Unlocking Legal Hurdles for Billion-Dollar Projects: Ho Chi Minh City’s Record-Breaking Land Revenue

According to the Department of Agriculture and Environment in Ho Chi Minh City, a series of valuable real estate properties are in the process of finalizing procedures for auction in 2025 and 2026, including areas in Binh Duong, Ba Ria-Vung Tau, and the core of Ho Chi Minh City.

In Ho Chi Minh City itself, the Department has proposed a plan to auction land lots in the new urban area of Thu Thiem, as well as land outside of Thu Thiem, and 3,790 apartments. The People’s Committee of Ho Chi Minh City has issued a decision on the plan to organize auctions for land lots in the new urban area of Thu Thiem and outside of Thu Thiem in 2025.

The approved plan includes 3 land lots in Thu Thiem, 7 land lots outside of Thu Thiem, and 3,790 apartments. The city has approved the auction plan for land use rights and issued a decision to approve the investment policy for the 3 Thu Thiem land lots.

Currently, the Land Development Center is selecting a consulting unit to establish a certificate of audit for the starting price. For the 7 land lots outside of Thu Thiem, the communal level is implementing the project’s 1/500 planning for housing construction and investment policy decisions.

Regarding the 3,790 apartments in An Khanh Ward, the Department is also collecting feedback on the draft report to the People’s Committee of Ho Chi Minh City on the proposal for the auction plan.

It is expected that in 2025, the revenue from determining specific land prices for 153 projects in Ho Chi Minh City will amount to more than VND 86 trillion.

From the beginning of the year until now, the People’s Committee of Ho Chi Minh City has approved specific land prices for 9 projects, with a total revenue of more than VND 52,599 billion.

Notable projects with significant revenue include the smart complex project in Thu Thiem, belonging to Function Area No. 2a – Thu Thiem New Urban Area, with revenue of about VND 16,190 billion; and the land project in Long Hoa and Can Thanh Town, Can Gio, belonging to the Can Gio sea reclamation project, with revenue of about VND 27,317 billion.

Unlocking land resources is expected to not only boost revenue for the state budget but also facilitate investors’ project development, stimulate the real estate market, and provide a basis for completing legal procedures for land-related investments and residents.

According to the Department of Agriculture and Environment, two projects with an expected revenue of VND 4,168 billion have been submitted to the Land Price Appraisal Council. These include the Thu Thiem Observation Tower Complex project in Function Area No. 2b of the new urban area of Thu Thiem, with expected revenue of VND 4,000 billion, and the Song Viet Complex project in Function Area No. 1 of the new urban area of Thu Thiem, with expected revenue of VND 168 billion.

Additionally, there are 23 projects expected to be submitted to the Land Price Appraisal Council in 2025, including 18 projects with expected revenue of VND 7,956 billion and 5 projects with land prices being determined according to Conclusion No. 77 of the Politburo.

In Ba Ria-Vung Tau, the Land Development Center has organized auctions for 8 land plots, successfully auctioning one urban area. This area has 46.68 hectares of land eligible for auctions in 2025, with a total expected revenue of VND 2,488.53 billion if the auctions are successful.

In Binh Duong, 44 dossiers have been approved for land price schemes, with revenue of VND 7,485 billion. By the end of 2025, it is expected that about 51 dossiers will be approved, with revenue reaching VND 7,960 billion.

In Ba Ria-Vung Tau, the expected budget revenue from land in 2025 for 24 projects is VND 1,098 billion.

According to Mr. Nguyen Van Duoc, Chairman of the People’s Committee of Ho Chi Minh City, the resolution of problematic projects in the city has yielded positive results. So far, 106 out of 838 projects have been unblocked, covering an area of 1,276 hectares and a total investment capital of over VND 500,000 billion. This progress has contributed significantly to the city’s budget revenue in the first seven months, and with this momentum, the city is expected to achieve and exceed its budget revenue plan.

As of the end of July, Ho Chi Minh City’s budget revenue reached approximately VND 470,000 billion, exceeding 70% of the estimate. Domestic revenue accounted for the largest proportion, at over VND 336,400 billion or 72.3%. Revenue from land and housing also increased significantly, reaching 72.5%, estimated at about VND 45,792 billion…