The familiar Vietnamese saying “An cu lac nghiep” - to settle down and thrive - captures the profound importance of housing in human life. A stable home is not merely shelter from sun and rain. It is the foundation that allows people to work with peace of mind, pursue education, build families and remain connected to society.

For generations, Vietnamese people have viewed stable housing as the prerequisite for building a career and securing a meaningful life. In modern society, that idea has become even more significant as urbanization accelerates, populations concentrate in major cities and housing demand continues to surge.

For many young people today - especially middle-income workers in large urban centers - owning a modest but comfortable home close to work and daily necessities has become the “dream of a lifetime.” Yet that dream is drifting further out of reach as housing prices continue rising at a pace far exceeding income growth for most citizens.

Affordable apartments in Hanoi and Ho Chi Minh City are now selling for hundreds of millions of dong per square meter. In many areas, land prices have multiplied several times over within only a few years. Meanwhile, wages have risen slowly, widening the gap between income and housing affordability.

This is no longer merely a real estate market issue. It has become a major socio-economic challenge that requires serious attention. If the majority of working people cannot access housing, the consequences will go far beyond personal hardship - affecting social structure, labor quality and the country’s sustainable development.

One of the key drivers behind soaring housing prices is the widespread perception of real estate as a safe and highly profitable asset.

As other investment channels remain volatile, property is increasingly viewed as a store of wealth, a symbol of success and a long-term financial safeguard. As a result, housing demand is no longer driven only by people seeking a place to live, but also by investors looking to accumulate assets. Many individuals own multiple homes or land plots that remain unused, waiting only for prices to rise before reselling them for profit. This speculative cycle pushes housing prices far beyond their actual value and beyond the purchasing power of ordinary citizens.

This reality has been specifically highlighted by General Secretary and President To Lam, who stressed that “housing must not become a speculative asset.” His statement reflects the understanding that today’s housing problem is not simply economic - it is also tied to social fairness and the nation’s broader development direction.

Many economists around the world have similarly warned against the “financialization” of housing - turning homes from a basic necessity into instruments of investment and speculation.

Economist Joseph Stiglitz has argued that when real estate markets are dominated by speculation, housing prices become detached from actual use value, creating social inequality and economic instability. This is especially true in major cities, where land supply is limited while speculative capital flows in aggressively.

In Vietnam, rapid property flipping and short-term resales have pushed land prices in many localities to irrational levels. In some places, merely hearing news of urban planning projects, bridge construction or new roads is enough to send land prices soaring overnight - even when infrastructure and actual demand remain unchanged.

What is particularly concerning is that these price increases are driven largely by speculative expectations rather than genuine utility. In the end, the people who suffer most are often those with real housing needs, forced to buy at inflated prices.

The social consequences are enormous. Many young professionals with stable careers and strong educational backgrounds still cannot afford a home after years of work. They are forced into long-term renting, cramped living conditions or lengthy commutes from distant suburbs to reduce costs. Many young couples postpone marriage and childbirth because of housing pressure. The dream of “settling down” is becoming increasingly fragile.

Across social media and online forums, young people often joke that “a lifetime of work still won’t buy an apartment.” Behind the humor lies genuine anxiety about the future.

Beyond speculation, the supply of social housing and affordable homes remains severely inadequate. While demand from workers, factory employees and young civil servants is extremely high, many commercial housing projects continue focusing on mid-range and luxury segments to maximize profits. The result is a troubling paradox: the market is filled with projects, yet those with real housing needs still cannot gain access.

Society must rethink the meaning of housing

Addressing this issue requires a comprehensive and long-term policy framework. First and foremost, housing must be clearly recognized as a social welfare necessity before being treated as an investment commodity.

The government needs stronger measures to control property speculation, including taxes on owners of multiple properties and short-term transactions aimed at discouraging speculative buying and reselling. Countries such as Singapore and South Korea have already implemented high taxes on housing speculation to ensure that the market serves genuine residential needs.

At the same time, Vietnam must aggressively expand social housing and affordable housing for middle-income earners and young people. This cannot be left solely to private developers - it must become a national development strategy.

The country needs preferential credit policies, appropriate land allocation, streamlined investment procedures and long-term support mechanisms to help workers access housing at reasonable costs. The real estate market must also become more transparent, with tighter control over planning information and stronger penalties against price manipulation and speculative practices.

More importantly, society itself needs to change its perception of housing. A healthy society cannot allow ownership of multiple properties to become the ultimate symbol of success while most working people struggle to find a stable home. Housing must return to its essential meaning: a place to live, build a family and create a future.

“An cu lac nghiep” is not merely a personal aspiration - it is a condition for social stability and sustainable development. If young people gradually lose hope in owning a home, not only individual dreams will suffer, but social trust itself will erode.

Resolving the housing crisis today is therefore not simply about fixing the property market. It is about protecting social fairness, ensuring social stability and building a foundation for the country’s long-term future.

Dr. Dinh Van Minh