THE REASON NORTH VUNG TAU PROJECT'S PLANNING INFORMATION LACKS OF SOCIAL HOUSING AREA

The technical infrastructure investment project of North Vung Tau New Urban Area, invested by DIC Group, was approved by the People's Committee of Vung Tau City for the detailed planning scale of 1/500 in Decision 3345/QD-UBND dated 31/10/2012. At this time, the 2014 Law on Housing has not been promulgated, the allocation of the scale of social housing land fund in commercial housing projects by the People's Committee of the province or district level is the competent agency to request investors to arrange based on local social housing conditions and needs. Accordingly, the social housing land fund in the project approved in 2012 is 70,512 m² (accounting for 18% of the residential land fund).

During the implementation of the project, with the socio-economic development of the locality and the change of legal documents, DIC Group has requested to adjust the detailed construction plan of the scale of 1/500 of the project and was approved by the People's Committee of Ba Ria-Vung Tau province to allow the adjustment of the master plan at the scale of 1/500. Accordingly, DIC Group has hired a consultant to prepare a plan to adjust the planning to comply with the current new legal regulations, including the allocation of 20% of the social housing land fund.

Currently, the overall adjustment of the detailed planning scale of 1/500 of the project has been approved by the Provincial People's Committee and approved by the People's Committee of Vung Tau City in Decision No. 5168/QD-UBND dated October 16, 2020. The overall adjustment plan has been approved by the Departments, Branches, Vung Tau City and the Provincial National Economic Planning Appraisal Council in Notification No. 3080/TB-UBND dated 07/4/2022 enclosed with the Project Appraisal Minutes of the Appraisal Council. Accordingly, the social housing land fund arranged in the project has been appraised at 91,264 m² out of a total residential land fund of 447,178 m² (accounting for 20.41% of the residential land fund).

Therefore, the content of the press about the information of the North Vung Tau New Urban Area project planning lacking social housing area is not close to the current implementation of the project dossier. This has seriously affected the share price, causing damage to DIC Group and shareholders because DIC Group is a public company listed on the stock exchange. Therefore, DIC Group requires press agencies to correct the above information, and from now on before posting information related to DIC Group to the public, they must work with businesses to ensure that the information given is accurate, avoiding misunderstanding, damage to shareholders and businesses. In case news agencies and newspapers fail to comply with the above-mentioned principles, DIC Group will initiate lawsuits and claim compensation for damages in accordance with the provisions of law.