Information relating to the loosening of credit room, and commitments from the Ho Chi Minh City (HCMC) People's Committee and other agencies on removing hurdles to transactions have led to experts' positive views on the future of the property market.
The real estate market had to face many difficulties in 2022 and still faces many challenges in the coming year. The Government and ministries have taken a firm decision to support all real estate enterprises in 2023.
Vice Chairman of the HCMC People’s Committee Bui Xuan Cuong delegated competent departments to speed up the progress of construction works of apartment buildings to replace 16 downgraded apartment blocks in the city.
Ho Chi Minh City currently has 474 old apartment buildings in all districts and many of them are severely degraded as their blocks' paints have been peeling. The city government wanted to repair or build new ones. According to urban experts, the city has mechanisms and policies to attract investment capital and ensure the interests of residents in old buildings.
Urban experts say that there should be solutions to generate capital from many sources because renovation of old apartments can neither depend on private investors, expecting them to renovate and build new apartments nor depend on the state budget when so many old apartment buildings need to be renovated.
Speaking at the conclusion of the questioning session of Minister of Construction Nguyen Thanh Nghi at the 4th session of the 15th National Assembly on November 4, Vice Chairman of the National Assembly Tran Quang Phuong said that 61 delegates registered, 36 questioned, and one argued directly. The Q&A session took place in a lively, responsible, frank, and constructive manner.
The HCMC delegation of National Assembly (NA) deputies, including Chairman of the HCMC People’s Committee Phan Van Mai and Chairwoman of the HCMC Women Union Nguyen Tran Phuong Tran met voters in districts 4, 7 and Nha Be on October 12.
Speaking at the 14th meeting which was held by the Executive Committee of the Party Committee of HCMC’s District 3 of the 2020-2025 tenure on July 1, Chairwoman of the HCMC People’s Council Nguyen Thi Le asked the District 3’s authorities to speed up public investment disbursement and the site clearance progress for Metro Line No.2 project connecting Ben Thanh Market in District 1 and Tham Luong depot in District 12.
Chairman of the People’s Committee of HCMC Phan Van Mai proposed that the city will soon receive special policies and mechanisms to attract strategic investors and urban developers to implement new urban growth models and urban embellishment projects.
The project consists of two 12-story buildings with 360 apartments, built on an area of 5,082 square meters with a total investment of about VND408 billion (US$17.72 million). It is expected to provide accommodations for more than 1,000 workers. Laborers staying in the accommodation house are entitled to use facilities such as kindergarten, commercial and service areas, and amusement parks.
Deposit interest rates have just been simultaneously raised by commercial banks and are expected to increase further to prepare cash flows in the context that the whole country has returned to a new normal state, and production and business activities have been restored.
We have just entered the new year 2022 - a new beginning opened with a journey of both adapting to the Covid-19 pandemic and recovering and developing the economy, ensuring social security. In the journey to realize the aspiration of recovery and development of Ho Chi Minh City, with the joint efforts of the people, the city government will proactively create breakthrough solutions to serve people and businesses.
The plan for the prevention and control of Covid-19 and economic recovery includes 11 component projects, consisting of the low-income housing project, said Chairman of the People’s Committee of HCMC Phan Van Mai at a meeting with voters in districts of 4,7, Nha Be and Can Gio on October 11.
Time has taken its toll on old buildings in Ho Chi Minh City and most of them have fallen into disrepair. Residents living in fear in such dilapidated old apartments. Despite governments’ efforts to renovate these old buildings, lack of legal corridors resulted in a stagnant renovation of old apartments.
Prime Minister Nguyen Xuan Phuc suggested Hanoi should pay more attention to developing satellite cities and expand the capital to both the north and the west, while continuing to build a green and clean city, during a working session on March 28 with key officials of the capital city.