Hanoi: Prime Minister Le Minh Hung has stressed the need for a major shift in housing market development, moving from a model focused mainly on commercial housing to one that develops both commercial and rental housing in parallel. Rental housing is identified as a long-term strategic segment serving broad public demand while chairing a working session on May 25 with the Hanoi People's Committee and ministries on rental housing development in the capital.

According to Vietnam News Agency, the Prime Minister highlighted the importance of rental housing as a critical sector that addresses the housing needs of a larger portion of the population. The discussion aimed to explore policies and strategies to boost the development of rental housing in the city, ensuring it aligns with the growing demand from residents.

The meeting underscored the necessity for coordinated efforts between government bodies and private sectors to facilitate the development of rental housing. Emphasis was placed on creating an environment conducive to investment and innovation in the housing sector, with particular attention to affordability and accessibility for all segments of society.

The initiative reflects the government's commitment to addressing urban housing challenges and fostering a balanced housing market that caters to both ownership and rental needs. The Prime Minister's call for a dual-focused approach signals a significant policy shift intended to meet the diverse housing requirements of the population.