Central Vietnam city Danang shortens land lease period for coastal projects from 70 to 50 years
The central city of Danang has adjusted down land lease period for several coastal projects from 70 to 50 years, said Vo Nguyen Chuong, deputy director of the municipal Department of Natural Resources and Environment.
![The New Town High-end Sport Services and Commercial Urban Area in Danang, central Vietnam. Photo by The Investor/Thanh Van.](https://i.ex-cdn.com/theinvestor.vn/files/content/2024/08/10/danang-1707.jpg)
The New Town High-end Sport Services and Commercial Urban Area in Danang, central Vietnam. Photo by The Investor/Thanh Van.
Among these projects is the New Town High-end Sport Services and Commercial Urban Area, formerly Vinacapital Danang Golf Course, in Ngu Hanh Son district.
Specifically, the municipal authorities allowed New Town Development Company Limited to change the project’s land use right from land lease with a one-off rental payment for 70 years to land allocation with land use fees payable for 50 years.
Previously, the city People's Committee had granted an investment registration certificate for the Vinacapital Golf Course project to Vietnam Property Holding Ltd – a wholly foreign-invested company. It then established Vinacapital Danang Golf Course Company Limited to implement the project.
After two transfers of capital contribution, Vinacapital Danang Golf Course Company Limited was renamed New Town Development Company Limited, a wholly domestically invested firm, and the Department of Planning and Investment also issued a new investment registration certificate recording the change of the investor's name.
According to Clause 2, Article 55 and Clause 3, Article 126 of the 2013 Land Law, economic organizations are allocated land by the State with land use fees collected to carry out investment projects to build housing for sale or lease-sale with land allocation period following the lifespan of the investment project but not exceeding 50 years.
The municipal People's Committee’s permission for the adjustment is based on the company's application and in accordance with the current land law regulations, according to Chuong.
Such adjustment will be made on four similar coastal projects in the near future, he added.
Checking land use of 669 cases
According to the department, since 2017, this unit has extended the deadlines for putting land into use for 107 projects and land plots.
It will continue to check land use progress in 669 cases with a total area of about 34.3 million square meters, said the official.
In the coming time, the department will inspect and handle projects whose land use extension period has expired according to regulations, while delivering timely and practical support for investors to implement procedures to invest in construction and put land into use, Chuong said.
It will inspect and publicize cases violating the land law; projects that do not put land into use, or show a slow land use progress according to the provisions of the Land Law and the guidelines of the Ministry of Natural Resources and Environment.
In particular, attention will be paid to removing obstacles and difficulties in land procedures to create conditions for investors to continue implementing their projects, thus unleashing resources and making an important contribution to local socio-economic development, he added.
- Read More
Sales of Samsung's 4 major Vietnam plants up in H1, but profits fall
Four Vietnamese subsidiaries of South Korean giant Samsung Electronics reported combined revenues of KRW42,017.3 billion ($31.38 billion) in the first half of 2024, up 8.6% year-on-year, but post-tax profits decreased 2% to KRW2,939.7 billion ($2.2 billion).
Companies - Mon, September 9, 2024 | 8:07 am GMT+7
Super typhoon Yagi, floods cause at least 21 deaths in northern Vietnam
Yagi that made landfall in northern Vietnam on Saturday and floods after the super typhoon have claimed at least 21 lives and left nearly 230 others injured.
Society - Sun, September 8, 2024 | 9:35 pm GMT+7
Vietnam real estate sector may start revival in H2, continue through 2026: broker
Vietnam’s real estate market could start recovering in the second half of this year and continue to revive until 2026, driven by new real estate laws and lower mortgage rates, says a report by Shinhan Securities Vietnam.
Real Estate - Sun, September 8, 2024 | 7:40 pm GMT+7
Vietnam’s 2024 credit growth target of 15% attainable: official
The State Bank of Vietnam (SBV), the country's central bank, is confident in achieving the credit growth target of 15% this year despite a sluggish start, SBV Deputy Governor Dao Minh Tu said, citing a more optimistic economic outlook.
