Archive | August, 2008

Construction update – August 2008

30 Aug




My Hung new urban area

30 Aug

Located in South Can Tho bridge new urban area, Cai Rang district, Can Tho city, My Hung new urban area has the total area of 75 hectares. Moreover, it is close to International University, Tay Do University and Tay Do Cultural Center, opposite intercity – Ho Chi Minh city, near Can Tho bridge and 2km from Can Tho center. Thanks to those factors, it is easy for My Hung Central Park to carry out commercial and financial transactions as well as transportation activities.

Estimated that My Hung will receive about 11,000 inhabitants, not inclusive of travellers.

My Hung’s infrastructures

Public facilities

– Mall: comprises 500 – 700 stores (43,000 sq.m), international hospital (20,000 sq.m ) with 200 – 300 beds, 5 star hotels (10,000 sq.m) with 150 rooms, secondery schools (14,000 sq.m), primary school (16,000 sq.m), and kindergarten (10,000 sq.m).

– Ward’s financial area: 2000 sq.m. Petrol station (925 sq.m), public parking (more than 3000 sq.m). Waste treatment system, waste transportation area create a clean urban area

– Cultural Park along Cai Nai canal: sports area, exercising course, entertainment area, semicircle pool, , marina, irrigation canal, bridge for sight-seeing, restaurant area.

Housing work

– Commercial house and commercial house with back yard: 1,123 lots with 5-9m of width and 16 – 18 m of length and 48 8m wide lots. Suitable for building villa shaped 3-6 floor houses.

– Multi-functional high building: 171,285 sq.m for building 3,000 – 4,000 apartments combining with commerce and office building with a scale of 7 -28 floors.

– All works in new urban area have underground light, telecom, fire preventation, water supply system together with clean environment project.

Contact Information

Hong Loan real estate and construction company
Address: 16 – 18 Tran Van Kheo st., Cai Khe ward, Ninh Kieu district, Can Tho
Tel: 0710. 765438
Fax: 0710. 764 166

Vietnam House breaks ground for high-class residence

26 Aug



The local real estate company Vietnam House Joint Stock Co. on Saturday began work on a high-class residence project in Truong Thanh Ward in HCMC’s District 9 with investment capital of some VND1,600 billion, or nearly US$100 million.

The Boat Club Residences project covering 14.5 hectares is aimed to build 96 villas, 39 houses, seven blocks of apartments, each with between eight and 14 floors, a school and a sport area.

Surround by Tac and Rach Mon rivulets, the project has been designed like a resort area with public works and high-class facilities including a marina, a central park, a swimming pool, restaurants, supermarkets, and eating and drinking facilities along the Rach Mon River.

There will be pedestrian passageways together with clumps of tree and flowers of all year round, 24/24 security guard service, and care service for both public parks and personal gardens to bring the best convenient and comfortable services to the dwellers.

Due for completion by 2012, the high-class residences project will accommodate some 3,500 people.

The project in District 9 is located right in the center of economic development triangle encompassing HCMC, Dong Nai, Binh Duong and Ba Ria-Vung Tau.

Source: Saigon Times

VTC to develop software park in central region

26 Aug
The VTC Online Telecommunications Company will invest US$83.3 million to build a software park in the central province of Nghe An, helping to promote the development of the industry there.

Phan Dinh Trac, chairman of the province, told the Daily on the phone that the provincial authorities had licensed the project which he believed would spur the software industry.

This is the biggest project that has been approved in the software industry in Nghe An and it will help to create more jobs for local residents, particularly young people, he said.

VTC will begin work on the five-hectare software park in Ha Huy Tap in Vinh City in November this year. It is scheduled to be up and running by 2011.

When the park is in place, according to the investor, production facilities there will generate 10,000 jobs and fetch around US$13-20 million in sales revenue.

Phan Sao Nam, director of VTC, said in a statement that the project would focus on constructing modern infrastructure to provide facilities for human training for the IT sector and develop digital content projects.

VTC will complete basic infrastructure in the first two years to accommodate IT training enterprises.

Major software and hi-tech park projects that have got under way in the year to date include the US$1.2 billion Thu Thiem hi-tech park and the US$650 million Viet Nhat software park in District 2, HCMC.

The other software parks are the 63-hectare Hoa Lac in Hanoi, six-hectare FPT in Danang and seven-hectare expansion of Quang Trung in HCMC.

The HCMC Computer Association reported that the country would see more software park constructions up to 2010 because the industry is growing fast with annual growth of 30-40%.

Phi Anh Tuan, deputy chairman of the association and director of the HCMC branch of CMC Corporation, told the Daily that the software park development would create good infrastructure and a convenient business environment for enterprises in the IT industry.

A report by the association says the total investment capital for software park projects in the 2006-2008 period is VND2 trillion, four times higher than in 2000-2005.

The Ministry of Information and Communication says the software industry is looking to attain US$800 million in revenue from software development and services by 2010, 40% of it from software exports.

