TOWARDS SUSTAINABILITY: THE URBAN HOUSING MARKET, POLICY AND MANAGEMENT IN HANOI REVIEWED THROUGH THE INTERNATIONAL ECONOMIC DOWNTURN AND THE NATIONAL INTEGRATION PROCESS

The global economic crisis has left a negative impact on Vietnam’s economy since mid 2008. Consequently, the building industry – particularly the urban housing market as an integral part of it – has been strongly affected. However, it is also a “rare ” occasion to reinvestigate the housing policy as well as the housing mechanism in a wider context of the post-WTO free market economy. In a solid and sound urban housing market, the real demand for high-quality but reasonable housing of residents should be a driving force. But in fact, the housing development program in Hanoi is primarily based on the annual allocation from the Government rather than on research, which may result in either chronic shortage that happened until mid 2008 or redundancy that occurs at present – under the influence of the economic recession. Another two major weak points clearly reflected through the current economic slump are the old-fashioned centralized housing management and its twin sister: housing speculation, which makes the situation even more complicated. It is therefore high time to strike at the root of the problematic urban housing policy and management. In the era of globalization and co-operation housing concepts are transferable. German