Authorities in Hanoi have approved an investment plan to build a 31-story social housing block in Hoang Mai district.

The project will cover 4,516 sq m and is expected to house 1,154 people.

Total investment is estimated at over VND1.2 trillion ($50 million).

To be implemented by the Vinh Hung Commerce and Real Estate Investment and Trade Company and the Hoa Binh Ltd. Co, construction will kick off shortly and be completed by the fourth quarter of 2025.

Under the city’s social housing development plan during the 2021-2025 period, Hanoi targets an average social housing floor area of 32,900 sq m in 2023, 361,700 sq m by 2024, and 475,200 sq m by 2025.

From 2021 to December 2022, the city completed four social housing projects with a total area of 330,000 sq m.