The Ho Chi Minh City Labor Federation and Phu Cuong Group Joint Stock Company on Tuesday signed a memorandum of understanding to develop 30,000 social housing units for workers across the city by 2030.
The signing ceremony was attended by Chairman Bui Thanh Nhan of the Ho Chi Minh City Labor Federation.
Under the agreement, the two sides will cooperate to develop social housing projects for workers, targeting a total of 30,000 units by 2030. They will also study appropriate investment models and housing products including rental, lease-to-own, and purchase options in line with regulations, while proposing mechanisms and policies to support project implementation.
According to the Ho Chi Minh City Labor Federation, demand for social housing, particularly for low-income workers, remains extremely high, estimated at around 974,000 apartments. However, the number of projects currently underway falls far short of demand.
This partnership contributes to the goal of developing 200,000 social housing units in Ho Chi Minh City by 2030. According to the city’s Labor Federation, demand for social housing remains extremely high, while the number of projects is still limited. In addition, progress on several projects has been slow, and supply has yet to meet the substantial needs of workers.
To date, the Ho Chi Minh City Labor Federation has signed strategic cooperation agreements with several partners to develop approximately 50,000 social housing units for workers during the 2026–2030 period.
Specifically, it has signed a strategic cooperation agreement with Hoa Sen Group to implement a plan to develop at least 20,000 social housing units for workers across the city by 2030.
In addition, the federation has partnered with LNT 7979 Service Development Joint Stock Company (LNT Group) to build 30,000 social housing condos for workers in Ho Chi Minh City during the 2026–2030 period.
The federation is also continuing to seek and engage with additional partners to expand social housing development, aiming to deliver more than 50,000 apartments in line with targets set out in the Resolution of the first Ho Chi Minh City Trade Union Congress for the 2025–2030 term.
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