A legislative session in Hanoi heard complaints from a group of apartment-dwellers on Monday who all said they had to bribe someone for the deed to their home.

“It’s complicated” was all the Minister of Natural Resources Pham Minh Quang had to say when confronted with the claims.

Nguyen Sy Cuong of the National Assembly's Legal Committee told the minister he had received numerous complaints from citizens who claimed they were asked to pay as much as VND8 million (US$377) in “smooth-out” money to receive the deed promised in their real estate contract.

Such complaints are fairly common, but they seemed particularly numerous among residents of the Me Tri Thuong apartment building in Nam Tu Liem District and the Hapulico building in Thanh Xuan District, Cuong said.

Under Vietnamese law, investors in apartment buildings may only apply for ownership papers when construction is complete.

As such, most apartment buyers here have paid most of the cost of their apartment by the time they can move in.

And most literally wait years before receiving official ownership certificates.

As such, some opt to bribe officials for the papers, without which they cannot resell the apartment or claim compensation in the event that they are relocated.

“There are many projects where the developer provides apartments for years and never mentions ownership papers,” Cuong said.

“And the people said that the most basic reason for the delay is the [officials'] desire for bribes,” he told the minister.

Quang replied that the process of registering for land and house-use rights varies from area to area.

“It’s especially complicated in urban areas like Hanoi and Ho Chi Minh City,” he said.

Quang said he has sent members of his staff to Hanoi to investigate the issue and added that “the situation has improved a lot.”

He said the ministry will enhance its oversight on procedures for issuing apartment use rights.

When the assembly’s vice chairwoman Nguyen Thi Kim Ngan and Hanoi deputy Bui Thi An pushed him for more specific solutions to the problem, the minister said he would provide a more detailed written answer in the future.

Red tape, among other problems, drives a majority of Vietnamese to resort to bribery as a common means of obtaining things they are legally entitled to, such as a deed to their house, medical attention or a slot at a public school.

During the same session, Do Van Duong, a member of the National Assembly's Justice Committee, asked the minister whether the illegal extraction of natural resources, like sand, has been facilitated by corrupt officials.

“According to the residents, it’s not easy to receive such a license, and a single sand barge dredging on the Red River can make VND50-60 million (US$2,360-2,830) a day,” Duong said.

He also pointed to "overly soft” penalties for such crimes--which include administrative censures and fines.

“You gobble up the nation's most precious resources and you just lose your license or pay some fines? [Those people] must be held criminally responsible for embezzling natural resources.

“The Penal Code should be amended to raise the top punishment to death,” Duong said.

Quang agreed that the punishment is too lenient and should be made tougher.

Tags: Co Nhan Tao, Giuong Tang Tre Em

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The Government has issued regulations on financial management of Vietnam Electricity (EVN), banning the group from making financial contribution to stock, banking, insurance, investment funds, real estate and finance.


EVN workers examine safety of the electric power transmission system (Photo: SGGP)

The largest power company in the country must abide by this regulation except special cases decided by the Prime Minister.

EVN investment in other fields must be in accordance with the law; ensure effectiveness, conservation and development of capital; increase revenue; and not change its goal of operation.

The group is entitled to mobilize capital from domestic and oversea individuals and organizations, and take full responsibilities for effectiveness of the capital use and payment of the debts together with interest.

Capital mobilization must ensure that the debt to equity ratio not exceed three times.

EVN can mobilize dormant capital from subsidiary companies which EVN holds 100 percent chartered capital. In case the group holds less, it must reach an agreement from the companies.

By Lam Nguyen – Translated by Hai Mien
Tags: Cỏ Nhân Tạo, Lưới Chắn Bóng, Trần Văn Sports

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Foreign Direct Investment (FDI) in the real estate sector was ranked second in Vietnam in the first seven months with 20 new projects that have been licensed at US$1.13 billion.


Hoang Anh Sai Gon Company introduces a new project in HCMC (Photo: SGGP)

The real estate FDI accounts for 11.9 percent of the total FDI capital in the country, according to the Foreign Investment Department under the Ministry of Planning and Investment.

Several projects of foreign and domestic investors have restarted after a long delay.

Vietnam’s real estate market is escaping from its bottom with initial positive changes, said Dr. Su Ngoc Khuong, director of property company Savills Vietnam.

Meantime, other real estate markets in the Asia region that have developed into their tops since last couple years, are now in the downward trend. This is believed to create attractiveness for the Vietnamese market, Khuong added.

By Do Tra Giang – Translated by Hai Mien

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Vietnam’s property market has shown signs of recovery after a long period of stagnation, heard a symposium held in Ho Chi Minh City on September 11.


Illustrative image (Photo: VNA)

Speaking at the "Vietnam Real Estate Symposium, 20 years looking back and two years looking forward" symposium", Nguyen Tran Nam, Deputy Minister of Construction, said that property prices had not increased and were now selling at reasonable prices, especially in the mid-range housing segment.