Source: Saigon Times

NA committee debates draft law on real estate

26 Aug

The National Assembly (NA) Standing Committee yesterday discussed the draft laws on real estate registration and guaranteed transactions, with legislators asking for more revisions to the laws before they are submitted to the NA in October.

Director of the NA Legal Committee, Nguyen Van Thuan said it would be a mistake if the draft law on real estate registration regulated transactions of all forms of real estate.

“Real estate under the current laws include land, housing, constructions, mines, forests, and bodies of water for aquaculture production. These are governed by different laws and different ministries. Therefore, applying a transaction certificate for all of them, as the draft law regulates, will be unsuitable,” said Thuan.

Thuan added that the common international concept of real estate was land and residential houses, so it would be a complicated issue if the draft law required the registration of transaction of factories and mines.

Registrations of property rights and property transaction are two different legal institutions, therefore, the processes will also be different and can not be governed by the same law and the same agency.

Other deputies also warned that the draft would cause more red tape as it requested real estate owners to have both a certificate of use rights and a permit in order to engage in civil transactions.

The draft law has six chapters and 76 articles, regulating trading, exchange, gifting, inheriting and capitalization of real estate in Viet Nam.

Regarding the law on guaranteed transactions, deputies agreed that the draft law could confuse people and even State agencies as it’s articles overlapped with other existing laws such as the laws on Land, Housing, Maritime and Civil Aviation.

Thuan said that there was no convincing reason for the introduction of the law as it stood at the moment.

Source: Vietnam News

Phu Quoc to develop casino services on trial basis

26 Aug

Phu Quoc Island off Kien Giang Province will develop a complex of tourism, entertainment, and casino services on a pilot basis there following the latest decision from the central government, an official of the island district said.

The Prime Minister has just agreed to the scheme to carry out one pilot project on Phu Quoc and asked related ministries to draw up criteria to select the best investor for the complex, the official told the Daily.

“The Government has just agreed on the development of one complex of these services there,” he said.

He said that three to four big investors have shown keen interest to spend billions of US dollars in developing casino projects on Phu Quoc, not to mention numerous other small investors.

Phu Quoc Island, nearly an hour’s flying from HCMC, has a coastline of some 150 kilometers. It takes about an hour or so to fly from the 561-square-kilometer island to Thailand, Indonesia, Malaysia or Singapore.

In late 2005, the then Prime Minister Phan Van Khai has approved an overall scheme to develop Phu Quoc until 2020, with an aim to develop the island into an attractive tourist paradise to attract two to three million guests a year.

The provincial government also has earned green light from the central Government to develop casinos on the tourist island. However, as the casino business is conditional, so the provincial must wait for a formal decision from the central Government for developing such a project.

In a talk with the Daily last Thursday, Pham Vu Hong, head of the management unit in charge of investment projects in Phu Quoc Island, said that the island had so far given investment certificates to 21 projects with total pledged investment at around US$1.72 billion, with only two of them foreign-invested ones.

“In general, around 250 investors are interested in developing their projects in the island. Many of them are local investors. We just agreed in principle to some investors, while many others are still waiting,” he said.

Up to now, the Starbay Vietnam Co., Ltd. is the biggest investor in Phu Quoc Island with a project for a large-scale resort named Dai Beach Resort worth some US$ 1.8 billion.

Phu Quoc Island welcomed around 128,000 travelers during the first eight months of this year, up around 8.33% year-on -year. Of them, nearly 35,000 are foreigners. The island is expected to earn VND266 billion from tourism revenue in 2008.

Source: Saigon Times

HCM City temporarily stops licencing golf courses

21 Aug

The HCM City People’s Committee’s decision to temporarily stop licencing golf course projects will take effect from now till related agencies submit reports and suggestions about golf course planning.

The city’s authorities have told related agencies to re-evaluate the effectiveness of operational golf courses and projects underway in the city. Projects that are detected with violations may have licences revoked.

Specifically, the city will inspect the construction pace, how project developers obey environmental rules, consider the impacts of projects on the environment, etc. Projects that are being implemented slowly may be halted.

According to the local Department of Planning and Investment, HCM City has six golf course projects totalling 1,262ha, including one project in District 2, Tan Binh, Binh Chanh, Chu Chi districts, two in District 2. In addition, two other projects are being submitted to local authorities for consideration.

Among the above golf courses, only one, the one belonging to the Hoa – Viet Joint Venture Company in District 9, has been put into operation. Yet, competent agencies haven’t evaluated its impacts on the environment and local residents yet.

The HCM City government instructed the Department of Planning and Investment to combine with the Departments of Natural Resources and the Environment, Construction, Planning and Architecture, Labour – War Invalids – Social Affairs, and the Taxation Agency to check the operations of golf course projects to evaluate economic and social effects of these projects.

These agencies were also requested to research and suggest criteria for licencing golf course projects and mechanisms to manage golf courses to ensure their effectiveness and especially monitor environmental protection.

These above agencies must send reports to the HCM City People’s Committee prior to September 15.

In May 2008, HCM City reported its plan to check golf course projects in the city to the Ministry of Planning and Investment. The two first projects under inspection are Rach Chiec and Sing-Viet.

(Source: VNE)