Prime Minister Nguyen Tan Dung has approved a proposal from the Duc Khai Joint stock Corporation to establish a private business to reclaim land and compensate for ground clearance.
Dung tasked the Ministries of Natural Resources and Environment and Ministry of Finance to monitor and advise the project, the first of its kind in Viet Nam.
Ground clearance has been a problem for the Ministry of Construction whose Centre for Property Development currently lacks the funds to do so.
The Prime Minister also green lit a trial run of such projects in cities like HCM City, Ha Noi and Hai Phong on the basis of their economic strength, industrial projects, and land and ground clearance headaches.
Phung Van Nghe, deputy general director of Land Management Department, said that the Duc Khai Corporation’s forays will be monitored by relevant Government agencies.
Privately managing ground clearance is hoped to raise land values and benefit the Government and the community, he said.
New compensation plan approved
>>LATEST NEWS: