How Are Projects by Novaland, GP.Invest, and Sun Group Progressing After Government Measures to Ease Real Estate Difficulties?

Mr. Bui Thanh Nhon, Chairman of Novaland, stated that the company’s projects have fundamentally found clear solutions, while GP.Invest highlighted positive progress at the Palm Manor project in Viet Tri following a series of government measures to support the real estate sector.

On the afternoon of August 3, Prime Minister Pham Minh Chinh chaired an online conference to evaluate the implementation of Resolution No. 33/NQ-CP (dated March 11, 2023) and propose solutions to address ongoing challenges in the real estate market.

The meeting was attended by Deputy Prime Ministers Le Minh Khai and Tran Hong Ha; leaders of ministries, central agencies, industry associations, real estate businesses, commercial banks, and economic experts.

Mr. Bui Thanh Nhon, Chairman of Nova Real Estate Group (Novaland), was one of the business leaders who spoke at the event.

He described Resolution 33 as “a timely and precious source of oxygen,” helping the business community avoid instability and preventing negative consequences that could impact financial resources, national growth momentum, corporate competitiveness, and social welfare.

According to Mr. Nhon, most of Novaland’s projects now have specific resolution pathways and are in the process of being resolved. Projects in Ba Ria – Vung Tau have mostly received local government approval. Meanwhile, projects in Ho Chi Minh City, Dong Nai, and Binh Thuan are being guided by the Government’s Task Force and relevant ministries, with local authorities actively working to resolve issues.

Novaland also put forth several proposals, including: accelerating the legal resolution process nationwide; enhancing legal security for private enterprises to operate with confidence; and introducing support policies, especially for businesses involved in developing transportation and social infrastructure in remote areas or using advanced technologies.

Agreeing with Mr. Nhon’s assessment, Mr. Nguyen Quoc Hiep, Chairman of GP.Invest, emphasized that real estate businesses have clearly felt the positive impact of the government’s synchronized and resolute actions—ranging from bond repayment extensions to legal reforms, capital access, land valuation, planning, and interest rate adjustments.

Specifically for GP.Invest, these measures have led to notable progress at the Palm Manor project in Viet Tri, Phu Tho.

The project was first granted an investment certificate in 2013 with a total area of 58 hectares, but years of complications in site clearance meant only a small portion had been implemented.

However, following strong direction from authorities, on June 4, 2023, the Phu Tho Provincial People’s Committee announced concrete measures to accelerate the project’s progress. The province committed to allocating land in phases to allow the developer greater flexibility in construction.

Importantly, the province instructed the Department of Justice to unify solutions for compensation cases where the land user has passed away, which had long delayed site clearance. Thanks to this, the developer expects to launch products to market in early 2024.

In addition to the Phu Tho project, other GP.Invest projects in Lang Son, Thai Nguyen, and Hai Duong have also shown positive signs of progress.

On behalf of Sun Group, Chairman Dang Minh Truong also praised the practicality and timeliness of Resolution 33. Given the company’s focus on tourism real estate, Sun Group has noted two particularly impactful policies:

• First is the Amendment to the Law on Exit, Entry, Transit, and Residence of Vietnamese Citizens and Foreigners, which came into effect on August 15.

“Many of our partners and hospitality providers are forecasting strong tourism growth in the final five months of the year. In the first seven months, Vietnam welcomed about 6.6 million international visitors, reaching approximately **83% of the 8 million target,” said Mr. Truong.

• Second is the groundbreaking and inauguration of several major infrastructure projects that improve regional connectivity. These are accelerating the development of real estate, services, and commerce.

“On my recent trip to Phan Thiet, nearly all hotels and restaurants were fully booked on weekends. This is a very encouraging sign for both tourism and the tourism real estate sector,” Mr. Truong shared.

Sun Group also proposed expanding the visa exemption list to include more markets such as Europe and India, and increasing the number of international flight slots.