Vietnam welcomes RoK investment in affordable housing: Deputy PM
The Vietnamese Government welcomes investment from the Republic of Korea (RoK) in affordable housing projects for low-income earners in Vietnam, Deputy Prime Minister Tran Luu Quang affirmed.
Deputy PM Tran Luu Quang (front row, third from left) and Korean business delegates (Photo: VNA)
Hanoi (VNA)๊ – The Vietnamese Government welcomes investment from the Republic of Korea (RoK) in affordable housing projects for low-income earners in Vietnam, Deputy Prime Minister Tran Luu Quang affirmed.
During a reception in Hanoi on July 9 for a delegation of Korean businesses operating in the construction and urban development sector led by Jung Won-ju, Chairman of the Daewoo E&C Group and Chairman of the Korea Housing Builders’ Association, Quang highlighted the growing Vietnam-RoK relationship with ample investment opportunities.
He praised the success of Korean-invested projects, particularly those in green, smart, and modern urban development, and expressed a belief that collaboration between Korean and Vietnamese companies would lead to higher-quality and more cost-effective projects.
Jung thanked the Vietnamese Government, ministries and Hanoi city for their support of the Starlake urban area project, which is currently attracting significant secondary investment from major Korean and international players.
He also requested continued assistance from Vietnamese authorities for another modern and livable urban area project planned for the northern province of Thai Binh.
Informing the host that the RoK Minister of Land, Infrastructure and Transport will visit Vietnam next week to promote housing development cooperation, he affirmed that more Korean companies will be coming to Vietnam to explore opportunities and invest in specific projects./.
Despite the Government’s concerted efforts to address the challenges of the property market, the market won’t improve until the end of 2024 due to a lack of affordable housing, experts have warned.
Ho Chi Minh City housing is among the least affordable in the Asia Pacific region with a median home price representing 32.5 times the median annual household income, said a report by Urban Land Institute (ULI).
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