Housing development policies toward sustainability in Japan and Vietnam

Abstract

Achieving sustainable development goals requires adequate housing provision, one of the most crucial tasks for consolidating economic and social capacity. This study aimed to review the housing development process and policies in Japan and Vietnam, which are representatives for establishing a sustainable housing market in developed and developing economies. We first presented the situation of the Japanese housing market from the post-World War II period to the present, including three periods of economic development, recovery, development, and stabilization. We then reviewed implemented policies that greatly affected the changes in housing stock from shortage to fulfillment. Similarly, we summarized the main characteristics of the Vietnamese housing market and policies since the economic perspective changed. The experiences in both countries indicate that economic reform and the private sector play a substantial role in accomplishing the housing market balance. Notably, the study also pointed out a potential and existing crisis, including housing vacancy and affordability. We propose that understanding the current situation would help policymakers to consolidate the housing provision and mitigate the crisis effects. On the other hand, lessons learned from these two cases might be helpful for other countries to emulate.