Illustrative photo (Photo: VNA)

HCM City (VNA) – The People’s Committee of Ho Chi Minh City held a conference on November 7 to help local real estate enterprises solve difficulties.

Le Hoang Chau, President of the Ho Chi Minh City Real Estate Association, said the local property market faces several bottlenecks affecting enterprises’ business and investment activities, including approval of investment intentions, ground clearance, land use feess, project acquisition, using land funds to pay for Build-Transfer (BT) contracts, and credit and financial procedure issues.

The slow settlement of these bottlenecks is one reason for the significant decrease in the supply of real estate products in 2018, which is forecast to continue reducing in 2019, Chau affirmed.

At the event, local enterprises shared difficulties facing them during project implementation.

Chairman of the municipal People’s Committee Nguyen Thanh Phong admitted that there remain several difficulties facing local property firms, including overlaps of legal regulations, credit crunch and long inspections by the Government Inspectorate.

Regarding the granting of certificates on land use rights, Phong assigned the municipal Department of Natural Resources and Environment to pay more attention to this matter.

He said that Vice Chairman of the local People’s Committee Tran Vinh Tuyen and Director of Construction Department Tran Trong Tuan are slated to chair monthly meetings with firms to help them solve difficulties as soon as possible.-VNA