Vietnam to Simplify Procedures for Real Estate Investment
The Vietnamese Ministry of Construction will streamline administrative procedures for real estate investment in the upcoming months, said Minister of Construction Nguyen Hoang Quan at a recent seminar on administrative procedures and reform on real estate projects.
A recently-conducted survey on the new urban zone construction projects by the ministry showed that, each project took an average of 33 administrative procedures and three years to be completed, Quan said.
He said the cumbersome procedures are huddles of construction projects, resulting in a shortage in supply of real estate projects in the market.
The minister added that the ministry will issue a standard form for housing construction investment procedures soon, expected to reduce the number of procedures to eight and the new time frame should span just one year.
The ministry also asked the provincial and municipal authorities to check and cancel any unlawful procedures they have issued.
Meanwhile, investors of state-funded projects are required to submit their reports on disbursement in the first six months this year. This will help the ministry to cut capital of projects with slow disbursement to prioritize key projects.
In the first five months of this year, the ministry cut and delayed 52 projects valued at over VND4.1 trillion (some US$250 million) out of 505 worth VND40.8 trillion scheduled in the year, state media said.
Lilama has decided to slash VND1.8 trillion of its investment, the Song Da Construction Corp has cut VND1.25 trillion and the Mien Trung Corp has axed VND523 billion. (VNA, Capital Security)
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