Kinh Bac Developer Starts US$88.7Mln Low-CostBuilding in North Vietnam

Kinh Bac Urban Development Joint Stock Co (KBC) April 16 broke ground on a VND1.5 trillion (US$88.7 million) low-cost housing project in Phuong Lieu commune of northern Bac Ninh province.

 

The six-hectare project is aimed to provide affordable houses for nearly 10,000 low incomers who are working at Que Vo Industrial Zone.

 

An initial contract for renting houses out to workers was also inked at the groundbreaking ceremony between the HASTC-listed KBC and Yamato Industry Vietnam Co, a Japanese firm specializing in automobile assembly.

 

The project is in line with Government guidelines that were set to ensure social security during the economic downturn.

 

The Ministry of Construction has set a VND2.5 trillion plan to build about 10,000 affordable houses for about 60,000 low income earners residing primarily in Hanoi, Dong Nai, Binh Duong and HCM City by 2010

 

The plan is part of the ministry’s seven-year strategy to build 184,000 low-cost houses for poor people. Already submitted to the Government for approval, the strategy will cost an estimated VND49 trillion, half of which will come from the State Budget while the rest from other economic sectors. (Vietnam Economic Times, Investment)