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Hanoi Warns Banks on Delayed Development Projects

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499544_5464480087408754_Vietinbank Tower.jpg

Photo courtesy of VN Express

The People’s Committee of Hà Nội has mandated an April 30 deadline for investors of delayed land-use projects to submit detailed progress reports. This directive aims to expedite stalled developments by requiring updates on project status, financial capability, and feasible timelines. Projects failing to comply risk having their land retracted or facing suspension.

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These actions stem from Notice No. 396/TB-UBND, issued on April 13, addressing projects funded without State budget involvement but necessitating land use. The review covers 341 delayed initiatives, primarily centered around housing and urban development. High-profile projects linked to Vietcombank, VietinBank, and Vietnam Development Bank are included in this assessment.

Notably, the delayed commercial and office complex by Vietcombank in Cầu Giấy Ward remains unbuilt 18 years after its inception. Similarly, VietinBank's stalled VNĐ10.2 trillion (US$388 million) Tower project in Tây Hồ Ward, initiated in 2010, also falls under scrutiny. At VietinBank’s annual meeting on April 24, a representative stated that final legal steps for transferring the project are near completion. The transfer is set to happen by the first half of 2026, with pricing based on market conditions.

The Vietnam Development Bank faces issues with a long-pending training complex project in the Cầu Giấy New Urban Area, a site unused since its transfer in 2006. The city's recent efforts focus on resolving delays, enhancing land-use efficiency, and ensuring investors fulfill their obligations.

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image.png  Adapted by ASEAN Now · VN Express · 27 Apr 2026

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