Vietnam’s property businesses face difficulties in mechanisms, policies

The Vietnam Real Estate Association (VNREA) held a conference in Hanoi on February 18 to discuss difficulties in mechanisms and policies faced by businesses and investors.

VNREA Chairman Nguyen Tran Nam said that Prime Minister Nguyen Xuan Phuc had directed the Construction Ministry to collect ideas from real estate firms and submit them to him.

The ministry plans to listen to opinions of businesses in five large markets, Nam added.

Pham Thieu Hoa, General Director of Vinhomes � a subsidiary of VinGroup, shared that Vinhomes had compiled 14 pages of difficulties it is facing in administrative procedures.

Meanwhile, Nguyen Quoc Hiep, Chairman of the Board of Directors of GP.Invest, said that among all companies operating in Vietnam, those engaged in real estate have the most difficulties as they are regulated by 10 laws and a matrix of administrative procedures.

The best solution at this time is to revise laws, Hiep stressed.

Regarding real difficulties, General Manager at FLC Group Huong Tran Kieu Dung mentioned three main matters that are legal affairs, capital, and administrative procedures.

According to her, overlapped and asynchronous laws have greatly affected property projects.

Source: China ASEAN Business Council