[NEWS] - Ho Chi Minh City accelerates the process of ’rescuing’ more than 150 real estate projects

Deputy Chief of the Office of the People’s Committee of Ho Chi Minh City - Mr. Thanh Kha has just signed the notice of the conclusion of the Vice Chairman of the People’s Committee of Ho Chi Minh City, Mr. Bui Xuan Cuong in a meeting to listen to the progress of removing difficulties and obstacles in 156 projects of 121 owners investment in the area.

TPO - Deputy Chief of Office of Ho Chi Minh City People’s Committee - Mr. Vo Thanh Kha has just signed a notice of conclusion of Vice Chairman of Ho Chi Minh City People’s Committee Bui Xuan Cuong in a meeting to check progress in removing difficulties and obstacles in 156 projects of 121 investors in the area.

Accordingly, in order to ensure that the above-mentioned problems are effectively solved, Vice Chairman of Ho Chi Minh City People’s Committee Bui Xuan Cuong requested, on the basis of classification according to the proposal of the Department of Construction in Official Dispatch No. 6431 assigned to relevant units to urgently review, oppose comments and agree with the Department of Construction before May 20, so that the Department of Construction can summarize and complete submission to the People’s Committee of Ho Chi Minh City before May 30 is coming soon. Note that if there are comments, they must clearly state the content of the direction and assign the units responsible for accepting and settling for groups of dossiers with the same problems according to their respective tasks and functions and have specified times.

The relevant departments and agencies need to urgently review and resolve the directives of the People’s Committee of Ho Chi Minh City related to the recommendations from the Ho Chi Minh City Real Estate Association (HoREA) up to the present time. In particular, to focus on handling problems that fall under the authority of the People’s Committee of Ho Chi Minh City or central ministries, it is necessary to urgently report and advise the People’s Committee of Ho Chi Minh City on solutions. At the same time, it is required to make a plan, regularly exchange, and work with real estate businesses that are having problems with projects to guide the implementation.

Mr. Bui Xuan Cuong - Vice Chairman of Ho Chi Minh City People’s Committee also assigned relevant units to urgently review and update the results and data of the project that have been resolved in departments and sectors. At the same time, the number of projects that are not in the case of long-standing backlog problems but are in the process of being considered and resolved by departments and agencies according to regulations and competence; information from the Department of Construction to summarize and compare with the list of 156 projects above; have a written response to the results and records, the project has been resolved for HoREA and related businesses to know in the spirit of sharing, publicity, and transparency.

The Department of Construction was assigned to summarize and prepare content for the People’s Committee of Ho Chi Minh City to have a working session with HoREA, expected around June this year, on project groups that are having problems. Which, it is necessary to agree with the unit on the criteria, and how to classify groups of problems in order to have recommendations and proposals accordingly in terms of content as well as where to receive them according to the competence to resolve. From there, coordinate, inform, and reflect relevant content in accordance with reality.

Mr. Bui Xuan Cuong also noted that for project groups that have problems, the central authority directs to resolve and assigns relevant units to urgently monitor and update the progress of the project. On the HoREA side, real estate businesses need to know the information to coordinate closely and unify in the process of petitioning for acceptance and settlement of project documents.

For projects with problems that are not on the list of 156 projects according to HoREA’s recommendations that have been resolved by the department and the industry, units need to actively review, make reports, and lists and send information to the Ho Chi Minh City Department of Construction monthly to summarize and report to the People’s Committee of Ho Chi Minh City.

Talking to Tien Phong, Mr. Le Hoang Chau - Chairman of HoREA said that leaders of the Ho Chi Minh City People’s Committee had many times directly met and listened to a number of businesses presenting difficulties and problems with real estate projects on the market and so far there are some initial results.

More specifically, the People’s Committee of Ho Chi Minh City has reviewed and licensed 5 investors in 5 commercial housing real estate projects, in new urban areas to raise capital with about 50% of the number of residential products formed in the future equivalent to about 5,432 apartments.

“This will support the above businesses to overcome difficulties while waiting for the conclusion of the competent authority for the projects subject to legal review for which the investor has performed the obligation to pay the use fee land, land rent", Mr. Chau said.

In addition, there are apartment projects in the area of ​​District 4 that are also consulted by the People’s Committee of Ho Chi Minh City to direct departments to review and solve.

Therefore, HoREA proposes that the People’s Committee of Ho Chi Minh City and the competent authorities will soon have a definitive conclusion for these 6 projects so that the real estate market has more than 5,000 apartments. From there, increase housing supply and generate cash flow for businesses, increase market liquidity, and increase state budget revenue.

HoREA suggested that departments and branches urgently review and submit to the People’s Committee of Ho Chi Minh City for consideration and settlement of similar projects that investors also request to raise capital and sell houses formed in the future. From here, from the step of opening up the real estate market, ensuring fairness for businesses.

According to various issues, the current real estate market is expected to overcome the difficult period when the State Bank and other banks are adjusting interest rates. This is a good sign for the real estate market, besides Indochina Holding is introducing to investors and businesses projects that currently have bad debts at credit institutions DATC and VAMC. At this time, investing in this project will also be extremely beneficial for customers and businesses.

Hoang Yen (Collection source)