As for the high-end market, the prices of property projects in the western area of Hanoi fell dramatically, by 60 percent from 2011-2013. For the first half of the year, prices remained stable, with some project prices increasing by 1-2 percent only.

The number of transactions had gone up as well, he said. Around 5,100 transactions were completed in Hanoi in the first seven months of the year, or double the figure over the same period last year.

In HCM City, there were 4,500 transactions in the first seven months, a rise of 30 percent compared to the same period last year. As of August 20, the total value of real estate inventory was 82.295 trillion VND (3.9 billion USD), a drop of 46.254 trillion VND (2.2 billion USD) compared to the first quarter of last year. From December 31, 2013 to June 30, 2014, the total credit balance for property had increased by 7.7 percent to reach 282.2 trillion VND (13.3 billion USD). At least 20 percent of the government's housing credit package worth 30 trillion VND (1.4 billion USD) had been disbursed.

The property market has attracted a large amount of foreign direct investment (FDI). There are a total of 427 FDI property projects in the country, with total registered capital of 51 billion USD, ranking second after the processing industry.

Foreign direct investment in the real estate market accounts for 21 percent of total FDI in Vietnam. According to Savills Vietnam, the office-for-lease segment grew by 1.6 to 5 percent in most big cities in Asia Pacific, including Hanoi and HCM City, in the first half of the year.

Troy Griffiths, Deputy Managing Director of Savills Vietnam, said Vietnam's property leasing prices were competitive compared to other countries in the region, especially in the hotel, retail and serviced apartment segments.

Marc Townsend, Managing Director of CBRE Vietnam, said that HCM City and Hanoi were still the top target markets for property retailers.

Experts who spoke at the meeting said that high-end projects of a large scale were still the primary focus of developers.

However, only 20 percent of consumers can afford property in this segment, they said. Also, many property investors have to rely on short-term loans with high interest rates, while many small businesses that have weak financial capacity continue to take part in the market.

The country now has 15,316 property businesses. Of that number, 8,603 businesses have chartered capital of less than 20 billion VND (944,000 USD).

At the meeting, many foreign investors expressed concerns about lack of transparency and complicated administrative procedures in the real estate market.

They said a more open investment environment should be created.

To resolve these issues, the Vietnamese Government has issued many policies and incentives to ensure sustainable development of the market.

These include measures to control supply-demand balance; review and evaluation of projects; resolution of non-performing loans; and more loans to customers so they can buy houses.

The Ministry of Construction has also advised the Government to amend real estate business laws and housing laws with content that provides more favourable conditions to foreign businesses and foreigners to invest in real estate as well as rent and lease houses and land in Vietnam.

The symposium, held by the Australia Chamber of Commerce in Vietnam (Auscham), aimed to discuss the latest development in Vietnam's property sector, market insights, advice on attracting local and foreign investors, an upgrade on Law and Tax changes, and networking opportunities with key parties and well-known figures in the real estate industry.

Source: VNA
Tags: Cỏ Nhân Tạo, Lưới Chắn Bóng, Trần Văn Sports

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The alleged abduction of Arkansas real estate agent Beverly Carter, who vanished after showing a house to prospective customer, has her colleagues nervous about going to meet clients.

"They're scared and I need someone to give them some reassurance," said Brenda Rhoads, the principal broker at the real estate company where Carter worked.

Rhoads, who is good friends with Carter and worked with her for nine years, told ABC News that she arranged for a police detective to come and speak to her colleagues at Crye Leike Real Estate Services today to try and calm their fears even though Carter is still missing.

Some have said that Carter, a 50-year-old grandmother, should not have met the prospective buyer alone, but Rhoads dismissed those critiques, saying, "That's our job."

"I would say that 80 percent of my agents are women, but the men, they are devastated too," she said.

Little Rock police have apprehended the suspect in Carter's disappearance, Arron Lewis, and he spent much of today being questioned by the Pulaski County Sheriff's Department.

But Carter is still missing.

"The search crews are still out there," Sheriff's Department spokesman Lt. Carl Minden told ABC. "They've been out there since the day she went missing and they're continuing even though he's in custody. They're still going through their search patterns."

Minden said that investigators might be able to alter their search depending on information gathered in their meetings with Lewis, but "it hasn't (happened) as of yet."

According to her work website, Carter is the third-ranking real estate agent in Arkansas and is a member of a local industry board.

"She's the type of person who would do anything for anybody," Rhoads said.

"Beverly's the type of person, she's very bubbly. Beverly's laugh is contagious you could hear it throughout the office," she said.

Rhoads said that Beverly has been married to her husband Carl since she was just 16. The couple has two grown sons who live nearby with their four grandchildren and a fifth is on the way. They've lived in Arkansas for more than 30 years, and all three of their sons –- one died in a car crash about a decade ago –- were born in the state and they spend much of their free time on the lake near their home.

"Carl fishes a little bit, but Beverly mostly likes just being on the water. She's what you'd call a sun goddess," Rhoads said. "Beverly's beautiful. She's got the most beautiful smile. She's beautiful inside and out."

