Vietnam to Offer Affordable Housing to its Poor

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Vietnam is trying to be a socialist country  --  finally. Construction has started on Vietnam’s largest affordable housing project to date, which aims to accommodate more than 1,500 low-income families. The $48.7 million project, developed by Hanoi-based Vinaconex, comprises five 19-story buildings over an area of more than 269,000 square feet in Ha Dong District.

Each of the 1,512 apartments in the project has an area of between 700 and 755 square feet. The project is scheduled for completion in 18 months.

Hanoi has issued licenses for nine low-income housing projects that will build more than 25,000 apartments in total.

Among other criteria, eligible buyers of these projects must be in the low-income bracket with annual incomes of less than $1,850,