Knots untangling for top projects in Vietnam’s key cities

Some property ventures are closer to admin issues being ironed out, Photo: Dung Minh

A report from the Ministry of Construction (MoC) on the results of implementing Resolution No.33/NQ-CP and proposing solutions to remove complexities for the real estate market last month noted that the ministry continues to actively work with related bodies and localities to solve obstacles in delayed projects.

During the last two years, Hanoi has resolved issues for more than 420 projects, equivalent to less than 60 per cent of those with documented problems. In that time, Ho Chi Minh City has resolved 67 projects, equivalent to 37 per cent, according to the report.

The remaining localities are continuing to resolve business problems, while projects being dismantled will contribute to ensuring supply and promoting the market, it added.

According to a report from the MoC on the first eight months of the year, a working group under the ministry has received an additional 112 documents reporting problems and recommendations from localities, businesses, associations, and individuals related to over 170 other real estate projects.

These updated projects will be added to the list of those waiting for issues to be ironed out.

Le Hoang Chau, chairman of the Ho Chi Minh City Real Estate Association, said that the efforts of MoC and related bodies have initially achieved positive results, contributing to increasing confidence in the real estate market.

“The city is aiming to group projects with the same issues to speed up resolution. This is the city’s strong commitment to completely handling legal backlogs, opening up the supply of legally complete housing and promoting market development,” Chau said.

In a notable development, according to Ho Chi Minh City Department of Natural Resources and Environment, two projects from Hung Thinh Group have had bottlenecks related to investment procedures removed. The ventures are Moonlight Avenue in Thu Duc city, and Moonlight Centre Point in Binh Tan district.

In addition, four other ventures also found solutions related to issuing ownership to customers and residents. Accordingly, it is expected that by the end of 2023, more than 2,000 apartments at Moonlight Park View, Moonlight Boulevard, 9 View Apartment, and 8X Dam Sen will hand over ownership certifications.

In addition to difficulties in legal procedures, meeting fire prevention conditions is one of the major problems slowing down the progress of many real estate projects.

With that, the MoC said that it is coordinating with relevant ministries and sectors to systematically review and advise the government to amend provisions of the related regulations and standards for improving the conditions of more than 38,000 existing projects, which occupy more than 3 per cent of total constructions currently underway.

If stopped, these projects will affect jobs and the supply of goods and services, the ministry said.

Top projects reap returns despite slowdown The luxury apartment market has been resuscitated with the sale and construction of new projects, as real estate consultants believe the time is right to re-enter the market.

Top Thai power firm announces funding for renewable projects in Thailand and Vietnam Prestigious Thai power generation company B.Grimm Power Plc (BKK: BGRIM) has announced it would allocate THB3 billion ($91 million) in funding for solar and wind energy development in Thailand and Vietnam raised through its green debenture offerings.

Billion-dollar projects removed from lineup of national investment projects One energy project and three automotive projects will be removed from the list of projects calling for foreign investment in 2021-2025.