Since the introduction of the economic reform, Doi Moi, in 1986, Vietnam has been advancing, at least on the surface, into market economy in most social and economic arenas. In the housing sector, while the retreat of the state and fast expansion of new urban exclusive enclaves for the growing middle class have been taken as signifying evidence of the triumphing neoliberalisation, this chapter argues against such an over-simplification. Using data on relevant policies and in-depth case studies of four new urban zones in Hanoi, the paper examines the complex interaction of the emerging new market imperatives amidst the adaptive socialist legacy which results in the evolvement of a hybrid system in amalgamating neoliberal urbanism and socialist modernism.