The Surprising Surge in Quarry Bidding Wars: From 1.8 Billion to a Whopping 138 Billion Dong in Quang Nam

Winning bid was 76 times the starting price

On June 25th, the People’s Committee of Duy Xuyên District and Hòa Thuận Partnership Auction Company organized an auction for the mining rights of a construction mineral resource site, specifically the DX6B sand mine located in Phú Bông village, Duy Trinh commune, Duy Xuyên district, Quảng Nam province.

After 11 rounds of bidding, Hân Hiền Hậu Trading Services Co., Ltd., based in Mỹ An village, Đại Quang commune, Đại Lộc district, Quảng Nam province, won the auction with a bid of over 138 billion VND, an astonishing 76 times the starting price.

It is important to note that the winning bid mentioned above is only for the mining rights and does not include other taxes and fees such as resource taxes, environmental protection fees, environmental restoration deposits, VAT, corporate income taxes, and so on.

With this winning bid, the mining rights per cubic meter of sand are valued at over 700,000 VND.

Other sand and gravel mines also sold for high prices

On June 19th, Hòa Thuận Partnership Auction Company, representing the People’s Committee of Đại Lộc District, held an auction for mining rights to 6 sites, including 3 sand and gravel mines. The results of the auctions for these 3 mines showed significant differences between the winning bids and the starting prices.

In recent times, the province of Quảng Nam has organized auctions for numerous sand mines in the area to promote transparency in mineral resource exploitation and to stabilize the abnormally rising construction sand prices.

However, contrary to expectations, sand prices currently range from 600,000 to 800,000 VND per cubic meter, creating a significant burden for both citizens and construction businesses.