Central Vietnam city Danang shortens land lease period for coastal projects from 70 to 50 years

The central city of Danang has adjusted down land lease period for several coastal projects from 70 to 50 years, said Vo Nguyen Chuong, deputy director of the municipal Department of Natural Resources and Environment.

Among these projects is the New Town High-end Sport Services and Commercial Urban Area, formerly Vinacapital Danang Golf Course, in Ngu Hanh Son district.

Specifically, the municipal authorities allowed New Town Development Company Limited to change the project’s land use right from land lease with a one-off rental payment for 70 years to land allocation with land use fees payable for 50 years.

Previously, the city People's Committee had granted an investment registration certificate for the Vinacapital Golf Course project to Vietnam Property Holding Ltd – a wholly foreign-invested company. It then established Vinacapital Danang Golf Course Company Limited to implement the project.

After two transfers of capital contribution, Vinacapital Danang Golf Course Company Limited was renamed New Town Development Company Limited, a wholly domestically invested firm, and the Department of Planning and Investment also issued a new investment registration certificate recording the change of the investor's name.

According to Clause 2, Article 55 and Clause 3, Article 126 of the 2013 Land Law, economic organizations are allocated land by the State with land use fees collected to carry out investment projects to build housing for sale or lease-sale with land allocation period following the lifespan of the investment project but not exceeding 50 years.

The municipal People's Committee’s permission for the adjustment is based on the company's application and in accordance with the current land law regulations, according to Chuong.

Such adjustment will be made on four similar coastal projects in the near future, he added.

Checking land use of 669 cases

According to the department, since 2017, this unit has extended the deadlines for putting land into use for 107 projects and land plots.

It will continue to check land use progress in 669 cases with a total area of about 34.3 million square meters, said the official.

In the coming time, the department will inspect and handle projects whose land use extension period has expired according to regulations, while delivering timely and practical support for investors to implement procedures to invest in construction and put land into use, Chuong said.

It will inspect and publicize cases violating the land law; projects that do not put land into use, or show a slow land use progress according to the provisions of the Land Law and the guidelines of the Ministry of Natural Resources and Environment.

In particular, attention will be paid to removing obstacles and difficulties in land procedures to create conditions for investors to continue implementing their projects, thus unleashing resources and making an important contribution to local socio-economic development, he added.