Complete construction

Riccardo Verzella Senior associate (left) and Ho Ngoc Diep Legal advisor, D’Andrea & Partners Legal Counsel Some new innovations of the aforesaid regulations are more relevant compared to the previous FDI regime, and certain aspects may be further optimised with the aim of improving the ease of doing business in Vietnam for overseas investors. Market access rules were significantly improved under the amended LoI. Before its implementation, based on the previous law, the allowed business fields for foreign investors were only those expressly referred to in a permitted list as mentioned therein. Nevertheless, Vietnam has switched to the so-called “negative list” approach with the LoI: hence, currently, foreign investors may perform all the business activities not included in the Negative List for Market Access for Foreign Investors without differentiation from domestic investors. This innovation indeed removes uncertainty for foreign investors, widens their business … [Read more...] about Crafting complete enterprise and investment laws

In 2000, the canal that flows two kilometers through Districts 5 and 6 was filled up following heavy pollution and serious encroachment. By then, the canal spread only two kilometers wide with blackish and stinky water. To continue its drainage function, a concrete box culvert was installed. Fifteen years later, the city decided to recover the canal with a three-phase project that cost VND2 trillion ($86.2 million) to build a drainage system and relocate affected households. The project was to complete in 2020 but got delayed. In 2020, a section 200 meters long and 14-16 meters wide in District 6 was revived, with the two banks turned into a park. At a section meeting Lo Gom Canal in District 6, work has been deployed to establish a water pumping station. To revive the canal, more than 24,000 cubic meters of soil and rock has been dug up. Around one kilometer away, a section 100 meters long between Chu … [Read more...] about HCMC revives polluted canal with $86.2-million project

Developers clamour for legal clarity, Illustrative image (Photo: VNA) Nguyen Manh Ha, vice chairman of the Vietnam Real Estate Association, said that tourism real estate needs to break down barriers to development as soon as possible, in order to move alongside the general economic recovery. “Currently, mechanisms and policies for resort real estate are unclear, especially in terms of new types of real estate such as condotels, officetels, and second-home villas in resorts,” Ha said. The legal framework has not kept pace with the reality of hospitality and resort real estate development, thus partly hindering the growth momentum of these types of property, Ha added. They are not given a right use certificate, known as a red book in Vietnam, because they are built on land plots permitted for developing tourism property only, and not for residential projects. Doan Van Binh, chairman of CEO Group, said that supply is scarce not only in Vietnam but worldwide due to the impact of … [Read more...] about Developers clamour for legal clarity

Low-income housing projects will be prioritised in major cities, particularly Hanoi and HCM City. Real estate giant Vinhomes has announced plans to build 500,000 social housing apartments priced below VND1 billion across the country over the next five year. In August this year, the firm will start its first project. Low-income housing projects will be prioritised in major cities, particularly Hanoi and HCM City Housing and Urban Development Corporation has recently started work on a social housing project in the northern province of Hanoi to offer 564 apartments priced at just VND380 million (USD16,521) each. Thanh Hoa provincial authorities have approved a low-income housing project in Thanh Hoa City which will provide up to 2,400 apartments. Meanwhile, Ninh Binh Province has agreed on a project to build 2,153 apartments at Gian Khau Industrial Park and neighbouring areas. Four low-income housing projects in the country were completed in the first … [Read more...] about More low-income housing projects to be carried out