Hoang Quan Chairman: "Most projects face legal hurdles; I cried reading the relief resolutions"

Hoang Quan’s chairman said he “cried” after reading resolutions and instructions aimed at removing obstacles for real estate enterprises, describing the current period as an opportunity for the sector to revive. Speaking at a conference organized by the Ho Chi Minh City Real Estate Association (HoREA) on May 13, Truong Anh Tuan, Chairman of Hoang Quan Trading - Commercial - Real Estate Services Joint Stock Company, said he was moved by directives from the central government and Ho Chi Minh City to help businesses overcome difficulties.

Obstacles still delay dozens of projects

Mr. Tuan said Hoang Quan has been involved in about 50 real estate projects. He noted that around 20 projects have been completed, but many others remain entangled in legal issues, including projects in Ho Chi Minh City and other localities. He said that even among projects completed in Ho Chi Minh City, legal hurdles can still persist.

He added that about 30 projects are under implementation and also face legal issues, including three projects in Ho Chi Minh City that have been stuck for up to five years. He urged the Ho Chi Minh City People’s Committee to coordinate with relevant departments to jointly remove obstacles and establish mechanisms to support and resolve these difficulties for enterprises.

Fast-track removal and “not criminalizing economic relations”

Mr. Tuan said fast-tracking the removal of constraints to accelerate project progress would support growth and help the city achieve its two-digit growth target. He also emphasized the need to uphold the principle of “not criminalizing economic relations,” so that officials and enterprises can cooperate in processing dossiers.

He further called for explicit deadlines for each issue to prevent delays lasting years. Enterprises, he said, are prepared to proactively review and classify each group of impediments according to the city’s requirements to speed up resolution.

Progress on clearing stalled projects under PM Directive 112

Hoang Vu Thang, Director of the Ho Chi Minh City Department of Finance, said that by the end of April, the city had completed the removal of obstacles or issued directives for all 838 projects under the Prime Minister’s Directive 112 addressing stalled projects and land.

Of the 838 projects, 417 had obstacles removed, 393 were essentially completed in remediation, and 28 projects, buildings and land had directives issued and were being resolved.

This “unlocking” freed 17,000 hectares of land, with total investment for stalled projects exceeding 206,000 billion VND. The cleared portfolio includes several large-scale projects in Thu Thiem and other areas of Saigon.

Examples of cleared projects in Thu Thiem and central wards

Among the projects cited, the Saigon Centre project at 92-94 Nam Ky Khoi Nghia, invested by Keppel Land Watco, no longer has obstacles and the investor is moving forward.

In Thu Thiem, the Quan Sat Tower complex (Empire City), with a stated investment of about 1.2 billion USD, has been completed, and three residential blocks have been handed over. The complex includes a shopping mall, hotel, offices, apartments, underground parking, and an 88-story observation tower.

Another Thu Thiem project, the Thu Thiem Eco Smart City smart complex of nearly 7.5 hectares in Function Zone 2a, developed by the Lotter? Group, has total investment close to 1 billion USD (excluding compensation). The Tax Arcade site was also cleared. In early July 2025, Ho Chi Minh City approved the land price for the Eco Smart Thu Thiem project by Lot-te at 16,190 billion VND.

The Metropole Thu Thiem (Sống Việt) project in Function Zone 1 was also cleared, developed by Quoc Loc Phat JSC. The New City project by Thuan Viet, with 1,330 apartments in Thu Thiem, completed remediation after being converted from a 38.4-hectare resettlement area in Bình Khánh (old), initially serving resettlement needs for Thu Thiem. Authorities approved Thuan Viet’s repurposing for commercial use after completion.

In the same area, the 30.2-hectare site in Bình Khánh (now Bình Trưng) — The Water Bay by NoVa (Novaland) — was cleared. The South Rạch Chiếc area (Lakeview City), 30.1 hectares by Novaland with 960 villas and townhouses along the waterfront, was also cleared.

In central wards, long-standing legal issues at locations including 39-39B Ben Van Don, 168 Phan Van Tri, the high-rise office and hotel zone 3A-3B Ton Duc Thang, and the Nguyen Hue–Huynh Thuc Khang–Ngo Duc Ke area, among other parcels, were also cleared.

Next steps to encourage private sector participation

Mr. Hoang Vu Thang said the city will continue focusing on removing obstacles for projects with approved directions and those remaining, to encourage private sector participation in economic development.