Social Housing in Ho Chi Minh City Sees Prices Rise Amidst Fierce Competition

The dream of homeownership remains elusive for many working families in Ho Chi Minh City, as the scarcity of social housing drives prices up and competition to a fever pitch. As reported by Tuổi Trẻ, the Ly Thuong Kiet social housing project, despite not even being officially open for sale, saw an overwhelming 12,000 applications for its 755 units. This stark reality underscores the immense pressure on the city's housing market, where a 16:1 applicant-to-unit ratio has become the norm.

For many, like the interviewed construction worker Nguyen Van Nam, the primary obstacle is no longer just the financial aspect, but the sheer difficulty of even getting a chance to apply. "There's no telling if there are still slots available, or if my application will even be accepted. Some places have information, but I can't get anyone to answer the phone," he laments. This sentiment is echoed by Anh Nguyet, who, after hearing about the project, registered her interest but received no confirmation, only later learning it was a preliminary registration to gauge demand.

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There's no telling if there are still slots available, or if my application will even be accepted. Some places have information, but I can't get anyone to answer the phone.

Compounding the issue, the price of social housing is on an upward trend. Projects in the city center, like Ly Thuong Kiet, are being offered at approximately 25 million VND per square meter, a price point that is increasingly being matched by new social housing projects in suburban areas. This surge is attributed to rising costs and the persistent gap between demand and supply. As Tuổi Trẻ notes, this trend is pushing even previously more affordable options towards a new, higher price ceiling, making the aspiration of affordable housing a distant reality for many.

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I read the news that the project was opening registration, so I wanted to come and 'try my luck'. I registered, but I don't know if my application got lost, and no one replied. Only later did I hear that the project hadn't officially opened for sale yet, and that period was just to gauge demand. Just trying my luck, it feels too complicated.