If Lotte Eco Smart City is unstuck, Ho Chi Minh City's budget can collect over 15,000 billion VND.

The Chairman of the Ho Chi Minh City People's Committee acknowledged that if the financial obligations for the Lotte Eco Smart City project are resolved, the City will collect over 15,000 billion VND for the budget and proposed to focus on resolving the issue.

On the afternoon of October 1, the Ho Chi Minh City People's Committee held a regular meeting for September 2024 on socio-economic issues. Mr. Phan Van Mai, Chairman of the Ho Chi Minh City People's Committee, acknowledged that in the third quarter of 2024, the city maintained its growth rate, but there was no breakthrough, and the disbursement of public investment capital was still very low (reaching about 20%).

Meanwhile, the City's growth in the third quarter is expected to reach more than 7%. Thus, if we want to achieve 7.5% growth for the whole year, the fourth quarter of 2024 must grow by more than 9%. This is a heavy task, and if we do not focus and do not have breakthrough solutions, it will be very difficult to achieve.

“If we want to achieve the basic target of 2024 and make money for 2025, we must make a breakthrough. Without a breakthrough, it cannot be completed,” he said.

Last month, Mr. Mai also pointed out that the City was still confused in its management, especially when the Land Law and its amendments came into effect, the City did not respond promptly. Meanwhile, the backlog of tasks for the year was still quite large.

Therefore, among the tasks to be carried out from now until the end of the year, Mr. Mai requested to focus on solving the outstanding tasks. In particular, the very important task is to disburse public investment capital.

"The City People's Committee has no intention of adjusting this year's public investment targets and is only focusing on solutions to maximize disbursement. This is one of the tasks that the entire political system must strive to accomplish from now until the end of the year," he said.

The Chairman of the Ho Chi Minh City People's Committee requested that from now until the end of the year, it is necessary to focus on removing obstacles for large projects, not spreading them out. Photo: TTBC

The second key task is to focus on resolving difficulties and backlogs of investment projects.

The head of the City government requested the City People's Committee Office to coordinate with the Department of Planning and Investment (Standing Committee for resolving problems) and the Department of Construction (Standing Committee for resolving problems of real estate projects) to summarize how many problems and projects will be resolved in October, November and December.

Among these, how to solve the issue of granting pink books to people. At the same time, remove obstacles regarding financial obligations for projects. He requested that it is necessary to list specific projects that need to be resolved, focusing on projects in Thu Thiem and Hiep Phuoc.

"If we can resolve financial obligations for large projects, we will attract a huge amount of investment capital, even tens of thousands of billions of VND," he said.

The Chairman of the City People's Committee cited the Lotte Eco Smart City Complex project (Thu Thiem, Thu Duc City). If the project is resolved, the City will collect over 15,000 billion VND for the budget.

Therefore, he said that from now until the end of the year, it is necessary to focus on solving large projects, not spreading them out.

Lotte Eco Smart City complex broke ground in September 2022. Photo: Le Quan

Lotte Eco Smart City complex was broken ground in September 2022 by Lotte Group (Korea) as the investor. However, the project is facing financial obligations.

The project has a total investment of VND 20,100 billion, built on a land area of 74,513 m2, of which the project development area is about 50,000 m2 in functional area No. 2A, Thu Thiem New Urban Area.

The project is built with a scale of 5 basements and 60 floors including functional areas such as hotels, residential areas, and commercial areas. This complex will apply smart technologies to create more added value.

When completed, the project will contribute to the formation and development of a financial, banking, commercial and service center in Thu Thiem New Urban Area.

According to the Ho Chi Minh City Statistics Office, in the past 9 months, the city's real estate business revenue is estimated at VND199,156 billion, up 6.7% over the same period last year. In 2023, real estate business growth in Ho Chi Minh City was -6.38%, but from the first quarter to now, it has grown positively, with each quarter increasing higher than the previous quarter.

In the past 9 months, the real estate business sector had more than 1,000 registered enterprises with a total registered capital of VND40,137 billion, down 4.7% in licensing and 7% in capital, respectively.

Source: https://baodautu.vn/batdongsan/neu-lotte-eco-smart-city-duoc-go-vuong-ngan-sach-tphcm-co-the-thu-tren-15000-ty-dong-d226341.html