On June 2, the Office of the Ho Chi Minh City People's Committee issued a document criticizing and directing the Department of Construction and the Department of Finance regarding the slow resolution of procedural problems at the Binh Dang Commercial Service Area - Apartment project in District 8.
The document signed by Vice Chairman of the Ho Chi Minh City People's Committee Bui Xuan Cuong clearly stated : Regarding the removal of difficulties and obstacles of the Binh Dang Commercial Service Area - Apartment project, the Ho Chi Minh City People's Committee has issued documents directing relevant agencies to consider and resolve the petition of Saigon 5 Real Estate Company (project investor), but up to now, the Department of Construction and the Department of Finance have not yet consulted the City People's Committee to consider and propose local adjustments to the 1/2000 scale zoning plan (updating the architectural planning criteria of the project) and extending the project investment progress, in order to have a basis for resolving the issuance of construction permits (phase 2) of the project.
Frontage project located on Highway 50
"The City People's Committee criticized the Department of Construction and the Department of Finance for the delay in handling the above procedures. Assign the Department of Construction and the Department of Finance to report on the results of implementing the direction of the City People's Committee and submit it to the City People's Committee before June 10" - the document stated.
As reported by Nguoi Lao Dong Newspaper many times, difficulties and procedural problems at the Binh Dang Commercial Service Area - Apartment project have caused Saigon 5 Real Estate Development Joint Stock Company to fall into debt and exhaustion.
Currently, more than 50% of the staff have quit their jobs, and the company has to pay more than 1 billion VND in bank interest each month. More tragically, banks have also announced that if the financial situation does not improve, the possibility of the project being transferred to bad debt is very high. This causes a great loss of opportunity cost and capital loss for the State.
Source: https://nld.com.vn/pho-chu-tich-ubnd-tp-hcm-bui-xuan-cuong-phe-binh-2-so-196250602121250555.htm
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