Ho Chi Minh City Continues to Resolve Issues for 5 Real Estate Projects, Expected to Contribute Over 18,000 Billion VND to the City Budget

During a meeting with the People's Committee of Ho Chi Minh City on December 3, the Task Force reported on the progress of resolving legal issues for real estate projects in the area. The Task Force stated that it is considering removing obstacles for five major projects, as requested by the Department of Planning and Investment.

Specifically, these projects include:

1. The smart complex project in the New Thu Thiem Urban Area, invested by Lotte Properties HCMC Co., Ltd.
2. A 14.8-hectare land plot in An Phu Ward, Thu Duc City, with the investor being Nguyen Phuong Company.
3. The Observation Tower complex in the functional area of the New Thu Thiem Urban Area, invested by the joint venture City of Kings Co., Ltd.
4. A high-rise residential project in Phu My Ward, District 7, invested by Hung Loc Phat Company.
5. The I-Home commercial and residential complex project in Go Vap, invested by CT Group.

After resolving the issues for these five projects, it is expected that they will contribute over 18,000 billion VND to the city’s budget. At the same time, this will accelerate the completion of these projects and help resolve the issuance of land use rights certificates and home ownership certificates for 498 families who have purchased apartments in the I-Home projects, preventing land waste and tax revenue loss.

The New Thu Thiem Urban Area still has many projects waiting for legal obstacles to be removed. The city government continues to guide the relevant departments to review and promptly resolve any emerging difficulties. Ho Chi Minh City Chairman Phan Van Mai has instructed the Department of Planning and Investment to act as the focal point for summarizing and categorizing the current project issues, and to advise the Task Force on how to focus on addressing problems that arise during the implementation process.

According to the Ho Chi Minh City Real Estate Association, since 2022, 64 real estate projects involving 57 businesses have faced long-standing legal issues. These projects are divided into three groups: social housing projects, commercial housing projects that do not require legal reviews, and commercial housing projects subject to legal inspections.

By May 2023, Ho Chi Minh City’s Task Force was established, and since then, 33 projects have been reviewed, with 41 projects approved for investment plans. Among these, 8 projects have completely resolved their legal issues, and 22 projects are still being processed.

Ho Chi Minh City assesses that the local real estate market has gradually recovered, shifting from negative growth in 2023 to positive growth since the beginning of this year. Although the growth rate is still slow, positive signals have emerged. According to statistics, the total budget revenue in the first nine months of this year is estimated at 371,307 billion VND, achieving 76.9% of the target and increasing by 14.3% compared to the same period last year. Of this, land-related revenue is around 5,900 billion VND, expected to exceed the target by 2%.

Resolving the legal obstacles for real estate projects in Ho Chi Minh City will not only supplement the city’s budget but also drive economic development, improve the quality of life for residents, and address housing and land issues in the city.