The My Dinh National Sports Complex (complex) has developed a project to use public assets at public service units for association purposes, in order to create a legitimate source of income for the unit. However, the biggest problem at present is that the land use right certificate (red book) at the complex does not allow the unit to do business, the state transfers land use fees (SDĐ) without collecting.
According to the content stipulated in the red book issued by the Hanoi People's Committee in 2007, the complex with two main works including My Dinh Stadium (area of nearly 225,000 m²) and the Water Sports Palace (57,000 m²) is the land for sports facilities, not allowed to be joint ventured with enterprises. The complex has submitted a report to the sports industry to report to the competent authorities, moving towards changing the content of the above red book.
My Dinh Stadium is facing huge financial difficulties.
The complex hopes that at the extraordinary session of the 15th National Assembly in mid-January 2024, the revised Land Law will consider the issue of using land for sports and physical training for business purposes. For nearly 20 years, the business of renting out My Dinh Stadium to organize football and other cultural and sports events has violated state regulations on the use of public assets.
Water sports palace
Based on the approval of the Government, the Ministry of Finance, the Ministry of Culture, Sports and Tourism, and the Hanoi People's Committee, the complex has completed the project of using public assets at public service units for association purposes. In the period of 2015 - 2026, the complex plans to cooperate with 5 enterprises to invest in the construction of 5 auxiliary projects to serve the dining, resting, health care and shopping needs of the audience when participating in activities held at My Dinh Stadium and the Water Sports Palace. The projects include: My Dinh Service and Trade Center; Vietnam - Japan Cultural Exchange Complex; General Sports Service and Trade Center; Hoa An Vien Service, Culture and Tourism Area; Cultural and Sports Product Introduction Area. The complex wants to deploy and manage joint activities in accordance with the law, creating a sustainable source of income to contribute to the unit's autonomy, especially fulfilling tax and land rent obligations to the budget. If exploited in accordance with the law, the complex is expected to earn at least 11 - 15 billion VND per year. However, the above projects will be worthless if the red book of the complex does not change the land use purpose.
It is worth noting that the complex's current financial situation is extremely difficult, with huge tax debts and accumulated late interest payments amounting to more than VND930 billion by the end of 2023. Funding for maintenance, repair and renovation of the project is not a priority because current revenue is only enough to cover salaries, electricity, water and other regular expenses at a minimum level.
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