In November 2024, the Dong Nai Provincial People's Committee's approval of a local adjustment of the General Planning of 1/10,000 of Bien Hoa City marked a decisive step in resolving the legal problems for Novaland's Aqua City project that has been stuck for more than 2 years.
Recently, on January 23, 2025, the People's Committee of Dong Nai province officially approved the cost of local adjustment of the 1/5,000 planning of subdivision C4.
This is a positive step forward towards completing the adjustment of the 1/5,000 planning of subdivision C4, expected in the first quarter of 2025. Therefore, it is expected that by July 2025, the Aqua City project will complete the detailed planning 1/500 and sales licenses for subdivisions in accordance with the new planning.
Also in November 2024, NovaWorld Phan Thiet was "dethroned" when the People's Committee of Binh Thuan province issued a decision to adjust the project land lease decision, as a basis for resolving land financial obligations in this project.
NovaWorld Phan Thiet is expected to complete land use fee payment decisions from April 2025.
In parallel, legal work is being accelerated, construction activities at key projects are being accelerated. If by mid-2023, almost all of Novaland's project works were temporarily suspended, by mid-2024, 14/16 projects in the project clusters under construction were still under construction.
Similarly, Nam Bay Bay Investment Joint Stock Company (code NBB) accelerated the implementation of the NBB Garden III project in District 8, after being approved by the Ho Chi Minh City People's Committee for investment policy and approved as an investor. The project has a total investment capital of VND 2,706 billion.
By the end of 2024, Ho Chi Minh City had resolved 34 out of 64 projects facing legal difficulties. Some typical projects that have been completely removed include Song Viet Complex, invested by Quoc Loc Phat Joint Stock Company. This project has completely resolved legal problems, creating conditions for implementation.
Or the Social Housing Area of VTHouse Joint Stock Company and Tan Giao Joint Stock Company was also removed from legal problems, contributing to increasing the supply of social housing for the City.
Ho Chi Minh City is continuing to review and resolve problems for 30 other projects, in order to speed up the construction progress, meeting the housing needs of the people. In reality, many investors have quickly restarted their projects or reopened for sale after legal problems were resolved.
For example, Dien Phuc Thanh Company plans to launch more than 350 apartments on the market at the MT Eastmark City Project. In Thu Duc City, Dat Xanh Group is re-deploying the Datxanh Homes Riverside Project (formerly Gem Riverside). When it was released in 2018, the project was later suspended due to legal problems. Currently, although the official price has not been announced, there is information on the market that the price can be up to 100 million VND/m2, three times higher than the time of initial announcement.
Economic expert Dr. Nguyen Duy Phuong, Investment Director of DG Capital, commented that the real estate market in 2025 will continue to recover positively, especially in the second half of the year. Many businesses, after a period of efforts to complete the project's legal procedures, will launch new products, relieving the desire for supply to the market.
"In the early stages of the recovery cycle, businesses with advantages in land fund and cash flow will have a strong breakthrough momentum. Issues related to project legality are being handled quickly to help reduce risks, banks will disburse more to the real estate group.
More bank capital flows into the real estate group will promote the market's recovery process to take place faster," Dr. Phuong stated his opinion.
