Ho Chi Minh City to Develop an Additional 8 Million Square Meters of Floor Area by 2024

DNHN - To meet almost 71% of its target, Ho Chi Minh City wants to create approximately 35.88 million m2 of housing floor area between 2021 and 2025.

Ho Chi Minh City has set a target to develop an additional 8 million square meters of residential floor area by 2024, aiming to increase the average housing area to 22.06 square meters per person. This information was announced at the conference to review the Party and government’s work in 2023 and to deploy orientations, tasks, and patriotic emulation movements for 2024 of the Ho Chi Minh City Department of Construction, which took place on January 11.

In 2023, the city developed approximately 6.5 million square meters of floor area. As of that time, the 2021-2023 period had achieved approximately 19.88 million square meters of floor area, accounting for about 38% of the target set for the 2021-2025 period. To achieve the end-of-period target (2021-2025) of 50 million square meters, the city needs to develop an additional 30.12 million square meters in the remaining period, corresponding to an average development of 15.06 million square meters of floor area per year.

However, with the real estate market developing rapidly, the ability to complete this target in the remaining two years (2024 and 2025) poses significant challenges. The Director of the Ho Chi Minh City Department of Construction, Tran Hoang Quan, said that the most optimistic scenario is to develop an average of about 8 million square meters per year in the remaining two years.

If this target is achieved, the city is expected to develop approximately 35.88 million square meters of residential floor area in the 2021-2025 period, reaching about 71% of the target set. For social housing, the target is 2.5 million square meters of floor area, but to date, only two projects have been completed, creating 61,554 square meters of floor area.

In the context of many difficulties in the procedures for investing in the construction of social housing and workers’ accommodation, the Department of Construction of the city assessed that it would be very difficult to complete these procedures by the end of 2025.

P.V