The amendments to the 2023 Housing Law aim to further institutionalise the Party and State's policies on improving the socialist-oriented market economy, creating a favourable, transparent and secure legal environment with lower compliance costs, improving the investment and business climate, and simplifying administrative procedures for construction investment.
According to the Ministry of Construction, Vietnam has around 2,500 old apartment blocks and collective housing complexes built before 1994, covering about 3 million square metres of floor space, mainly in Hanoi and Ho Chi Minh City. Of these, around 196 have been classified as severely deteriorated and unsafe.
The HCM City Department of Construction will publish detailed project information on its official portal and has been instructed to inspect four other projects with foreign involvement in sensitive areas: Hung Vuong 1 – R16, Hung Vuong 2 – R13, Star Hill – C15B (former District 7), and The Prince Residence (former Phu Nhuan district).