Want to be in the loop?
subscribe to
our notification
Business News
APARTMENT BUILDING FEES UNDER DEBATE
Draft regulations on apartment block management, proposed by the Ministry of Construction (MoC), clarify that the building's developers are in charge of opening a bank account for temporary management of the fees when the building management board has not yet been established.
The fees must be given to the management board no later than seven days after the board is set up.
In a seminar to discuss the draft regulations on Friday, Nguyen Nhu Vinh, general director of Hoang Thanh real estate company, said that many management boards have been unclear in using the fees.
The maintenance fees may be massive in many apartment buildings, comprising up to millions of US dollars.
"If the fees are used effectively, they can last from 40 to 50 years. Otherwise, they can run out within ten years. It is necessary to advise residents on how to use the fees effectively," Vinh added.
The holders of the fees' bank account should include one person representing the developers and two members of the building management board to prevent the risks in case the board members sell their apartments or no longer live there, suggested Nguyen Quoc Hiep, chairman and general director of the Global Petrol Investment Joint Stock Company (GP Invest).
Nguyen Manh Khoi, deputy head of the MoC's Housing and Real Estate Market Management Agency, said that to ensure the correct use of the fees, strict rules on the board's financial management have been imposed in the draft regulations.
Accordingly, the management board can only open a bank account when they prove all documents required by the bank. The amount of withdrawn money and the number of bank account holders must be determined at the board's meetings.
The board members are allowed to withdrawn the money when 100 per cent of the board members agree, he said.
Regarding the fact that many apartment building developers have not returned maintenance fees to the management board even after the board has been established, Khoi said that the People's Committees would apply coercive methods to force developers to refund the fees.
Recently, the Viet Nam Construction and Import-Export Joint Stock Company (Vinaconex) was reported to delay the refund of VND70billion (US$3 million) of fees for N05 Trung Hoa Nhan Chinh apartment building residents in Ha Noi.
Earlier, people living in Keangnam Ha Noi Landmark Tower, the country's highest skyscraper, demanded their money back from the South Korean developer.
Source: VNS
Related News
![Card image cap](/uploads/Logo/Cathay%20%281%29.jpg)
ONE-TIME OFFER: COMPLEMENTARY CATHAY PACIFIC LOUNGE PASS
Begin your trip on the right note in Cathay Pacific’s first-ever ferry lounge, located at Shenzhen’s Shekou Cruise home port. Situated at the end of the pier, the ferry lounge offers a breathtaking 270-degree view of the sea. You can immerse yourself in sheer luxury and revel in the panoramic beauty. Catch a glimpse of Hong Kong in the distance.
![Card image cap](/uploads/news/Industrial%20Zone.jpg)
VIỆT NAM TARGETS FULL MOBILE BROADBAND COVERAGE ON HIGHWAYS, INDUSTRIAL ZONES BY 2025
By 2025, Việt Nam aims to achieve one hundred per cent mobile broadband coverage on all national highways, expressways and railways under a plan to enhance the quality of Việt Nam’s mobile telecommunications network by 2025, which has been approved by the Ministry of Information and Communications (MIC).
![Card image cap](/uploads/news/Investment6.jpg)
VIETNAM ONE OF FASTEST-GROWING E-COMMERCE MARKETS IN SOUTHEAST ASIA
The report released on July 16 highlighted that the total GMV of Southeast Asia’s eight leading e-commerce platforms rose to $114.6 billion in 2023, up 15 per cent from 2022. The key drivers for the region's e-commerce GMV expansion in 2023 are Vietnam and Thailand, growing 52.9 per cent and 34.1 per cent on-year, respectively.
![Card image cap](/uploads/news/eco2.jpg)
FOOTWEAR EXPORTS SEEN REACHING US$27 BILLION THIS YEAR
This optimistic forecast reflects the industry’s efforts to expand and diversify its markets. Lefaso indicated that Vietnam’s footwear sector will concentrate on traditional markets like the U.S. and the European Union, alongside markets with free trade agreements to maximize opportunities.
![Card image cap](/uploads/news/Security.jpg)
2025 PIVOTAL FOR STOCK MARKET UPGRADE EFFORT
The Ministry of Finance (MoF) is expected to soon publish the entire content of the draft circular amending and supplementing four circulars on transactions, registration, depository, and clearing, as well as operations of securities companies and information disclosure. This move, along with feedback and explanations, aims to meet the criteria for upgrading Vietnam’s stock market.
![Card image cap](/uploads/news/bn-01.jpg)
VIETNAM INTENSIFIES E-COMMERCE TAX SCRUTINY
The department plans to offer guidance for and hold direct dialogues with e-commerce taxpayers to ensure compliance. Efforts will also include updating the e-commerce database, conducting risk analysis, and leveraging artificial intelligence (AI) to manage data and issue alerts.