Vingroup has just officially announced to access the subsidized housing market with its Happy Town brand supplying $8,730 priced apartments.
Vingroup is the number one developer of Vietnam's real estate both on business scale and operation scope
To provide quality housing products with reasonable price for ordinary segment, Vingroup will implement the strategy of building houses for low-income people in industrial zones of some provinces excluding two big cities Hanoi and Ho Chi Minh City.
Having a minimum area of 30 square metres per unit, Happy Tower apartments will create favorable living conditions for the majority of low-income workers, contribute to substantial human resources for enterprises and have a positive impact on social security in the localities.
In the first phase, Happy Town is expected to be deployed in three provinces having large industrial zones and many migrant workers, namely Bac Ninh, Binh Duong and Dong Nai.
The move into low-income housing sector has made Vingroup become the number one developer of Vietnam's real estate both on business scale and operation scope. It has three main brand names including middle and high class-housing Vinhomes, middle class housing VinCity and Happy Town for common segment.
Vingroup Vice President and General Director Nguyen Viet Quang said that Vingroup does not set profit goals to the top for Happy Town brand but hopes to join hands with the society to solve urgent housing problems for workers.
"We will make effort to successfully build civilized urban areas at price as low as possible so that more and more workers will have a place to live and work," said Quang.
Vietnam now has 2.8 million workers in industrial zones and manufacturing areas of whom 1.7 million have housing demand. However, the market just meets eight to ten per cent of this demand, so most workers have to rent accommodation with very low living conditions, affecting their health and labor productivity.
Therefore, the Government has focused on the development of subsidized housing, housing for workers and housing for low-income people in the national strategy on housing development through 2020, with a vision toward 2030.
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