The developer of a residential project in Nha Be District reported that the city has recently resolved the project's legal obstacles. Although the building’s structural work was completed prior to the outbreak of the Covid-19 pandemic, construction had to be temporarily halted due to incomplete legal documentation.
Similarly, the 1,330-unit project known commercially as New City in Thu Thiem Urban Area and developed by a consortium comprising Saigon Real Estate JSC, Thuan Viet Construction and Trade Company and Thanh Thanh Cong Production and Trade JSC—has also had its legal issues cleared under Resolution 170/2024.
Previously, the New City project had completed construction and handed over houses to customers, but for many years, the land use fee had not been appraised. This problem has caused thousands of apartment buyers in the project to not be granted pink books.
The Tan An Huy housing project in Nha Be District is also set to be revived, following a recent proposal from the Nha Be District People’s Committee to the Ho Chi Minh City Inspectorate. The proposal requests permission for Tan An Huy Construction and Housing Trading Joint Stock Company to resume project implementation.
According to Chairman Nguyen Hong Hai of the Board of Directors of Tan An Huy Company, the project has experienced difficulties since 2017, triggered by the passing of the former Chairman and General Director who was holding 99 percent of shares, which was followed by a comprehensive inspection ordered by the Ho Chi Minh City People's Committee. The City Inspectorate's conclusion in February 2018 highlighted several violations requiring remediation, notably tax obligations and planning deviations in construction.
Chairman Hai assured that Tan An Huy Company has secured the necessary resources to restart the project and that its leadership is dedicated to fully implementing the instructions of the local authority.
Recently, authorities across the country have implemented a series of measures to address challenges facing real estate projects. For the first time, the National Assembly has introduced specific mechanisms and policies, providing a legal foundation for resolving long-standing issues. Under Resolution 170, these efforts have paved the way to revive 64 projects that had been stalled for decades.
Furthermore, Resolution 171/2024, which facilitates the implementation of commercial housing projects through agreements regarding land use rights in Ho Chi Minh City, has successfully addressed challenges for over 343 land plots belonging to more than 300 enterprises. Under previous regulations, companies holding land use rights for non-residential purposes faced significant restrictions, resulting in a decade-long halt on the execution of their projects. Recently, the Prime Minister has emphasized the need to prioritize the resolution of 1,533 stalled projects, including those akin to projects addressed in Resolution 170.
Alongside the initiatives and regulations set forth by the Central Government, Ho Chi Minh City is actively working to address challenges related to delayed projects within its jurisdiction. To this end, the Ho Chi Minh City People's Committee has formed Working Group 5324. To date, this Working Group has submitted two reports to the Prime Minister regarding the implementation of official Dispatch 112, which emphasizes the resolution of stalled projects, halting construction, and the urgent completion and utilization of these projects to avert waste and financial loss.
Ho Chi Minh City has proposed that the Prime Minister provide direction and support in resolving 12 long-standing projects and developments. These include nine investment projects—six under the jurisdiction of the Government and the Prime Minister, and three that have been referred to relevant ministries for resolution—as well as three public assets managed by central ministries. The city aims to resolve all projects and works within the authority of the Ho Chi Minh City People’s Committee and at least 50 percent of those under central government jurisdiction by the end of 2025.
According to the Ho Chi Minh City Real Estate Association, the new mechanisms and policies introduced by the Government and the Ho Chi Minh City People’s Committee reflect the strong commitment of both central and local authorities to resolving project-related obstacles. These measures are expected to inject fresh momentum into the market, increase housing supply, stabilize prices, and support broader economic growth.