Banking - Sun, September 8, 2024 | 4:20 pm GMT+7
Singapore firm to deploy $80 mln freeze-dried instant coffee project in central Vietnam
Future Enterprises Pte. Ltd, a subsidiary of Singapore-based Food Empire Holdings Group, has been licensed to build a freeze-dried instant coffee plant with an annual capacity of 5,400 tons in the central province of Binh Dinh.
Industries - Sun, September 8, 2024 | 1:33 pm GMT+7
Vietnam art market dominated by Vietnamese buyers a collector’s dream come true
Ten years after I wrote an article titled "Playing and buying paintings," the Vietnamese art market has evolved significantly.
Travel - Sun, September 8, 2024 | 11:04 am GMT+7
Vietnam outbound investment shrinks 64.6% to $147 mln in Jan-Aug
Outbound investment by Vietnamese companies dropped 64.6% year-on-year to $147.3 million in the first eight months of this year, according to government data.
Industries - Sun, September 8, 2024 | 9:58 am GMT+7
Super typhoon Yagi kills at least 8 in northern Vietnam
Super typhoon Yagi has claimed at least eight lives and left nearly 200 others injured after making landfall in northern Vietnam on Saturday.
Society - Sun, September 8, 2024 | 9:47 am GMT+7
Vietnamese SMEs can make products with global appeal: Amazon exec
Made-in-Vietnam products that appeal to global consumers can come from small and medium-sized enterprises (SMEs), not necessarily large companies, says Natalie Thuan Ngo, head of business development, Amazon Global Selling Vietnam.
Economy - Sun, September 8, 2024 | 7:55 am GMT+7
Super typhoon Yagi devastates Hanoi
Typhoon Yagi made landfall in Hanoi on Saturday evening, bringing powerful winds of 89-102 km per hour and heavy rainfall. The storm caused widespread flooding and downed numerous trees.
Southeast Asia - Sat, September 7, 2024 | 10:17 pm GMT+7
Vietnam finance ministry urged to seek $4 bln of bonds for strategic infrastructure development
The Vietnamese Ministry of Finance has been requested to mobilize another VND100 trillion ($4.06 billion) worth of bonds for strategic infrastructure development.
Economy - Sat, September 7, 2024 | 7:14 pm GMT+7
FTSE Russell adds three Vietnam tickers to flagship index
Global index provider FTSE Russell has added three Vietnamese stocks to its FTSE Vietnam Index, the underlying index of the FTSE Vietnam ETF.
Finance - Sat, September 7, 2024 | 5:08 pm GMT+7
PV Gas launches first LNG train on south-north railway route
PV Gas officially inaugurated its first liquefied natural gas (LNG) train shipment from the south to the north of the country on Friday, marking a milestone in Vietnam’s gas industry.
Companies - Sat, September 7, 2024 | 1:48 pm GMT+7
Vietnam's Jan-Aug CPI up 4.04%
Vietnam's consumer price index (CPI), an indicator of inflation, went up 4.04% year-on-year in the first eight months of this year, remaining unchanged in the last two months (July and August).
Economy - Sat, September 7, 2024 | 1:37 pm GMT+7
Vietnam state-run airport developer ACV has new chairman
Vu The Phiet, CEO of state-controlled Airports Corporation of Vietnam (ACV), has been named chair of the company - the operator of 22 airports across the country.
Companies - Sat, September 7, 2024 | 12:07 pm GMT+7
Super typhoon Yagi: Flash floods and landslides warnings issued for some northern Vietnam provinces
Northern Vietnam will experience heavy rainfall, with some localities receiving exceptionally heavy precipitation, from Saturday through Monday morning due to the super typhoon Yagi, according to the National Center for Hydro-Meteorological Forecasting.
Society - Sat, September 7, 2024 | 11:50 am GMT+7