MANAGEMENT OF CONDOMINIUMS IN HO CHI MINH CITY (VIETNAM)

Abstract

With only about 10 years of condominium development, the market in Ho Chi Minh City has grown rather speedily during the last few years. The notion of living in condominiums is becoming more popular among the city dwellers, as opposed to the preference of living in landed semi-detached houses. In this lifestyle change dynamism, it is fascinating to study the perception of developers and purchasers regarding the emerging issue of co-ownership and comanagement of their condominiums. This dissertation makes an initiative to seek a greater understanding about condominium management practices in Ho Chi Minh City. From legal perspective, the Vietnamese government has observed the urgency of property management in apartment buildings and issued ‘‘The Regulation on The Use Management of Condominiums’’ in 2003. However, with reference to the Building Maintenance and Strata Management Act 2004 of Singapore, there are many aspects which are not stringently prescribed in The Regulation of Vietnam. The dissertation has highlighted some irrelevant stipulations in The Regulation including the organization of management, funding for maintenance as well as the roles and responsibilities of developers, residents and managing enterprises. Recommendations are made for these areas to be improved so that practitioners could refer to the guidelines and apply the laws effectively. In terms of the property management practices, the survey of residents and interviews with managing staff reveal that condominium residents in Ho Chi Minh City do not show much awareness to the issue of management and its implications. Their understanding of the relevant legislation is limited. Their perception of developers' responsibilities, organization of management and usage of maintenance fund is very general and superficial. Although residents are relatively satisfied with the current living environment and services provided at their property, there is still room for improvement. From these findings, recommendations are provided to the industry practitioners and the public in a hope to enhance the performance of condominium management in Ho Chi Minh City.