Hanoi expects to have another multi-purpose urban area by Vinhomes

Vinhomes may invest in a multi-purpose urban area covering over 270 hectares in Binh Minh Commune, Hanoi.

According to a proposal by the Hanoi People’s Committee, the city plans to add 873 land acquisition projects with a total area of over 11,563 hectares for socio-economic development.

Among these, Hanoi plans to acquire 271.8 hectares of land in Binh Minh Commune to implement the multi-purpose urban area project. The registered developer for this project is Vinhomes Joint Stock Company.

Thus, this could be the third multi-purpose urban area in the capital. Earlier this year, the first two multi-purpose urban areas in Hanoi commenced construction. Of these, one project with a scale of nearly 700 hectares is located in Phuc Thinh and Thien Loc communes (in the former Dong Anh District) and Me Linh commune (former Me Linh District). The developer of this project is a joint venture of Handico, Sunshine Group, and Thai Nam Group. The remaining project, covering 696 hectares, is located in Thu Lam and Dong Anh communes, with Song Hong Future Group Joint Stock Company as the investor.

According to the development plan for multi-purpose urban areas, Hanoi expects to operate 2-3 projects of this type between now and 2030. The city also aims to allocate 40-50% of the housing fund in these areas for resettlement.

This model, appearing for the first time in Vietnam, is expected to help Hanoi address the shortage of high-quality resettlement housing, limited social housing, surging commercial apartment prices, and population pressure concentrated in the downtown area.

In addition to Vinhomes’ multi-purpose urban area project, the city also plans to acquire land for seven other privately funded projects in Binh Minh Commune. Among these, five are social housing and housing projects for the armed forces, with an acquired area of nearly 76 hectares. The remaining two private projects are both developed by Cienco5 Land Development Joint Stock Company, namely the My Hung urban area and the Thanh Ha A and B urban areas, with a total acquisition area of over 78 hectares.

Binh Minh is a commune located in the south of Hanoi, with a natural area of 36.7 square kilometers and a population of 83,354 people. Prior to the merger, this area was part of Phu Luong Ward, and Bich Hoa, Binh Minh, Cao Vien, Cu Khe, Lam Dien, and Thanh Cao communes.