Formation of the Feasibility of Housing Projects in Vietnam Incorporating the Physical and Social Factors
Abstract Unlike the crisis in the U.S which mainly started from the secondary investors and financial system, the Vietnam's housing bubble is caused by the primary realty investors. When businesses in Vietnam made lower profits, this led a rush to investments in the real estate market even from those primary investors who are newly established, lack of professionalism of housing development and knowledge of urban economics. Many of their projects were lack of feasibility as products could not be sold or developed, leaving the market frozen with huge numbers of empty plots, houses, and apartments. The review on Urban Sociology theories from the Chicago school to the recent researches on Urban Residential Location combining with deep analysis on the situation of Vietnam and the U.S had clarified the causes of housing crisis in Vietnam. Many housing projects within the country are prepared without incorporating certain physical and social factors, leading to the lack in feasibility and therefore largely seen as the origination of housing crisis. The proposed solution of this research was to incorporate physical and social factors in the projects, represented by the correct selection of the appropriate Housing Status and Dwelling Quality for each social group.