Invested 450 billion VND, but a real estate business was suspended for 3 years due to the “Western name”,

In the proposal of the Ho Chi Minh City Real Estate Association (HoREA) to the People’s Committee of Ho Chi Minh City and the Department of Construction, to remove the difficulties and obstacles of 29 businesses with 38 real estate projects, there are quite a few cases ” rare” is AA VinaCapital Co., Ltd. “encumbered with procedures” because of a foreign name.

Real estate businesses have problems with procedures because of the “Western name”

Specifically, AA VinaCapital Company Limited (an enterprise with 100% domestic capital since May 2018) is the investor of the project at Lot C7A-01, South City New Urban Area, Tan Phu Ward, District 7, HCMC.

The land at No. C7A-01 has an area of ​​2,475 m2, originating from the land that AA VinaCapital Co., Ltd. signed a lease contract on June 2, 2008 with Phu My Hung Joint Venture Company at the Notary Office. No. 2.

AA VinaCapital Co., Ltd. has performed the obligation to pay one-time land rent for the entire lease period in the amount of VND 87.44 billion according to Invoice No. 015123 dated March 15, 2008 of Phu My Hung Joint Venture Company, and was registered for the issuance of the Land Use Right Certificate on October 27, 2010.

The financial obligations related to this land plot have also been fully performed by Tan Thuan Company and Phu My Hung Company with the State.

Based on the detailed planning 1/500 of the Works at Lot No. C7A-01 approved by the Management Board of the Southern Area under Decision No. 107/QD-BQLKN dated November 20, 2012. In the past time, the Company has adjusted a number of construction investment procedures and has now completed 90% of related procedures, just waiting for the final stage of construction permit to proceed. construction investment now.

However, up to now, the Company has not been able to carry out construction work due to long-standing problems in the procedures for adjusting the project investment certificate at the Department of Planning and Investment, which has lasted for more than 24 months, from May 2/2020 to date has not been completed.

According to the company’s share, during the process of applying for a construction permit mentioned above, AA VinaCapital Co., Ltd. did not receive requests and instructions from the authorities on the adjustment of the certificate. project investment.

On February 5, 2020, AA VinaCapital Co., Ltd. submitted an application for a construction permit to the Southern Area Management Board to complete the final legal step to immediately implement the project in the first quarter of 2020. At this time, the Management Board of the Southern Area has requested that the Company contact the Department of Planning and Investment to amend the Investment Certificate due to the origin of the project mentioned above.

With the desire to quickly implement the project, on February 20, 2020, AA VinaCapital Co., Ltd. submitted an application at the Department of Planning and Investment to adjust the project progress according to the Investment Certificate and paid a fine for violations. The administrative violation is 35 million VND according to Decision No. 61/QD-XPVPHC dated June 23, 2020 of the Inspector of the Department of Planning and Investment.

However, up to now, the procedure for adjusting the investment certificate of the enterprise has not been completed. Therefore, up to now, the enterprise has not been able to carry out the construction of the project.

“The company has contacted and worked with the Department of Planning and Investment since February 2020. We have continuously provided documents related to the project, explaining the current case of AA VinaCapital Co., Ltd. is already a 100% domestic-invested enterprise (not a foreign enterprise), so it is no longer necessary to maintain the validity of the Investment Certificate issued to foreign investors in the past.

Therefore, we have asked the agencies to have documents guiding the procedures for the project to be invested and built according to the licensing documents for projects with 100% domestic capital. However, up to now, after more than 24 months, the enterprise’s dossier has not been resolved,” a representative of AA VinaCapital Co., Ltd. informed.

Quickly remove obstacles to increase housing supply

According to Mr. Le Hoang Chau, Chairman of Ho Chi Minh City Real Estate Association (HoREA), out of 29 businesses proposed to remove obstacles for 38 real estate projects of commercial housing, social housing and relocation housing. Most of the problems are related to legal issues or construction investment procedures, which have existed for many years but have not been cleared by Ho Chi Minh City.

In the case of AA VinaCapital Co., Ltd., the bases show that this is a 100% domestic owned enterprise with legal land use rights (granted a land use right certificate) at Lot C7A- 01.

Not to mention, the enterprise has invested in the project of 450 billion VND and over the past 3 years the Company has made every effort to carry out all necessary procedures to start construction as soon as it is received from the former capital contributors.

According to the proposal of this enterprise, HoREA proposed that the City People’s Committee assign the Department of Planning and Investment to consider approving the adjustment of the Investment Certificate, helping to remove difficulties for businesses, creating conditions for the project to be granted. construction permit and soon come into operation”, Mr. Chau informed.

Previously, in mid-March, HoREA sent a document to the People’s Committee of Ho Chi Minh City and the Department of Construction to report on the recommendations of 57 businesses on removing obstacles for 64 real estate projects, commercial and social housing. .

On April 8, the Office of the City People’s Committee issued a document conveying the opinions of the Chairman of the People’s Committee of Ho Chi Minh City, Phan Van Mai, assigning the Department of Construction to lead and coordinate with the Department of Natural Resources and Environment, the Department of Planning and Investment, the Department of Finance, and the Department of Planning. – Architecture, City Inspector, Department of Justice, City Tax Department and related units urgently study the content of proposals of businesses, promptly exchange, work and guide project investors. comply with regulations.

The City People’s Committee has asked departments to report the results of implementation within 30 working days.