|Ho Chi Minh City leaders preside over an April 10 meeting with representatives from HoREA and businesses.
The Ho Chi Minh City Real Estate Association (HoREA) made the proposal following 150 property projects in the city had been suspended for inspection as required by the Government Inspectorate of Vietnam (GIV) and local competent agencies.
Of these, 124 projects were found to be without legal violations and proved valid to resume construction, according to a statement by the municipal Department of Natural Resources and Environment.
HoREA suggested the GIV and the HCMC People’s Committee should quicken the pace of progress when handling the remaining projects on a par with the principle of avoiding loss of public assets and ensuring legitimate rights and interests for investors and buyers.
Those found with signs of legal violations would be suspended for rectification, noted Tran Vinh Tuyen, Vice Chairman of the HCM City People’s Committee.
He added that the municipal authorities have assigned the Department of Natural Resources and Environment to release the list of valid projects and instruct investors to carry out procedures necessary for resuming construction, with the hope of reducing adverse impacts on local business and investment climate.
The first quarter of 2019 saw a drop of 63 per cent in the number of property projects approved by the municipal Department of Construction. The department granted construction permits to only 8,472 property projects, a drop of 16 per cent on year.