Viglacera Leads the Consortium Investing in the Tien Duong 1 Social Housing Project in Hanoi

Hanoi – Today, September 24, 2025, the People’s Committee of Hanoi issued Decision No. 4851/QD-UBND, officially approving the investor consortium to implement the construction of the Tien Duong 1 Social Housing Project, in Phuc Thinh Commune, Hanoi City, under the form of a bidding process to select an investor for a land-use project.

Previously, the Tien Duong 1 Social Housing Project in Tien Duong Commune, Dong Anh District, Hanoi City (now Phuc Thinh Commune, Hanoi City) had already been approved in principle under Decision No. 618/QD-UBND, issued on December 24, 2024 by the Hanoi People’s Committee. On June 26, 2025, the Committee further approved the results of the call for interest in the Tien Duong 1 Social Housing Project in Decision No. 3189/QD-UBND.

These are important legal steps to implement a large-scale project with a total estimated investment of VND 8,690.426 billion, excluding compensation, support, and resettlement costs. The estimated compensation cost is VND 616.996 billion.

The approved investor consortium includes: Viglacera Corporation – JSC, Hoang Thanh Infrastructure Investment and Development Joint Stock Company, and Central Construction Joint Stock Company.

The total contributed capital of these three investors is VND 1,500 billion. Of this, Viglacera contributes the largest share at 55% (VND 825 billion), Hoang Thanh contributes 30% (VND 450 billion), and Central contributes 15% (VND 225 billion). Thus, the investors’ contributed capital: VND 1,500 billion (accounting for 16.1% of the project’s estimated investment). Mobilized capital: VND 7,807.422 billion (accounting for 83.9% of the project’s estimated investment).

The project will be implemented from 2024 to 2030. The operation period is 50 years, counted from the date the investor receives the land allocation decision, land lease decision, or land-use conversion decision.

The Hanoi People’s Committee requires the investor consortium to comply with the Housing Law and related legal regulations; ensure financial capacity; and complete all planning, land, and construction procedures before implementation. The city’s competent authorities are assigned to support and closely monitor the execution of this project in accordance with current laws…

According to the decision approving the investment policy, the project land area covers nearly 44.6 hectares. The projected population scale is about 12,465 people. This project will provide approximately 3,530 apartments (including 3,103 social housing units, 427 commercial apartment units) and 99 low-rise adjacent houses.