According to the draft Law on Special Economic Administrative Units, the regulation which may allow foreigners to own houses for maximum 99 years can increase the price of real estate and also pose hidden other negative impacts.
"This officetel model has not been licensed and greatly affected the construction infrastructure as well as social infrastructure of the projects in Ho Chi Minh City in particular and the whole country in general."
Quoc Loc Phat Joint Stock Company was selected as the investor of Song Viet complex with the total investment of VND7,300 billion (equivalent to US$321,7 million) and area of 75,965 square.
Vietnam has quickly become the hottest real estate market in Asia to Hongkong and Chinese investors with the price hitting new records.
It is over a year since Le Truc Garment Joint Stock Company, investor of the Discovery Complex II (8B Le Truc) building project, conducted the legal proceedings against Decision No. 2673 of Ba Dinh District People's Committee; However, there has no action taken by the court.
Head of the Finance Ministry's Tax Policy Department Pham Dinh Thi affirmed that the Ministry of Finance has not announced any taxes on the second home.
Le Truc Garment Joint-Stock Company, investor of Discovery Complex II building (located on No. 8B Le Truc, Ba Dinh district, Hanoi) has accused Ha Noi city’s competent authorities of breaking the commitment and doing illegal retroaction of the project.
The completion of relevant procedures relevant to compensation and land clearance, payment of land use levy and land use rights remains stagnant in deadlocks which have constrained “clean” land plots on delivery to foreign investors affecting inflow of capital into the local real estate market.
A 7,500 hectare project worth US$30-40 billion in southern Hanoi which was planned by Daewoo years ago is facing a "premature death".
Publication permit No. 348/GP-BTTTT dated July 19, 2017, granted by the Ministry of Information and Communications of the Socialist Republic of Vietnam
Editor-in-Chief: Nguyen Cao Cuong
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