The Ho Chi Minh City People’s Committee has assigned the Department of Transport to draft preferential policies for investors in parking projects, which are needed to meet the increasing demand for parking in the city. The authorities tasked the department with the incentive policy drafting at a meeting held on Thursday with concerned agencies and the investors of underground parking projects in the city. At the meeting, the department reported to the authorities about the situation of projects of underground parking lots for cars and motorbikes in the city’s central area. Four underground parking projects have been planned in the city, but at the meeting, the two investors of two of the four projects applied to quit the projects due to difficulties in investment capital. These investors are Vietnam Urban and Industrial Zone Development Investment Corporation (IDICO) and another Vietnamese firm Indochina Group, and these projects are located at the Tao Dan Cultural Park and the Hoa Lu Stadium, both in District 1, respectively.  The department said it is calling on other investors to engage in these projects. The other projects include one at Trong Dong Stage and Le Van Tam Park – both also in District 1. The city People’s Committee had earlier issued documents to a number of ministries asking them to propose that Prime Minister Nguyen Tan Dung agree to exempt investors of parking projects from paying land rents or land use fees on the areas that will be used to build parking lots and related facilities. The city authorities have also suggested that the State Bank of Vietnam consider parking projects - even those with shopping areas - as infrastructure projects rather than real estate projects so that their investors can enjoy lending priorities.

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