HCMC property developers fined for selling under-construction housing without permission
Authorities in Ho Chi Minh City have fined real estate developers Gamuda Land and Khai Thinh for selling incomplete housing projects without permission.
The Malaysian-backed Gamuda Land has been fined VND900 million ($38,400) for selling properties at a housing project that is still under construction in Tan Phu district without a Construction Department license.
A Gamuda Land housing project in Ho Chi Minh City’s Tan Phu district. Photo courtesy of Youth newspaper
Khai Thinh has been fined VND500 million ($21,300) for the same reason. The Vietnamese developer had sold apartments at its Khai Vy residential project in District 7 without permission.
The decision also includes a 4.5-month ban on trading at the project.
In addition, the HCMC People's Committee has issued a decision to force Vietnamese developer PPI Group to pay a VND900 million ($38,400) fine that it has so far yet to hand over.
- Related News
- Read More
Indonesia promises Asia-Pacific investors more incentives
Indonesian President Prabowo Subianto recently told the press that he will create more incentives and expand special economic zones (SEZs) so as to lure investors from Asia-Pacific.
Southeast Asia - Mon, November 18, 2024 | 11:01 pm GMT+7
Indonesia, Brazil enhance aviation cooperation
Indonesia's state-owned aircraft manufacturer, Dirgantara Indonesia (DI), and Brazilian aerospace company Embraer have signed a memorandum of understanding (MoU) to expand collaboration in the commercial aviation sector.
Southeast Asia - Mon, November 18, 2024 | 11:00 pm GMT+7
Indonesia eyes to become member of BRICS
Indonesian President Prabowo Subianto has shown his country’s desire to become a member of the BRICS - the alliance of major emerging economies initiated by Brazil, Russia, India, China, and South Africa.
Southeast Asia - Mon, November 18, 2024 | 10:57 pm GMT+7
Former Party chief, chairman of Vinh Phuc province face disciplinary action
Vietnam’s Central Inspection Committee has proposed disciplining Pham Van Vong, former Party chief of Vinh Phuc, and Phung Quang Hung, former chairman of the northern province, for violations related to Phuc Son Group.
Politics - Mon, November 18, 2024 | 9:17 pm GMT+7
Shaping a waterway into a key shipping channel: Viconship gets dredging nod
A major dredging project will allow safer ship navigation and increased cargo transportation capacity on the Hai Phong shipping channel, thereby enhancing competitiveness of Vinconship’s port system, says the company.
Companies - Mon, November 18, 2024 | 7:08 pm GMT+7
Former assistant to State President appointed general director of state-owned financial firm HFIC
Truong Tuan Anh, an official at the State President Office and former assistant to a state president, has been appointed general director of Ho Chi Minh City Finance and Investment Stated-owned Company (HFIC).
Companies - Mon, November 18, 2024 | 5:35 pm GMT+7
MBBank’s takeover of weak OceanBank to have limited impact on its credit profile: Fitch
Military Commercial Joint Stock Bank's (MBBank) takeover of Ocean Commercial Bank Limited (OceanBank) will have limited financial impact on the former’s credit profile, Fitch Ratings said Monday.
Banking - Mon, November 18, 2024 | 5:06 pm GMT+7
Win-win philosophy indispensable for sustainable growth: Bamboo Capital founder
A win-win cooperation strategy is not just desirable, but a necessary condition for sustainable development, says Nguyen Ho Nam, founder of Vietnam’s private conglomerate Bamboo Capital Group.
Bamboo Capital - Mon, November 18, 2024 | 4:46 pm GMT+7
Vietnam central bank resumes selling gold after 1-month hiatus
The State Bank of Vietnam (SBV), the country's central bank, on Monday announced that it will reactivate the sale of SJC-branded gold bars to meet market demand.
Banking - Mon, November 18, 2024 | 4:02 pm GMT+7
Vietnam 2nd biggest market of Thai giant Central Retail in Jan-Sept
Thailand’s leading retailer Central Retail earned a revenue of THB37.99 billion ($1.09 billion) in Vietnam in the first nine months of this year, up 0.9% year-on-year.
Companies - Mon, November 18, 2024 | 4:00 pm GMT+7
Singapore firm to invest in $19.7 mln garment factory in central Vietnam
Singaporean-based HGQ ASIA Pte., Ltd will pour nearly VND500 billion ($19.7 million) into building a garment factory in the south-central province of Binh Dinh.
Industries - Mon, November 18, 2024 | 2:23 pm GMT+7
IP developer KBC to raise $236 mln to restructure debts, augment capital
Kinhbac City Development Holding Corporation (KBC), a leading industrial real estate developer in Vietnam, will offer 250 million shares to 11 investors for more than $6,000 trillion ($236.4 million) to restructure its debts.
Companies - Mon, November 18, 2024 | 2:17 pm GMT+7
Vietnam's chemical giant Vinachem targets $500 mln trade turnover with Brazil in 2030
Vietnam’s state-run chemical group Vinachem and Brazil’s major trading firm Oceanside One Trading LLC say they will strive to boost their bilateral trade to $500 million in 2030.
Companies - Mon, November 18, 2024 | 12:32 pm GMT+7
Vietnam may welcome more FDI from US allies in Trump 2.0: broker
More companies from U.S. allies and elsewhere may move more production facilities to Vietnam in the second term of Donald Trump as U.S. President, given the expected intensification of U.S-China trade tension, according to KB Securities Vietnam (KBSV).
Economy - Mon, November 18, 2024 | 12:19 pm GMT+7
Vietnam PM asks Brazil's aerospace giant Embraer to help with air logistics development
Vietnam seeks to build an air logistics center and plans to collaborate with Brazil’s aerospace giant Embraer for the task, says Prime Minister Pham Minh Chinh.
Companies - Mon, November 18, 2024 | 10:45 am GMT+7
Singapore-domiciled TAEL Two Partners struggles to divest from Vietnam taxi operator Vinasun at loss
Singapore-headquartered fund TAEL Two Partners has planned to divest entirely from Vietnamese taxi operator Vinasun at a heavy loss after more than a decade of investment.
Finance - Mon, November 18, 2024 | 10:19 am GMT+7
