New Process of Residential Construction Investments in HCM Shortened to 11 Months
Updated: Mar 11, 2021
The Department of Construction made a four-step proposal to the People Committee to resolve the investment procedures for residential constructions with land use rights. As a result, procedures will be completed in 215 working days, instead of three years in the previous proposal.
On February 27, at the meeting between the City's People Committee and real estate enterprises in 2021, The Department of Construction suggested four measures to address investment procedures for residential constructions with land use rights in 215 days (approximately 11 months). Specifically:
Step one: The Department of Planning and Investment implements the appraisal and approval of investment policy procedures within 35 days.
Step two: The Department of Planning - Architecture or People Committees of districts implement the appraisal and approval of detailed planning scale 1/500 in 40 days.
Step three: The Department of Natural Resources and Environment prepares procedures for land allocation in 20 days or changes the purpose of land use within 15 days.
Step four: HCM’s Department of Construction implements procedures for investment approval (35 days), appraisal of basic design (20 days), and construction permit (20 days).
These three processes can be completed along with determining financial obligations and paying land use fees at the Department of Natural Resources and Environment within 45 days.
Le Hoang Chau, Chairman of Ho Chi Minh City Real Estate Association (HoREA), welcomed this proposal of HCM’s Department of Construction and proposed the People Committee accept and sign the document in the nearest future.
According to Chau, the construction investment procedures and the time to implement each administrative procedure reduced from 3 years or even more to only 215 working days, which is 43 weeks, or almost 11 months, is a great timeline.
However, he said that it would be possible to integrate in a parallel manner and shorten the time to perform administrative procedures.
Accordingly, it is also achievable to complete the basic design appraisal and construction permit procedures in parallel within 35 days of applying investment approval procedures at the Department of Construction.
Interested to know deeper about Vietnam's business opportunities? Contact us right now for more information.