Hanoi: From now until 2030, housing for sale will remain necessary, but rental housing must be identified as a strategic pillar, especially in major urban centres, industrial zones, labour migration hubs and areas where housing prices far exceed people's income levels, Party General Secretary and State President To Lam has said. The leader made the statement while chairing a working session on May 19 with the Government Party Committee and relevant ministries and agencies on the implementation of Directive No. 34-CT/TW dated May 24, 2024 issued by the Party Central Committee's Secretariat on strengthening the Party's leadership over social housing development in the new context.

According to Vietnam News Agency, the directive emphasizes the need to balance the dynamics of housing markets by promoting both sale and rental options to accommodate the diverse needs of the population. The strategic shift towards rental housing is seen as crucial to addressing the growing demand for affordable living spaces in economically vibrant areas, where housing prices have become prohibitive for many citizens.

The directive calls for a comprehensive approach that involves various stakeholders, including government bodies, private sector participants, and community organizations, to ensure the effective development and management of rental housing projects. It highlights the importance of integrating rental housing strategies into broader urban planning and development initiatives, particularly in regions experiencing rapid economic growth and population influx.

By focusing on rental housing as a strategic pillar, the government aims to enhance social welfare, reduce economic disparities, and support sustainable urban development. The initiative also seeks to alleviate pressure on the housing market, making it more resilient and adaptable to future challenges.