Hanoi launches inspection team to monitor foreign-invested projects

The team is to be led by Le Hoang Nam Thang, deputy head of the Department of Foreign Economic Relations, and will carry out on-site inspections and monitor equity purchases. The inspections will be conducted within a maximum of three working days.

The aim of these inspections is to ensure compliance with investment and related laws by promoting responsibility among investors and economic organisations with foreign investments. The inspections will provide guidance, supervision, and corrective measures to enforce legal regulations. In the case of any violations, the appropriate authorities will be notified for resolution.

There are several real estate projects and projects that fall under the scope of inspection in Hanoi. These include the Keangnam Hanoi Landmark Tower project in the new urban area of Cau Giay, Me Tri ward (South Tu Liem district) by AON VINA JSC; the Giang Vo mixed-use project by Pacific Thang Long JSC at 15-17 Ngoc Khanh street, Giang Vo ward (Ba Dinh district); the Grand Plaza Hotel Hanoi project at 117 Tran Duy Hung street, Trung Hoa ward (Cau Giay district) by Grand Plaza Hanoi Hotel JSC; the Noble low-rise service and housing project in Kim No commune (Dong Anh district) by Noble Vietnam JSC, and others.

The Keangnam Hanoi Landmark Tower project is one of the first mentioned projects. AON VINA JSC from South Korea is primarily engaged in real estate. This project is scheduled for inspection later this year. Additionally, the Huawei Vietnam Technology project, an investment by the Chinese consumer electronics giant, is also scheduled for inspection later this year.

Several projects by Chinese investors, registered through Singaporean companies, such as the establishment of Krongbuk New Energy Investment Limited Liability Company, Krongbuk Wind Energy Investment Limited, will face inspection sometime in the second half of 2023.

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