Ho Chi Minh City approves Thu Thiem land auction plan

The Ho Chi Minh City People's Committee has approved the plan to auction land lots in the Thu Thiem area, while the area outside this area will be completed.

The information was stated by Mr. Huynh Van Thanh, Deputy Director of the Department of Natural Resources and Environment of Ho Chi Minh City in the program "People ask - City government answers", broadcast live on HTV9, January 7.

Mr. Thanh said that the City Party Committee and the People's Committee of Ho Chi Minh City have approved the land auction plan for the Thu Thiem area. In addition, the City will complete and implement this area later. "This is also one of the direct sources of revenue from the City's land fund," he said.

Thu Thiem peninsula area, Thu Duc city, July 2023. Photo: Quynh Tran — Thu Thiem peninsula area, Thu Duc city, July 2023. Photo: *Quynh Tran*

The Deputy Director of the Department of Natural Resources and Environment of Ho Chi Minh City assessed that land revenue has always accounted for a major proportion of the city's budget revenue in recent years. Organizing auctions of land use rights for available clean land funds in Thu Thiem and other locations is also one of the city's four main solutions to effectively generate land revenue this year. The remaining three solutions include:

One is to strengthen the management and use of land resources according to the project "Management and direction of effective land use in Ho Chi Minh City".

This project includes 6 issues: land use planning and planning; assessment of the effectiveness of land management and use; land finance; public assets; land administrative procedures and the operation mechanism of the Land Fund Development Center. These contents have been implemented since 2021 and will continue to be implemented in 2024 and the following years.

Second, apply Resolution 98 to allow the City to pilot the mechanism of creating land funds and auctioning land use rights to select investors to implement urban, commercial and service development projects by allowing land recovery in the vicinity of railway stations and intersections along Ring Road 3. The Department has completed the draft of the implementation coordination regulations.

And third is to remove difficulties and obstacles in determining specific land prices. Mr. Thanh said that the department has completed a project to classify groups of issues under the jurisdiction of different levels in order to resolve or submit recommendations for resolution.

Previously, at the end of 2021, Ho Chi Minh City successfully auctioned 4 land lots in the Thu Thiem area for more than 37,000 billion VND. Lot 3-12 alone had a record price of 2.43 billion VND per square meter. However, after that, the winning enterprises failed to pay the land use fee on time and asked to cancel the deposit.

In 2023, Ho Chi Minh City's budget revenue is estimated to reach VND 446,545 billion, about 95% of the estimate.

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