, Dai Dung undertook the $700 million Misk Ilmi Museum project in Riyadh, Saudi Arabia. The group handled 7,000 tons of steel structures, designed all Tekla Structures drawings, and executed installation with a total contract value of $52 million (approximately 1.3 trillion VND).
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