BUSINESS

Vietnam ministry to inspect 12 major real estate firms

Tuoi Tre News

Updated : 01/09/2017 11:35 GMT + 7

The Vietnamese Ministry of Construction will carry out routine compliance inspections on 12 major corporations, including Vingroup, Sun Group, Bitexco, and Phu My Hung.

A leader of the ministry’s inspectorate told Tuoi Tre (Youth) newspaper on Monday that the agency will cooperate with relevant provinces and cities to inspect the 12 companies with regard to their compliance to government laws, rules, and policies on property planning, quality control, and development during the 2011-16 period.

The firms to be inspected are Muong Thanh Group, Vingroup, Sun Group, Tan Hoang Minh Group, Bitexco Group, FLC Group, Empire Group, Dai Quang Minh Real Estate Investment Joint Stock Company, Phu My Hung Development Corporation, Citra Westlake City Development Co. Ltd., Phat Dat Corporation, and Hung Thinh Corporation.    

All have developed major projects across Vietnam.

The inspectorate will look into Muong Thanh’s projects in the south-central province of Khanh Hoa, the leader, who prefers to remain anonymous, said.

Bitexco will have their projects in Ho Chi Minh City inspected while Empire will get their Cocobay Da Nang Entertainment Complex checked.

An inspection will be conducted at Dai Quang Minh’s project to build four arterial routes in the Thu Thiem New Urban Area in District 2, Ho Chi Minh City.

Inspectors will also work with Phu My Hung on Scenic-Valley, Scenic-Valley 2, and their other projects in Ho Chi Minh City.

In Hanoi, the Ciputra residential complex developed by Westlake City Development Co. Ltd. will be inspected.

“These inspections are carried out on an annual basis by the inspectorate, and are not something unexpected or unusual,” the leader told Tuoi Tre.

The inspectorate will also look into the implementation of a national housing development strategy in 63 provinces and cities nationwide.

Any problems with the strategy will be addressed to the prime minister for modification.

Housing projects for low-income people, factory workers, and students as well as commercial housing are also on the radar, the leader said.

Lawbreakers will all be harshly punished, he added.

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