On the afternoon of October 2, at the socio-economic press conference organized by the Propaganda and Mobilization Department of the Ho Chi Minh City Party Committee and the Department of Culture and Sports, Mr. Dao Quang Duong, Head of the Land Economy Department at the Department of Natural Resources and Environment (DONRE) of Ho Chi Minh City, announced that land price determination has become more streamlined following the implementation of the 2024 Land Law and Decree No. 71/2024/NĐ-CP issued by the Government.
Projected Revenue Exceeds VND 86,000 Billion
According to Mr. Duong, since the beginning of the year, Ho Chi Minh City has approved over 70 applications with a total value of approximately VND 52,000 billion. From now until the end of the year, the city plans to submit an additional 70 applications, expected to generate around VND 34,000 billion. Thus, in 2025, over 150 applications are anticipated to be completed, with a projected revenue of about VND 86,000 billion.
Mr. Dao Quang Duong, Head of the Land Economy Department, DONRE Ho Chi Minh City, provides updates
During implementation, some projects encountered challenges, notably the Lotte Eco Smart City Thu Thiem project by Lotte Company. Despite Ho Chi Minh City handing over the land in October 2022 and submitting land prices in late 2023, the issuance of Decree No. 12 in February 2024 caused difficulties for many projects nationwide. These issues were only resolved when Decree No. 71 took effect on August 1, 2024.
“For Lotte’s project, the city followed the correct procedures, and the application processing was swift. The additional 5.4% land use fee, which falls under the Government’s jurisdiction, has been reported for further guidance,” Mr. Duong stated.
Mr. Duong emphasized that with complete documentation, land price determination is now expedited, with some cases approved in less than two months. However, many land allocation applications under the 2003 Land Law, before the 2013 Law took effect, remain unpriced. This is due to the transition of pricing responsibilities from the Finance Department to DONRE, resulting in incomplete comparative data and prolonged backlogs.
Rendering of Lotte Eco Smart City Thu Thiem by Lotte Company
Currently, Ho Chi Minh City has approximately 84 land allocation and land use conversion applications from 2003-2013 that remain unpriced. The department has repeatedly proposed applying the land price table multiplied by the adjustment factor, specifically the 2015 factor previously issued by the city.
According to Mr. Duong, the Prime Minister has directed relevant ministries and agencies to address these issues. The Ministry of Natural Resources and Environment and the Ministry of Finance will soon convene a meeting with local authorities to discuss solutions. If resolved, these 84 pending applications could facilitate the development of approximately 84,000 apartments, equivalent to over 300,000 housing units. This would significantly contribute to Ho Chi Minh City’s socio-economic development and resolve long-standing land-related bottlenecks.
Exclusive List of Apartments Available for Foreign Buyers in Ho Chi Minh City
As of now, Ho Chi Minh City boasts 88 projects eligible for sale to foreigners. Among these, Phu My Hung Development Ltd. leads with 39 projects, primarily located in Zone A of the South Saigon New Urban Area, spanning Tan Hung and Tan My wards.
Elevating Vietnam’s Global Standing Through an International Financial Hub
Amidst the dynamic shifts in the global economy, Vietnam is strategically positioning itself to establish an international financial hub as a new growth engine. This ambitious initiative aims to serve as a magnet for global capital and expertise, while simultaneously elevating the nation’s standing on the world financial map.
Ho Chi Minh City: When Will the Mai Chi Tho Bike Lane Pilot Be Expanded Citywide?
Cycling enthusiasts in Ho Chi Minh City can now enjoy a dedicated bike lane on Mai Chi Tho Street as part of a pilot program. However, plans to expand this initiative face challenges due to limited infrastructure, narrow sidewalks, and other unresolved issues that require immediate attention.
The $860 Million Project: Foreign Giant’s Exit and Vietnamese Tycoon’s Takeover Bid in Ho Chi Minh City
Eco Smart City, once envisioned as a landmark development with an initial investment of over $8.7 billion, was set to transform the heart of Thu Thiem. However, after years of delays, Lotte officially withdrew from the project. Shortly thereafter, the consortium of Sunshine – Dia expressed interest in taking over the prime 7.45-hectare site.
Ho Chi Minh City Offers 88 Residential Projects Available for Foreign Buyers
After three rounds of updates, Ho Chi Minh City now boasts a total of 88 residential projects available for sale to foreign buyers.
