Illustrative photo. (Source: Vietnam Economic Times) Vietnam Economic Times quoted comments by the Vietnam Real Estate Association as saying that the real estate market has been stagnant as localities have intensified the inspection of real estate projects and the control of credit flows into the sector has been tightened. Nguyen Quoc Hiep, Chairman of the real estate company GP Invest, blamed administrative red tape and new regulations for the standstill facing the sector. “We had completed procedures for our project in accordance with previous regulations, but our efforts were in vain as the Land Law 2014 accompanied by new rules came into force. The current regulations required for real estate projects are extremely challenging to firms,” Hiep claimed. He underpinned his view by preliminary statistics that Hanoi had only six commercial housing projects approved during the first half of 2019. Nguyen Ngoc Thanh, Chairman of the Haiphong city Real Estate Association, complained that he had taken three years to finalize procedures in relation to adjustments to the planning of a project. While the dossiers were submitted to competent agencies, an official in charge of receiving such procedures was reportedly joining a refresher course and no one was assigned to assume… Read full this story
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