Thu Thiem land auction winners promise to pay VND100 billion by April 30

The Ho Chi Minh Tax Department has just informed that the two winners of Thu Thiem land use right auction, namely Dream Republic JSC. and Sheen Mega JSC., have promised to pay VND100 billion (US$4.35 million) before the end of this April to show their willingness to fulfill their responsibility.

Before this, the two businesses submitted a formal document asking for a payment extension of land use fee and related fees, including the lateness fine. They will finish fee payment in September 2022.

However, this request was refused, based on the contract between them and HCMC People’s Committee, saying that the two enterprises will lose their deposit if they do not complete this task on July 6 at the latest. Deputy Director of the HCMC Tax Department also stated that these businesses have to pay a lateness fine of 0.03 percent per day, equivalent to over VND1 billion ($43,513) a day based on their debt of almost VND8,000 billion each ($348 million).

Dream Republic JSC. won the auction of land lot No.3-5 with an area of 6,446m2 and had to pay VND3.82 trillion ($166.2 million) of land-use fee plus VND500 million ($21,700) of the registration fee for the commercial and service areas. Sheen Mega JSC. won the auction of land lot No.3-8, covering an area of 8,568.1m2 and had to pay VND4 trillion ($174 million) of land-use fee, but was exempted from paying the registration fee according to the instructions on the registration fee for residential land.

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