Forecasting budget revenue shortfall, Quang Ngai prioritizes key real estate projects
It is forecasted that revenue from land use rights auctions for the provincial budget will decrease seriously, therefore Quang Ngai province will focus capital on key, urgent projects, and will temporarily postpone projects that have not been implemented.
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| It is expected that revenue from land use rights auctions for the Quang Ngai provincial budget in 2024 will decrease by about VND 1,600 billion compared to the plan. |
Quang Ngai Provincial Land Fund Development Center (under the Department of Natural Resources and Environment of Quang Ngai Province) said that in 2024, the province plans to bid and auction 19 residential and urban area projects (implemented by the Department of Natural Resources and Environment of Quang Ngai Province) and 12 other projects implemented by sectors and localities.
Specifically, in 2024, according to the plan issued by Quang Ngai province (Decision 139/QD-UBND, dated January 31, 2024), the total revenue from land use fees for the Quang Ngai budget is expected to be nearly 3,900 billion VND, of which the revenue from the auction of land use rights for projects is about 2,069.5 billion VND; the rest is the revenue from bidding for residential and urban area projects.
However, the above plan is at risk of not being implemented due to many difficulties related to the real estate market, so the revenue from land use rights auctions for the Quang Ngai provincial budget in 2024 is expected to reach nearly 500 billion VND, a decrease of about 1,600 billion VND compared to the plan.
Since the beginning of the year, the Quang Ngai Provincial Land Fund Development Center has auctioned off land use rights for the Hang Duong Urban Service and Marine Tourism Area project at My Khe Beach (Tinh Khe Commune, Quang Ngai City, Quang Ngai Province), with an area of over 22,480 m2, starting price of VND130 billion. However, when selling the auction documents, no one came to buy.
The second project is Huong Viet Coffee Shop (Chu Van An Street, Tran Phu Ward, Quang Ngai City) with an area of 5,000 m2, starting price of 20 billion VND, also no individuals or units participated in the auction.
Vice Chairman of Quang Ngai Provincial People's Committee Tran Hoang Tuan said that because the province's budget revenue from land use rights auctions is large, investment projects based on provincial budget revenue this year will face many difficulties. To partly overcome this situation, Quang Ngai province is asking for opinions from competent authorities to allocate excess revenue from 2023 to compensate for about 80 billion VND.
However, because the requested compensation source is not large (about 80 billion VND), the province will focus capital on key, urgent projects; some projects that have not been implemented will be temporarily suspended.
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