Hello. This is the Environment Report from English123.
Authorities in the Department of Natural Resources and Environment have found more than 330 projects violating land-use regulations and intentionally delaying land use and land lease payments.
Among the projects, as many as 157, with a total area of 624 hectares, have either not used the land for a year or used it improperly, through illegal rental activities or by transferring the land to other users. More than 100 projects were found to have delayed their financial obligations up to the amount of VND2.3 trillion (US$109 million).
The remaining projects have lagged behind schedule, bogged down by difficulties with land compensation and resettlement. The limited financial capacity of investors and the lack of funds to complete projects were also factors in the delay, exacerbated by a shortage of resettlement funds, changes to city land planning and a gloomy real-estate market.
The trend reveals that many housing development investors have been hesitant to invest in the stagnant real-estate market and are waiting for conditions to improve before completing projects.
However, the department conceded that inspections conducted by authorized agencies needed to be tightened and that punishments were not strict enough.
Currently, the department has established an inspection team to supervise 157 projects on plots of land that have not been used for a year.
The city People's Committee has also assigned the Department of Finance and the municipal Taxation Administration to check 107 projects that delayed payment of land use fees. They have also proposed punishments for investors.
Other cases that had been granted extensions to correct their violations, but failed to do so, will be required by the committee to hand back the land use rights.
All reports must be submitted to the committee before the end of this month.
This is Nick Veinot. We will be back with more news from English123.