Grand Manhattan Restart Shows Vietnam Market Is Stirring to Life
- Novaland eyes to resume construction of key projects soon
- PM Chinh has pushed to dismantle legal, regulatory hurdles
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No Va Land Investment Group Corp., one of Vietnam’s biggest property developers, said it’s returning engineers to the Grand Manhattan, a 39-story marquee development in the heart of Ho Chi Minh City where work was halted five months ago when it ran out of funds after pouring concrete at floor 28.
The resumption follows renewal of a loan from Tien Phong Commercial Joint Stock Bank — that came after repeated interventions from Prime Minister Pham Minh Chinh to get Vietnam’s troubled real estate sector back on track. It will be watched with interest as a harbinger of project restarts this year following a difficult 2022.