Both friends and investigators are holding onto hope that they will be able to find Carter and when they do, they think she'll appreciate how the missing posters mistakenly identified her as 49 rather than her real age, 50.

"Beverly turned 50 last December and had a huge blow out party for it, but afterwards she said she wanted to be 49 forever," Rhoads said. "Her daughter-in-law was laughing about it now saying Beverly would love it that they're telling people she's 49… All of us agents were like 'Really y'all? We had that big party. Are we going to do it again?'"

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Today, Vingroup officially opened Vincom Mega Mall Royal City, Asia’s largest underground Retail and Entertainment Complex in Royal City, Hanoi.



Today’s grand opening, welcoming thousands of customers, reaffirms Vingroup’s market leading position in developing and managing the largest high-end shopping centres in Vietnam. Located at 72A Nguyen Trai Street, Thanh Xuan District, Hanoi, and covering an area of 230,000 sqm, Vincom Mega Mall Royal City is Vietnam’s largest Retail and Entertainment Complex and has been developed to satisfy all of the customers’ shopping and entertainment needs to the highest international standards.



Vingroup is recognized for an illustrious track record in development and management of the largest shopping and entertainment complexes across the country. Development of the Royal City Project commenced in 2010, with the site being officially handed over to Vingroup in May 2011, and comes into operation on schedule and after less than 30 months of expeditious construction and completion. Following only 10 months of pre-leasing, the shopping mall enjoyed an occupancy rate of over 95% for the underground component with participation from hundreds of leading global and local brands.



Speaking at the Grand Opening Ceremony, Ms. Le Thi Thu Thuy, Vingroup’s Vice Chairwoman cum CEO said: “We believe that Vincom Mega Mall Royal City, with many novel features and facilities, will be an ideal shopping, entertainment and recreational destination for every Hanoian, as well as domestic and international visitors to the capital. With our experience in managing the largest portfolio of high-end shopping centres in Vietnam, Vingroup is committed to providing the highest level of service and endeavors to meet all of our customers’ needs, ensuring that Vincom Mega Mall Royal City will be a major destination for tourism, culture and entertainment activities and a ‘must-see’ destination in Hanoi.”



Structured in an all-in-one concept, Vincom Mega Mall Royal City offers a full range of tourism, shopping and recreational services, where customers can combine sightseeing, consumption, interaction, social gatherings and, especially, family entertainment. Vincom Mega Mall Royal City is not only the largest shopping centre in the country with over 600 shops, but also a unique entertainment destination with many of Vietnam’s largest recreational facilities, including: the indoor Vinpearl Water Park Royal City, with a total area of​​ 24,000 sqm, which will open all year round and is one of the best in Asia in terms of entertainment value; the indoor Vinpearl Royal City Ice Rink, with a total area of​​ 3,000 sqm, which has a capacity of over 150 people per session and is the first international-standard ice rink in Vietnam; World Games, with numerous entertaining games; KizCiti – "Minimature careers city” where children from 3 to 15 years old are taught life skills through dynamic model careers; a Bowling area; an F&B Street comprising over 200 restaurants; the Platinum Cinema Complex, and much more.



The opening ceremony of Vincom Mega Mall Royal City also commemorates Vingroup’s 20th Anniversary (August 8, 1993 – August 8, 2013), constituting a solid achievement in the Group’s history of establishment and development.Various cultural activities, artistic performances, special promotions and attractive gifts were showcased during the ceremony. Many exciting activities and street performances with a European style will be held between 17:00 and 21:00 on 26 – 28 July 2013, at Royal City’s Square to welcome all visitors to Vincom Mega Mall Royal City on its grand opening, including photograph opportunities with Roman/Greek human statues, outdoor concerts, portrait paintings, street magic, circus clowns, skating club for children.

About Vingroup

Vingroup Joint Stock Company is a leading real estate corporation engaged in the development, leasing and sale of high quality retail, office, residential and mixed-use properties in prime locations in key major cities across Vietnam including Hanoi, Hai Phong, Hung Yen and Ho Chi Minh City. In addition, Vingroup is involved in the development, management and operation of premium tourism and hospitality properties in locations such as Nha Trang, Da Nang, Hoi An, Phu Yen and Da Lat. Vingroup Joint Stock Company was listed on the Ho Chi Minh Stock Exchange on September 19, 2007. Today, Vingroup is among the largest companies listed on Vietnam’s stock market by market capitalisation

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At the meeting, Chairman of HCM City People’s Committee – Mr. Le Hoang Quan requested Department of Finance to focus on compensation assessment records for approximately 3,000 households in the area of project. Mr. Quan also requested the Department of Architectural Planning to work with investor on establishing zoning task of 1/2000 based on the approved plan. At the same time, established a team to guide investor on implementing the 1/2000 plan.

During the meeting, the Department of Architectural Planning has proposed to increase the population size of 30,000 people which was approved from 2007 to 41,000-50,000 people. Adding some functional knowledge and new technology centre.

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