At the Ho Chi Minh City People's Committee meeting on socio-economic outcomes for July and key tasks for August, Acting Director of the Department of Agriculture and Environment Nguyen Minh Nhut provided an update on public land auctions, outlining three key initiatives being undertaken by the department.
First, the auction of three land lots in Thu Thiem New Urban Area has been approved by the Ho Chi Minh City People's Committee, with the investment policy and plan for auctioning the land use rights finalized.
Second, the auction of seven land lots outside Thu Thiem New Urban Area is in progress. Three of these lots are designated for project development, with the Land Fund Development Center currently preparing the 1/500 detailed planning. Upon approval of the planning, the Department of Agriculture and Environment will proceed with selecting consultants, determining land values, and organizing auctions in accordance with regulations. The remaining four lots, which are smaller and do not require detailed planning, have already been planned. These are currently undergoing regulatory procedures and are expected to be completed in 2025.
Third, the department is organizing the auction of 3,790 apartments in Thu Thiem New Urban Area. The Standing Committee of the Ho Chi Minh City Party Committee has approved the auction policy, and the Department of Agriculture and Environment is urgently advising the Ho Chi Minh City People's Committee to issue an implementation plan. It is anticipated that the auction will take place approximately six months after the plan is issued, with efforts underway to complete the process in 2025.
According to Mr. Nguyen Minh Nhut, recent land valuation efforts in Ho Chi Minh City have yielded significant results, contributing to socio-economic development, generating budget revenue, and fostering growth in the real estate market. These efforts have also facilitated the completion of legal procedures for land-related processes, benefiting investors and residents involved in housing projects.
The Department of Agriculture and Environment has advised the Ho Chi Minh City People's Committee to approve specific land prices for nine projects, generating a total revenue of VND52,599 billion. Notable projects include the Lotte Group project in Thu Thiem New Urban Area, contributing VND16,190 billion, and the Can Gio coastal urban area project, contributing VND27,317 billion in land use fee.
Additionally, the Department has submitted two projects to the City Land Valuation Council including the Thu Thiem Observation Complex valued at approximately VND4,000 billion and the Song Viet Urban Area worth at approximately VND168 billion.
In the near future, the Department plans to submit 23 additional projects, with an estimated revenue of VND7,956 billion.
Furthermore, in the early months of the year, Binh Duong and Ba Ria - Vung Tau provinces (formerly) approved land prices for 44 land plots generating VND7,485 billion in revenue.
In total, the projected revenue from specific project land prices in 2025 is estimated at VND86,300 billion. Recognizing the significance of this figure, Mr. Nguyen Minh Nhut stated that the Department of Agriculture and Environment is committed to expediting implementation in the near future.
