The Ministry of Construction’s latest draft regulations on apartment building management and use stipulates that there should be three to five co-holders of the apartment maintenance fund.

Apartment blocks need to have between three and five co-holders
of the apartment maintenance fund (Photo: toquoc.vn)

They include one representative for the apartment owners, one representative for the investor and other members of the apartment management board up for a vote at an annual conference.

 Nguyen Manh Khoi, Deputy Director of the Ministry of Construction’s Housing Management and Real Estate Market Management Agency, said the conference will also decide co-holders of the apartment maintenance fund.

 In addition, Khoi said the withdrawal of funding as required needs approval from all members of the apartment management board.

 Nguyen Minh Tuan, chief executive officer of VietBuilding Management Co Ltd was quoted by Dien dan Doanh nghiep (Business Forum) newspaper as saying that "as a person working in the management of real-estate and buildings, I think the draft is useful and should be issued soon."

 As a business, Tuan said VietBuilding currently manages 12 buildings in Times City. Each building has five co-holders of the apartment management fund, including three members who are residents of that building, one representative who is the head of the Management Board and one representative of the investor.

 For its other projects, it is possible to add one owner of another area, such as commercial and office areas, and management board members decided by the residents.

 The investor should be one of the account holders of the apartment maintenance fund, Tuan said.

 A representative of the HCM City Real Estate Association said the account holders must have at least two from the apartment management board to avoid abuse of power. Moreover, the State needs to require apartment management companies to prove their financial ability to afford civil compensation when accidents occur.