return icon Vietnamnet.vn

Hundreds of abandoned real estate projects in Hanoi to be inspected

The Prime Minister has assigned the Ministry of Natural Resources and Environment and Hanoi authorities to check reports in local newspapers about 300 pending or abandoned real estate projects in the city.

The Hanoi Planning and Investment Department has released a decision to stop a housing project in Me Tri ward of Nam Tu Liem district. The investment certificate was given in June 2008 to Vietnam Trade Union Tourism Co Ltd.

 

 

{keywords}

 

 

The company has to give back the land plot allocated to it before implementing the project, because the investor did not start the project within 12 months as stipulated in the 2014 Investment Law.

The Hanoi authorities have also recently stopped a series of housing projects as the investors have not implemented the projects as committed. In July, they stopped investment activities at a housing project using the D2-CT1 land plot in Bac Tu Liem district registered by Son Ha International JSC.

Most recently, the Hanoi People’s Committee proposed taking back a land plot and resuming an investigation of violations at three land plots (B9/CC1, B9/CC3 and C3/HH, C3/CC1-1) belonging to the Nam Trung Yen Urban Area in Cau Giay district. The projects have not started in the last 11 years, causing a waste of natural resources.

According to local newspapers, more than 300 projects are pending or unimplemented.

Answering questions from voters, the Hanoi Department of Natural Resources and the Environment some days ago said the department has joined forces with relevant agencies to inspect 379 projects and give conclusions about each project.

It has proposed taking back the land, revoking the decisions on allocating or leasing land, and stopping the investment of 28 projects covering a total area of 1,844.3 hectares; and has proposed extending the use of land for 24 months for 25 projects, covering an area of 39 hectares.

If the investors cannot put the land into use after the 24 extended months, the State will take back the land without any reimbursement for the land and the assets on the land.

There are many ‘golden land plots’ in Hanoi that big real estate firms have neglected. Some projects in urban area development have been re-planned after a decade long of unuse.

The Kim Chung – Di Trach new urban area projects registered by Vietracimex kicked off in 2008. It was expected to be a big urban area with shopping center, semi-detached villas, apartments for lease, and a hospital and schools meeting international standards in the western part of Hanoi.

The land price in Kim Chung – Di Trach area once hit VND50-70 million per square meter when the real estate market was hot. However, only 10 rows of houses and villas have been built, while most of the area has been left idle. 

Thuan Phong

Real estate firms offer sky-high profit rates to attract investors

Real estate firms offer sky-high profit rates to attract investors

Investors have been invited to contribute capital to real estate projects and enjoy a profit of 36 percent per annum, and have also been persuaded to buy corporate bonds at a high interest rate of 18 percent per annum.

90 percent of Vietnamese millionaires invest in real estate

90 percent of Vietnamese millionaires invest in real estate

While COVID-19 continues to impact the whole economy, most millionaires in Vietnam have been investing in the real estate market.

MORE NEWS

Finding a way to make money from Saigon River

Ho Chi Minh City has the shape of a river city. However, urbanization and arbitrary construction has encroached on and gradually obscured the river.

Vietnam attracts more than 14 billion USD of FDI in H1

Vietnam reached more than 14 billion USD in foreign direct investment (FDI) in the first six months of 2022, announced the Ministry of Planning and Investment (MPI).

Vietnam needs to develop fintech services for SMEs

Vietnam needs to develop financial technology (fintech) services for small- and medium-sized enterprises (SMEs), according to experts.

Local enterprises lack materials due to China's 'Zero COVID' policy

While many exporters and producers had orders for 2022, they are worried about a possible shortage of production materials because of supply disruptions from China.

Agricultural exporters advised to be cautious at Lao Cai’s border gate

Vietnamese enterprises should be cautious before transporting agricultural products to Lao Cai's Kim Thanh II border gate for export to minimise losses although Chinese authorities are piloting the re-import of these products.

Rice with salt – eat to think not eat to know

Hue is not only famous for its ancient royal palaces and mausoleums and romantic scenery with rivers and mountains, the city is also known as the “royal capital of cuisine” that has lured visitors for centuries.

Stock market faces bumpy ride in second half of 2022

The Vietnamese stock market has gone through nearly half of 2022 with turbulence and remarkable events, especially the Government's crackdown on illegal activities manipulating the market.

Flash flood guidance system in Southeast Asia announced

A conference to announce the Southeast Asia Flash Flood Guidance System (SeAFFGS) was held by the Vietnam Meteorological and Hydrological Administration (VNMHA) in Hanoi on June 28.

An unprecedented economic crisis and its possible impact on Vietnam

The economic crisis caused by the Covid-19 pandemic has been followed by the economic crisis associated with the Russia-Ukraine conflict.

Chief of Staff of Japan Air Self-Defence Force visits Vietnam

Deputy Minister of National Defense and Chief of the General Staff of the Vietnam People’s Army Sen. Lieut. Gen. Nguyen Tan Cuong received Izutsu Shunji, Chief of Staff of Japan Air Self-Defence Force, in Hanoi on June 28.

19 foreign airlines to run routes to Da Nang over coming months

Up to 19 foreign airlines are set to operate international routes both to and from Da Nang City of Vietnam between July 1 and October 29, according to the city’s authorities on June 28.

Noi Bai Airport overwhelmed by rising passenger numbers

The number of passengers passing through Noi Bai International Airport in Hanoi has reached a record number, exceeding the airport’s design capacity.

Aviation industry forecast to fully recover in 2025

It is not until 2025 that the local aviation sector can fully recover due to rising fuel prices and the slower-than-expected reopening of international markets, according to domestic airlines.

VIETNAM NEWS HEADLINES JUNE 28

Hanoi airport faces serious congestion during summer peak

Hanoi and Hoi An among Top 25 Overall Experiences in Asia

Motorbike tours around Hanoi and cooking classes in Hoi An have made it into the Top 25 Overall Experiences in Asia, as voted on by readers of TripAdvisor.
back_to_top