Hundreds of Real Estate Projects are Being Resolved

Recently, the Ministry of Construction provided information on the progress of resolving difficulties faced by localities and businesses at a national online meeting of the Prime Minister’s working group. In Ho Chi Minh City, the working group had two direct sessions with the city’s People’s Committee, with the participation of many real estate businesses, to identify and resolve issues.

The working group received 37 letters of recommendation from businesses and investors. After consideration, they sent 37 documents related to 72 projects to the People’s Committee of Ho Chi Minh City and the Ministry of Planning and Investment, requesting the resolution of difficulties and issues according to their authority.

According to the report from the Ho Chi Minh City People’s Committee, the city has resolved 33 out of 72 projects as requested by the working group, and 44 out of 148 projects from the Ho Chi Minh City Real Estate Association. Currently, there are 143 ongoing projects in the process of being resolved, including 44 projects following the instructions of the Ministry of Construction and other ministries and departments, and 104 projects based on recommendations from the Ho Chi Minh City Real Estate Association.

The working group also had direct sessions with the People’s Committee of Hanoi to address difficulties faced by real estate businesses. After receiving 12 letters from 12 enterprises and investors, the working group sent 11 documents to the People’s Committee of Hanoi, requesting the resolution of difficulties for the real estate projects according to their authority. Currently, Hanoi has completed the resolution process for 81 projects, removed 10 projects, and continues to address issues for 246 projects according to the instructions of the Ministry of Construction and other ministries and departments.

In Hai Phong, the working group worked directly with the People’s Committee and received 4 letters from 4 businesses, which were then sent to the People’s Committee of Hai Phong requesting issue resolution. Hai Phong has resolved 11 out of 15 projects, with the remaining 4 projects still being addressed according to regulations.

Similarly, in Da Nang, the working group received 5 letters from 5 businesses and investors, and sent 5 documents to the People’s Committee of Da Nang and the Ministry of Planning and Investment, requesting the resolution of issues according to their authority.

In Can Tho, the working group worked directly with the People’s Committee and resolved 17 out of 34 projects, including 5 projects that have been retrieved and 12 projects where difficulties have been resolved. Can Tho is currently working on addressing 22 projects related to land clearance compensation, 8 projects related to land use fee determination, 3 projects related to land transfer procedures, and 1 project under the authority of the Prime Minister, awaiting resolution.

In addition, the working group also had a session with the People’s Committee of Binh Dinh to address issues related to the implementation of the Aqua City project. The province has resolved difficulties for 26 projects, including 19 urban projects and 7 housing projects, and continues to work on resolving issues for 16 projects.

According to the information from the Department of Construction of Dong Nai Province, they have approved the sale of 37 low-rise houses in the I + V area of the Aqua City project, based on the direct work with Novaland to resolve issues in Dong Nai province. Similarly, the NovaWorld Phan Thiet project in Binh Thuan province is being considered for a transition to long-term lease payment for the entire lease period. These are the results of the working group’s efforts to guide and address local recommendations. Novaland is currently seeking quick resolution of legal procedures for their projects in Southern provinces such as The Grand Manhattan and The Water Bay, which have undergone more than 90% of the required legal procedures.

Sunshine Group, following guidance from the working group, has announced their business plan for 2024, which includes the launch of 5 major projects with a total investment of tens of thousands of billion VND. These projects, such as Sunshine Sky City and Sunshine Diamond River in Ho Chi Minh City, and Sunshine Wonder and Sunshine Crystal River in Hanoi, have completed over 90% of the legal procedures, providing a good foundation for the market.

Real estate businesses have acknowledged the clear determination of the government in resolving market issues through the enactment of new laws related to land, houses, and business. These new regulations will shape the market, making it more favorable for professional developers.

Furthermore, in 2024, with the likelihood of low-interest rates being maintained, the market is expected to recover after a prolonged period of stagnation. Real estate companies have made efforts to repurchase billions of VND worth of bonds and are committed to repay investors in 2024, using real estate products.

In conclusion, the government’s dedicated efforts to resolve market issues and the enactment of new laws have created positive signs in the real estate market since late 2023, leading to better liquidity, increased new supply, and setting the stage for market recovery in 2024.

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