Vietnam is racing against the clock as it accelerates the ambitious program to build one million social housing units by 2030, a plan that has gained significant momentum in recent months. According to the Ministry of Construction, as of August 19, 2025, a total of 692 social housing projects—known locally as NOXH—are either underway or completed nationwide, encompassing more than 633,000 units. This flurry of activity follows the recent simultaneous launch of 22 new social housing projects across various provinces, a move expected to boost the completion rate and bring the 2021-2025 targets within reach.
The urgency behind this push is rooted in Decision 338/QD-TTg, issued on April 3, 2023, which sets a bold target: at least 1,062,000 social housing units must be built between 2021 and 2030. Of this, around 428,000 units are slated for completion by 2025, with another 634,200 units to follow by 2030. These figures aren’t just bureaucratic milestones—they’re the guiding star for provincial governments as they allocate land, select projects, and craft incentives to attract both investors and homebuyers.
But the scale of the challenge is immense. The recent wave of 22 new projects, part of a broader group of 250 construction initiatives with a staggering total investment of approximately 1.28 million billion VND across 34 provinces and cities, is just the latest step in a marathon. These projects, celebrated during the 80th anniversary of the August Revolution and Vietnam’s National Day, are more than symbolic—they’re a testament to the government’s determination to deliver real, tangible results for low-income families and industrial workers.
Yet, as observers have noted, the journey from groundbreaking to move-in day is fraught with obstacles. The most persistent bottlenecks? Capital, clean land allocation, and administrative red tape. As Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association, remarked, “The recent simultaneous groundbreaking is a positive signal. However, whether construction proceeds as committed depends on many factors.” He pointed out that despite six NOXH projects being started in Ho Chi Minh City since 2022, progress has stalled due to various hurdles.
One critical lever is the government’s preferential credit program, which has earmarked 120,000 billion VND to help investors and homebuyers access low-interest loans. In theory, this should be a game-changer, but in practice, disbursement has lagged behind expectations. The reasons are familiar: a convoluted list of eligible projects, drawn-out appraisal processes, and confusion over cost structures. In response, both the government and the State Bank have called for more banks to participate, streamlined procedures, and faster project approvals. The fate of the 22 newly launched projects—whether they can maintain their construction pace—will hinge on how quickly these issues are resolved and whether they’re added to the priority lending list.
Another make-or-break factor is the handover of “clean” land. Ministry of Construction officials stress that delays in land clearance often lead to cost overruns and missed deadlines, undermining the effectiveness of credit incentives. Some proactive localities have already published lists of social housing projects near resettlement areas or industrial zones, aiming to cut down on preparatory phases and better match the needs of workers. Among the new projects, the one at Khu do thi moi Khom 5 in Ca Mau, alongside others in Bac Ninh, Ha Tinh, Khanh Hoa, and Dong Nai, stands out for its strategic placement near industrial clusters.
Streamlining investment and construction procedures is also high on the agenda. Under Resolution 33/NQ-CP, issued in March 2023, the government has rolled out measures to ensure the real estate market develops safely and sustainably. But for NOXH projects to truly “accelerate,” the steps for design appraisal, construction permits, pricing, and beneficiary selection must be clear, quick, and accountable. If each procedural milestone can be shortened by 30-50% compared to traditional timelines, the likelihood of on-time—or even early—completion rises dramatically.
Quality, transparency, and fairness are non-negotiable. Social housing must meet technical standards and provide basic amenities, while pricing and rental terms must be transparent and capped to prevent speculation. Ensuring that only eligible beneficiaries—low-income earners, industrial workers, and the like—receive these homes is crucial. This isn’t just a matter of policy; it’s a core requirement of the one-million-unit plan and related government resolutions. Ongoing monitoring after sale or lease is essential to prevent these units from drifting into the commercial market, a risk that could undermine the entire program.
Central coordination and local accountability are the final pieces of the puzzle. From now until the end of 2025, the government aims to finish 100,000 social housing units—a goal that places considerable pressure on provincial and city authorities. Their responsibilities include quickly compiling and publishing lists of eligible projects, allocating funds through the Social Policy Bank, ensuring strict discipline in land clearance, and maintaining transparency in project information so that both citizens and the market can keep watch.
Meanwhile, the broader construction sector is seeing its own surge in contributions to the national budget. On August 22, 2025, CafeF announced the Top 10 steel and construction material companies with the largest tax payments in Vietnam for fiscal year 2024. These rankings, compiled in the VNTAX 200 and PRIVATE 100 lists, highlight the growing importance of the steel and building materials industries. The Top 10 companies paid over 21,000 billion VND in taxes—a jump of nearly 6,400 billion VND, or 43%, from the previous year. Notably, half of these are steel firms.
Leading the pack is Hoa Phat Group, which paid more than 13,400 billion VND in taxes, marking a 48% increase from the previous year and setting a new company record. During the first half of 2025 alone, Hoa Phat contributed 7,100 billion VND to state coffers across 20 provinces, with its subsidiaries in Dung Quat and Hai Duong making the largest payments. Other major steel players in the Top 10 include Hoa Sen Group, Nam Kim, VAS Nghi Son, and VNSTEEL. Hoa Sen, for instance, paid over 1,650 billion VND in taxes in 2024, up nearly 60% from the year before, and expanded its retail network to 125 outlets nationwide.
The rest of the Top 10 features companies from cement, ceramics, sanitary ware, furniture, and plastics, with tax contributions ranging from 400 to 1,000 billion VND. Some, like Viglacera and DNP Holding, have grown into diversified conglomerates with assets in the tens of thousands of billions of VND, moving beyond their roots in brick and pipe manufacturing into real estate and utilities.
Vietnam’s drive to provide affordable homes for its most vulnerable citizens is inextricably linked to the strength of its construction and materials sectors. As the country pushes toward its one-million-unit target, the collaboration between government, industry, and local authorities will be decisive. If the current momentum continues—and the key obstacles of land, capital, and bureaucracy are tackled head-on—Vietnam may well deliver on its promise of decent, affordable housing for all by 2030.
