Binh Duong recalls 11 stagnant projects

Authorities in the southern province of Binh Duong have decided to stop investments into 11 stagnant real estate projects in the area.

Authorities in the southern province of Binh Duong have decided to stop investments into 11 stagnant real estate projects in the area.

  

Binh Duong recalls 11 stagnant projects

Those projects have been stagnant for years or have weak investors. Some of the projects are apartment buildings for low-income people in Thuan Dao Ward, the dormitory project for workers in Tan Dong Hiep Ward and the S.Home-Binh Duong Project in Binh Chuan Ward.

Three projects in Thuan An and Di An communes were recalled in 2017, four projects in Thua Dau Mot City, Thuan An, Ben Cat and Tan Uyen communes were revoked last year. Since early 2019, Binh Duong authorities have already made plans to revoke four projects.

The Department of Natural Resources and the Environment also published the names of seven companies that violated land-use regulations. Most of their projects have large plots of land. For examples, Lai Hung urban area project of Vinh Quang Company covers 30.74 hectares. A stagnant project of San Miguel Pure Food Company covers over 2.3 million square metres in Lai Hung Commune.

Other companies that have stagnant projects are Vissan Company, Saigon 3 Garment Factory, Long Viet Wooden Technology JSC, Duc Loi Investment and Development JSC, and Tsung Chang Industries.

Those companies have been given an extended deadline to start their projects.

As of now, the Department of Natural Resources and Environment has published the names of 21 violating companies and organisations on its website.

Binh Duong has the most on-going real estate projects in Vietnam with 381 projects. In the first five months of 2019, the local authorities have given approval to 17 projects.