Strategic Land Auctions to Boost City's Revenue

The Department of Agriculture and Environment in Ho Chi Minh City has put forward a proposal to auction six prime land lots in Thu Duc, aiming to raise a substantial amount of revenue for the city's development projects.

Details of the Proposed Auctions

Among the highlights is the Thu Thiem Eco Smart City project, with an expected contribution of VND16.2 trillion from the auction. Additionally, a nearly 15-hectare lot in An Phu ward is anticipated to generate VND3.49 trillion, aiding in the resolution of a BT contract for a road project.

Further, a smaller area in the Nam Phan housing project, covering 828 square meters, has been valued at approximately VND19 billion. Three more lots in Thu Thiem are also up for auction, with a combined starting value of around VND5.7 trillion.

Expected Outcomes and Future Plans

The total expected revenue from these six lots is VND25.4 trillion. City leaders have disclosed plans to auction land use rights for 239 hectares, including 49 lots in the Thu Thiem new urban area, to develop multifunctional residential, commercial, educational, and cultural facilities.

For the 2024-25 period, Ho Chi Minh City officials project the city's budget revenue from land to reach VND32.8 trillion, primarily through these auctions and related financial obligations.