Update on the Commercial Services – Binh Dang Apartment Project in District 8
On June 2nd, the Ho Chi Minh City People’s Committee Office issued a critique and directed the Department of Construction and Finance to address delays in resolving procedural issues regarding the Commercial Services – Binh Dang Apartment Project in District 8.
The document, signed by Vice Chairman of the Ho Chi Minh City People’s Committee Bui Xuan Cuong, stated: “Regarding the resolution of difficulties and obstacles faced by the Commercial Services – Binh Dang Apartment Project, the People’s Committee has issued directives to relevant agencies to consider the proposals of Saigon Real Estate Company (the project investor). However, the Department of Construction and Finance have not yet advised and presented to the People’s Committee for consideration and proposals on adjusting the local planning scheme at a ratio of 1/2000 (updating the project’s architectural planning indicators) and extending the project implementation progress, thereby providing a basis for resolving the construction permit (phase 2) for the project.”
The project is located on National Highway 50
“The People’s Committee criticizes the Department of Construction and Finance for their delay in resolving the above-mentioned procedures. The Departments are requested to report the results of carrying out the People’s Committee’s instructions and submit them to the People’s Committee before June 10th,” the document stated.
As reported by NLD on numerous occasions, the procedural difficulties at the Commercial Services – Binh Dang Apartment Project have pushed Saigon Real Estate Development Joint Stock Company into a state of debt and exhaustion.
Currently, over 50% of the company’s staff have left, and the company pays more than VND 1 billion in bank interest each month. Moreover, the banks have also notified that if the financial situation does not improve, the project is at high risk of being classified as a bad debt. This situation causes significant opportunity cost and capital loss for the state.
Introducing Blanca City, Vung Tau: The Oceanfront White City
In June 2025, Sun Property, a proud member of the Sun Group conglomerate, unveiled Blanca City – an exquisite oceanfront metropolis in Vung Tau. This pioneering seaside development sets a new standard with its “All-in-One” concept, offering a seamless blend of residential, recreational, and entertainment opportunities within an affluent lifestyle space. The highlight of this project is the expansive 19-hectare Sun World Water Park, a versatile attraction that elevates the experience of residents and visitors alike.
Unlocking the Golden Block: A Plea to Revoke the Transaction Block on 132 Ben Van Don’s Prime Location
The People’s Court of Ho Chi Minh City has requested the People’s Committee of Ho Chi Minh City to lift the restrictions on land transfer transactions at 132 Ben Van Don, District 4. This request is based on the fact that Phu My Hung Investment Joint Stock Company, as a third-party transferee of the land use rights and developer of the Millennium project, has been duly authorized by the competent authorities. The company has been issued land use certificates and project implementation licenses, and has subsequently transferred the property to buyers in independent civil transactions.
Crafting the New Business Ecosystem
Professor Ngo Thang Loi, a distinguished faculty member at the National University of Economics, asserts that the development of two international financial centers in Ho Chi Minh City and Danang will foster the formation of a novel business ecosystem.
Proposed Title: Proposal to Lift the Restraining Order on Millennium District 4 Project Transactions
“Phat Dat Real Estate Development JSC (HOSE: PDR) on May 29, 2025, revealed that the Ho Chi Minh City People’s Court’s first-instance verdict on May 13, 2025, pertained to the Millennium project located on a 132 Ben Van Don land lot in District 4.”
Unraveling the Red Tape: Prioritizing Title Deeds for Home Buyers
On May 30, the 5013 Task Force, led by Mr. Nguyen Toan Thang, Director of the HCMC Department of Agriculture and Rural Development, met with representatives of the investors of seven commercial housing projects in HCMC. The team included leaders from various departments, sectors, and the city’s Land Registration Office.
