With around 20 million four- and five-star room nights available in Vietnamese hotels each year, developers should halt new projects in many coastal areas until such time that tourists fill them, according to property consultancy firm Knight Frank.

Once Thường Tín becomes an industrial centre and also a major logistics hub in the South of Hà Nội, the low-rise housing prices in this district are forecast to double compared to current prices, especially in projects that are well-planned and developed by reputable investors.

Currently, there is high demand for social housing, especially in urban or industrial areas. But some projects remain unoccupied despite the shortage of social housing due in part to low-income workers' lack of funds.

HCM City needs about VNĐ27 trillion (US$1.2 billion) to invest in ensuring water security amid emergencies, according to its irrigation development plan by 2030.

The Vietnamese Government agreed on Friday to propose that the National Assembly put the Law on Land, the Law on Housing and the Law on Real Estate Business into force from July 1 this year.

Hà Nội is aiming to raise the status of Đông Anh from a rural district to an urban district by 2025 with a large sum of investments in infrastructure system development planned in recent years.

Prime Minister Pham Minh Chinh has emphasised the need to diversify resources for social housing development, from the State, the public, society and financial institutions, in order to provide support for both sellers and buyers.

The association and its members urged the government to review the tax, which they say has placed additional burden on the already struggling industry.

The Government on May 17 issued a Resolution approving the proposal to draft amendments to the Housing Law and the Real Estate Business Law, specifically Clause 1 of Article 197 and Clause 1 of Article 82, respectively.

The project is located in Long Anh Ward, Thanh Hóa City, over an area of nearly 20 hectares and with a total investment capital of VNĐ156 billion (US$6.24 million).