Vietnam is one of the most expensive cities in the world, but a new survey finds the country’s new government has made housing affordable by offering free or low-cost apartments to all.
The survey, conducted by the countrys largest private-equity firm, Trimland, found that 70 percent of households in Vietnam had access to free or affordable housing.
“We’ve seen a great number of families in the last few months who are moving into our city center to rent or buy a home, and these are the first affordable housing developments in the country,” said Binh Diem, vice president of Trimlands development and strategic partnerships.
“They’re just finding out how to live in a better way.”
Trim Land is the largest developer in the Philippines, and its portfolio of low-priced and high-end housing has helped make it one of Asia’s most expensive real estate markets.
The company, which is part of the Trim Group, is among a growing number of developers, private equity firms and other financial institutions that have sprung up to help the country, which was once one of South America’s poorest, expand its middle class.
It is one reason that the median household income in Vietnam was $15,921 in the first quarter of 2018, the highest of any Asian country, according to the latest government figures.
That has led to an influx of foreign investors and tourists to the country in recent years.
In the past, most Vietnamese buyers were foreigners, but more and more locals have joined in.
The market is a magnet for foreign investment, and many foreign companies are investing in the Vietnamese market.
Trim is the latest big developer to try to help ease Vietnam’s housing shortage, and it has been investing in new, affordable housing that is built with recycled materials.
In a country with a population of some 2.8 million, the country has a growing middle class that has been able to support the construction of more affordable housing, said Trim’s Tran Van Tran, chief executive.
In many parts of Vietnam, a typical apartment costs around $1,200 a month.
Tran says Trim has invested more than $1.5 billion in the construction and renovation of new apartments, and Trim also has plans to develop the country into a new housing destination.
Trimming the Jungle “The construction of affordable housing is one way we can help the poor, but it’s not the only way,” Tran said.
“In addition, Trims own property, we own land.
We can help create a more affordable and more sustainable future for our country.”
The Trim group is now expanding its efforts to help improve the quality of housing in Vietnam.
The group is partnering with a local housing association to build three apartments at a new high-rise development in Ho Chi Minh City, Vietnam’s second-largest city.
It has also established a pilot program to test new projects with the aim of expanding the number of affordable homes.
The new apartments will be located in the city’s most desirable neighborhoods, and the Trims team has been working with local residents and government officials to help them create the units, said Tien Hoa Tran Nguyen, Tram’s director of social development.
“The development of the apartments is an important part of our mission,” Nguyen said.
Tram has been developing affordable housing projects in the United States for more than a decade, and Nguyen said he sees a lot of potential for Vietnam’s new prime minister, Binh Quang Thuy, to do the same in the future.
“Binh is a really smart guy and I hope that we can be like that,” Nguyen told The Associated Press.
“It’s a very challenging time right now, but we have the potential to be a really good country.”
Tram, Tran and other developers are also building a new school in Hoi An, Vietnam, that is the first of its kind in Asia.
The students will be learning from the first Vietnamese teachers who arrived in the U.S. to teach there in 1968, Nguyen said, adding that Tram is working with the city to prepare the building for a new classroom.
Nguyen said Tram will be opening a second school in the area in the coming months.
“I think that Binh will do his best to help develop this project in Hoan An,” Nguyen added.
Nguyen, a native of Vietnam’s southern province of Quang Binh, says Tram and his team are on the right track.
“Trim has been in the business for over 30 years,” Nguyen says.
“He has always focused on building good jobs for the Vietnamese community, and we are very pleased that Trim will be continuing to help us.”