The Hanoi People’s Committee has approved a joint venture to develop a large-scale social housing project in Phuc Thinh commune, with total investment capital estimated of nearly VND8.7 trillion ($327 million).

The project will be undertaken by a joint venture comprising Viglacera Corporation JSC, Hoang Thanh Infrastructure Development and Investment JSC, and Central Construction JSC.

The consortium will contribute VND1.5 trillion ($56.6 million), or 16.1% of the total investment, with the remainder to be mobilized from other legal sources.

Spanning nearly 44.6 hectares, the project will deliver 3,530 housing units, including 3,103 social apartments and 427 commercial apartments, along with 99 adjacent houses.

The development is scheduled for completion by 2030 and is expected to play a key role in meeting the growing housing demand in the capital.