Report on slow project implementation in the area
Lao Dong Newspaper has just published a series of articles "88 Central Project has been unmoved for more than 5 years, customers are waiting anxiously", reflecting the fact that many years after paying money, a group of customers who ordered houses at the 88 Central Project (Long Bien ward, Hanoi City) have not yet seen this project implemented in reality.
Berjaya - Handico12 Joint Stock Company (the investor) has continuously made commitments on the time of signing the official purchase and sale contract but has not implemented them, citing many different reasons, seriously affecting the rights of the people. The matter has been hopeless for many years.
Functional agencies have taken new steps to promote the handling of the case.
On March 31, in an exchange with a reporter from Lao Dong Newspaper, Mr. Nguyen Manh Ha - Secretary of the Party Committee, Chairman of the People's Council of Long Bien Ward said that this project has been summarized by Long Bien Ward and reported to the city about the slow-progress project in the area.
We have summarized and reported to the city. The city has established a working group to handle it" - Mr. Nguyen Manh Ha said.
Previously, the collective of customers of project 88 Central had sent a petition to the Department of Police for Investigation of Corruption, Economic Crimes, and Smuggling (Ministry of Public Security).
According to the document dated February 24, 2026, after studying the content of the petition, based on the provisions of law, the Department of Police Investigation of Corruption, Economic, and Smuggling Crimes transferred the petition to the Head of the Investigation Police Agency of Hanoi City Police for direction and resolution according to their authority.
What did the investor say?
To clarify the reasons for the slow implementation of the 88 Central project, a reporter from Lao Dong Newspaper had an interview with Mr. Nguyen Quoc Viet - Chairman of the Board of Directors cum General Director of Berjaya - Handico12 Joint Stock Company.
According to the investor, Project 88 Central is currently in the process of adjusting the planning and completing legal procedures related to land for land plots CT06 and CT07.
The land use function of these land plots has been adjusted from high-rise residential land to low-rise residential land, leading to the need to re-implement and supplement many related legal procedures.
According to the investor, the actual number of registrations for purchase at the project is 74 units.
This company said that because it has not fully completed the legal conditions according to regulations, there is no basis to deploy construction as well as sign real estate purchase and sale contracts formed in the future.
Regarding the amount of money customers have paid, the investor said that the entire amount of money customers paid is managed by the company in the account system, and at the same time, the company maintains the ability to control and balance the source of money to ensure readiness to fully refund customers.
However, according to the reporter of Lao Dong Newspaper, a large number of customers do not agree with the liquidation plan proposed by the investor.
Mr. Vu Tuan Anh - representative of the collective of customers who signed the House Registration Contract at Project 88 Central - said his opinion: "The failure to implement the contract is entirely due to the fault of the investor, so the enterprise must be responsible for continuing to implement the project, instead of unilaterally proposing liquidation".
Regarding the story at Project 88 Central, a legal expert commented that the project has lasted for more than 5 years since the customer paid the money but it is still just an empty lot, the signing of the "Registered Purchase Contract" from 2020 is actually a form of early capital mobilization when the project does not have sufficient legal conditions to sign an official purchase and sale contract.
The fact that the investor kept customers' money for more than 5 years without carrying out any construction activities shows signs of abnormality or weak project implementation capacity.
To definitively resolve the case, the involvement of state management agencies is needed to clarify the legal status of the project, the reasons for the slow implementation and the legality of previous capital mobilization.
Transparency of these factors not only protects the rights of homebuyers but also contributes to stabilizing the order of the real estate market, avoiding similar disputes in the future.
