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The Mystery Of Van Phuc Riverside Project

Van Phuc Riverside

With the unclear documentaries in the development of Van Phuc Riverside project (Thu Duc district, HCM), the public said that there have still more mysteries in this project.

The company in District 6 is the appearance?

According to the posted information on the investment newspaper recently (“strange point” in Van Phuc Riverside project no. 3195 dated 10/5/2017; Van Phuc Riverside project: “strange” regulation no.3198 on 17/5/2017; the investor of Van Phuc Riverside project: “Miraculous turnarounds” with the price of 400% no.3202 on 26/5/2017), the mysteries in the legal procedures when implementing the Van Phuc Riverside project were mentioned.

However, with the project having large used area and affecting many households, time of deployment lasted for many years, the “mysteries” of this project continue to reveal. Even so, it is affirmed that because the process of the project lasted through the different periods of development of HCM and influence from the perfection of the legal system of land management to explain for the extraordinary points in the deployment project. In spite of having the major changes in the legal system of land management and investment management, the legal procedures on these issues must carry the inheritance.

Van Phuc Riverside
Van Phuc Riverside project overall

In this project, the biggest and the most important question for the project’s legitimacy and the role of the text in order to swap the position of the investor is “replace” to true investor continuing to be put out.

The way lasted more than 2 years of the decision by the people’s committee of HCM in assigning the implemented project can see that is really the circle!

Initially, the people’s committee of HCM has the decision no. 256 revoking 177 hectares of land and giving 198 hectares of land for construction and economic development company in District 6 (District 6 company) to invest the main infrastructure construction of Hiep Binh Phuoc urban, however, after that, the company has to transfer the entire area for the people’s committee of the city to decide the allocation of the land, lease the land for the component project under the provisions of the law of the land.

Read more: Many Business Transactions “Change Hands” The Real Estate

In October of 2004, compensation policy of no.1500: “estimation of funding of compensation is 163 million USD. Investment capital is implementation capital project implementation which is contributed by the participation of enterprises for the full cost of main construction infrastructure “. Inexplicably, District 6 company is entitled to collect the money the component projects, while the people’s committee of the city has not chosen and assigned land to anyone.

On 27th of December, 2004, Ho Chi Minh City of people’s committee delivered 3 investment and construction housing projects. In particular, one project was delivered for the joint stock company of the import-export manufacturing, business, and service in District 1 (under decision no.6492); two projects were delivered for District 6 company (decision no.6496).

On 24th of December, 2005, Ho Chi Minh City of people’s committee implemented the decision no.5458 to adjust the decision no.6492, accordingly, adjusting and supplementing “the investor: Van Phuc real estate investment company limited”.

On 15th of September, 2006, Ho Chi Minh City people’s committee continued to have the decision no.5222 to adjust and supplement 3 previous decisions including decision no.256, decision no.6495 and decision no.6496 with the content: “Van Phuc co., Ltd. is given in holding and constructing public infrastructure of projects and implementing the  component project in the land where is used to give to the  building and economic development company in District 6”.

“Therefore, with the going in circles of the documentaries, finally, the company District 6 is just the cover for the Van Phuc company acquiring this land …” Mr. Duc Phuong Tran lawyer said (the Union lawyer of HCM).

The large project without the investment certificates

Van Phuc Riverside
The progress of Van Phuc Riverside project

To learn the legal of this project, the reporter went to the city’s authorities to find out. In the legal documents and transactions of Van Phuc Riverside project, reporter of the investment newspaper could not find the investment certificate or approval of projects under the provisions of the law.

See more: Money In The Rush Make The Real Estate Market Excited

In decision no.5222, basing on Land Law in 2003 or investment law in 2005, however, there have no rules to adjust the investor or there is no way to “adjust” to replace the recovery and delivery of land.

Therefore, the businesses were given the land without setting up the investment projects or the procedure of approval of the project, especially they can enjoy the benefits in the calculation of fee of used land submitted budget or compensation for the people.

With these mysteries, the authorities should inspect the whole project from early time by decision no.256 on the procedure for recovery of land, the choice of the investor of the component project and calculating the used money again to avoid losing the State budget and determining the legal papers related to the investment project under the provisions of the investment law and housing law again.

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The Mystery Of Van Phuc Riverside Project
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