Ho Chi Minh City People’s Council has canceled 61 projects which have failed to be implemented on schedule, with developers showing their incapability to move things forward.
For example, the two projects located in the central business districts were approved for transfer from the land for growing rice to urban development land between 2015 and 2017, but remain long-delayed. Details of the two projects are provided in the table below.
Some of HCMC large-scale property projects, either suffer from project cancellation or be put on the waiting list of authorities’ proceed approval. Two prominent projects, namely the eco-smart city in the new urban area of Thu Thiem from Lotte Group and two shopping malls - Saigon Centre IV and V, located in HCMC’s central district from Keppel Land Watsco are overdue. More information on the two projects is detailed below.
According to the HCMC People’s Committee and a report from competent agencies, delays in the city can be attributed to three reasons. Firstly, the sophistication in the actual ownership of the land plots’ regulations has put projects on hold. Secondly, the regular change in the zoning plan of different areas has put pressure on projects to adjust constantly. The last reason is the lack of capacity from investors.
Delayed projects caused by overlapping and complicated procedures have created a hindrance to local residents and waste in land plots. Statistics from HCMC Department of Planning and Investment have demonstrated that the city has more than 130 projects of this kind.
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