HCMC approves Thu Thiem land auction plan

The Ho Chi Minh City People's Committee has approved a plan to auction land plots in Thu Duc city’s Thu Thiem area, Huynh Van Thanh, deputy director of the municipal Department of Natural Resources and Environment, said Sunday.

At a program broadcast live on Ho Chi Minh City Television channel 9 (HTV9), the official said the city will approve plans for auctioning land plots outside the Thu Thiem area later.

The city’s land funds are one of the direct revenue sources, always accounting for a major proportion of municipal budget income in recent years, he noted.

Organizing auctions of land use rights of available clean land funds in Thu Thiem and other locations is one of four main solutions to generate land revenue this year, he stated.

Thanh also said that the city will improve the management and use of land resources. A project will evaluate the effectiveness of land management and use; land and public assets planning and use plans, and land-related administrative procedures, he added.

HCMC will also pilot a mechanism to create land funds and auction land use rights in line with Resolution 98 adopted by the National Assembly on distinct mechanisms for the city, Thanh said.

“This is to select investors for service, commercial and urban development projects by allowing recovery of land in the vicinity of urban railway stations and intersections along Ring Road 3,” he added.

The city will also work to remove difficulties in determining land prices.

In late 2021, HCMC successfully organized an auction of four land plots in the Thu Thiem area for more than VND37 trillion ($1.52 billion). Of this, Lot 3-12 posted a record price of VND2.43 billion ($99,815) per square meter. However, businesses that won the bid did not pay land use fees on time and forfeited their deposits.

In 2023, HCMC achieved 95% of its budget revenue target for the year at VND446.55 trillion ($18.34 billion).