Ho Chi Minh City Targets Massive “Pink Book” Clearance to Unlock Real Estate Liquidity
Ho Chi Minh City is launching an aggressive campaign to resolve a long-standing bottleneck in its property market: the issuance of ownership certificates, commonly known as “pink books.” By targeting 60 projects and approximately 68,000 residential and commercial properties for processing in 2026, the city aims to secure legal rights for thousands of citizens while simultaneously stimulating a stagnant real estate sector.
- 2026 Target: Processing 60 projects to issue approximately 61,200 ownership certificates.
- Efficiency Goal: Achieving a 90% processing rate for eligible applications, a 15% increase over 2025.
- Strategic Shift: Homebuyers can now apply for certificates directly, bypassing total reliance on developers.
- Market Impact: Removing legal hurdles is expected to boost liquidity, facilitate mortgages, and accelerate capital flow.
The 2026 Roadmap: Task Force 1645
To streamline the delivery of land-use and ownership certificates, Nguyen Toan Thang, Director of the city’s Department of Agriculture and Environment, has implemented a strategic plan through Task Force 1645. This specialized group is charged with reviewing all residential, commercial, and service projects that lack certification, including those already operational and new projects emerging in 2026.
The city’s operational goal is to process roughly 30% of pending applications every quarter. This systematic approach is designed to clear a significant backlog, ensuring that the vast majority of eligible homeowners finally receive their legal documentation.
Breaking the Bottlenecks: Why Certificates Are Delayed
The Department of Agriculture and Environment has identified four primary obstacles that have historically stalled the issuance of pink books. These issues typically stem from the financial or legal failings of investors:
- Incomplete Resettlement Funds: Failures in providing required housing for displaced residents.
- Social Housing Obligations: Lack of determination or fulfillment of required social housing quotas.
- Infrastructure Gaps: Failure to deliver essential technical and social infrastructure.
- Maintenance Fund Delays: Lags in handing over building maintenance funds for apartment complexes.
To resolve these, the city has decentralized the solution process. The Department of Construction proposes specific fixes for each problem group, tax authorities determine the financial obligations of investors and buyers, and local authorities maintain updated lists of delivered homes awaiting certification.
A Shift in Power to the Homebuyer
One of the most significant changes in the city’s approach is the new regulation allowing homebuyers to submit certificate applications directly. Previously, buyers were almost entirely dependent on the developer to facilitate the process. This shift has significantly reduced processing times and lowered the administrative burden on managing bodies.
The Land Registration Office of Ho Chi Minh City now serves as the central hub for information, coordinating with the Citizen Reception Board, the Department of Construction, and local authorities to ensure no pending project is overlooked.
Market Implications: From Legal Deadlock to Liquidity
Le Hoang Chau, President of the Ho Chi Minh City Real Estate Association (HoREA), describes Task Force 1645 as a “pioneering initiative.” According to HoREA, the impact of this effort extends far beyond individual homeownership rights; it is a catalyst for broader market recovery.
When properties lack pink books, they are effectively frozen—difficult to transfer, sell, or use as collateral for loans. By eliminating these legal “bottlenecks,” the city is enabling:
- Increased Liquidity: Properties become fully eligible for transactions and transfers.
- Capital Mobilization: Homeowners can access credit through mortgages once legal documentation is complete.
- Increased Legal Supply: Resolving issues for projects like 4S Linh Dong, An Phu, First Home, and social housing in Cat Lai releases thousands of legal products back into the market.
Conclusion
The effort to process 68,000 applications and issue over 61,000 certificates by 2026 signals a firm commitment by Ho Chi Minh City to stabilize its real estate environment. By tackling the root causes of legal delays and empowering buyers, the city is not only protecting resident rights but laying the groundwork for a more transparent and sustainable property market.