44 real estate projects in Ho Chi Minh City have had difficulties resolved

Currently, there are hundreds of real estate and commercial housing projects nationwide that are stuck, mainly due to legal problems. Of these, Ho Chi Minh City has more than 148 projects that are stuck with legal problems and cannot be implemented or cannot complete investment and construction procedures.

To date, the Prime Minister's Working Group has issued documents guiding the removal of obstacles and difficulties for 142 real estate and housing projects out of a total of 191 projects reported by localities. Ho Chi Minh City alone has removed difficulties for 44 projects out of a total of 148 stuck projects, reaching 30%.

44 dự án bất động sản tại TP.HCM được tháo gỡ khó khăn- Ảnh 1. — Hundreds of real estate projects have yet to be "rescued"

However, according to Mr. Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association, besides the Government's outstanding efforts, there are still some shortcomings in handling problems of real estate and housing projects due to some provisions of the law.

First, there is a problem in the 2014 Housing Law and the 2024 Land Law, which stipulate that enterprises are only allowed to negotiate on receiving the right to use residential land or are currently having the right to use residential land or are currently having the right to use residential land and other land to carry out commercial housing projects.

At the time the 2014 Housing Law took effect, Ho Chi Minh City had 170 commercial housing projects. Of these, 44 projects had been recognized as investors according to the provisions of the law, while the remaining 126 commercial housing projects did not have 100% residential land, including more than 100 projects with residential land and other land accounting for about 85% and more than 20 projects with other land other than residential land accounting for about 15%, all of which were not recognized as investors because they did not meet the conditions prescribed by the 2014 Housing Law.

Until the Investment Law 2020 at Point c, Clause 1, Article 75 amends Clause 1, Article 23 of the Housing Law 2014, it stipulates the addition of 1 more case allowing the designation of investors of commercial housing projects that have legal rights to use residential land and other types of land that are permitted by competent state agencies to change the land use purpose to residential land.

Starting from January 1, 2025, the 2024 Land Law will take effect, and about 15% of the total number of commercial housing projects in which investors only have land other than residential land will not be recognized as investors of commercial housing projects.

In addition, there are some shortcomings and difficulties in the procedures for approving investment policies at the same time as approving investors; difficulties in handling the transitional obligations of investors of commercial housing projects to reserve a part of the land fund (20% of the land fund) of the project for developing social housing; land valuation, land price appraisal, decision on land use fees, land rent or additional financial obligations (if any), which responsibility belongs to the competent state agency, not the fault of the enterprise...

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