Tag: mixed-use development

Garmex has had to pivot and diversify its revenue streams, with the latest venture into pickleball court rentals bringing in over VND 508 million. Despite this innovative thinking and a much-needed new income stream, the company has reported an audited loss of VND 14.3 billion for the first half of 2025, with cumulative losses surpassing VND 118 billion. This transitional period has proven challenging, and the company is yet to turn a profit with its new direction.

Once again, land administration under the current legal framework has become a bottleneck for development. The 2024 Land Law, barely a year old, has revealed impediments necessitating amendments.

The hefty land-use conversion tax has burdened many residents, who, after withdrawing their applications, were still faced with outstanding tax liabilities and late payment penalties by the tax department. This has left them wondering, "Why are we still penalized despite the land registry office's approval of our withdrawal?"