Social housing has long been touted as a “lifeline” for salaried workers amid surging home prices and rising interest rates. However, the 120 trillion đồng credit package has failed to materialize into actual apartments, stalled by four institutional bottlenecks: land funds, administrative procedures, financial models, and misidentified beneficiaries.

As housing policy remains far removed from on-the-ground reality, long-term social fractures are quietly accumulating, eroding trust in public policy and undermining urban stability.