Ultimate Deadline Set by Ho Chi Minh City for the Prime ‘Golden Land’ of Thuong Xa Tax

According to Mr. Nghia, following the directive of the Chairman of the Ho Chi Minh City People’s Committee, the Department of Agriculture and Environment was tasked with leading a comprehensive review of the legal documents, current status, and implementation conditions of the project on this land plot, in collaboration with the Department of Construction and the Department of Finance.

Based on the coordinated results from these departments, the Department of Agriculture and Environment submitted a report to the Ho Chi Minh City People’s Committee, proposing a handling direction. On September 29, 2025, the Chairman issued Document No. 2353, outlining two key directives.

Specifically, first, the Saigon Trading Corporation – LLC (SATRA) is instructed to work with the Department of Finance and the Department of Construction to review the conditions for continuing the use of the land for project implementation, ensuring compliance with the Law on Management and Use of State Capital Invested in Production and Business at Enterprises and the Law on Investment.

If SATRA fails to meet the conditions to continue the project, the company must submit a document returning the land to the State, in accordance with regulations on the arrangement and handling of State-owned houses and land.

Second, in the event SATRA returns the land, the Chairman of the Ho Chi Minh City People’s Committee has tasked the People’s Committee of Saigon Ward with leading the inspection, measurement, and preparation of the land recovery file, in collaboration with relevant agencies. The land will then be handed over to the Ho Chi Minh City Land Fund Development Center for management and further utilization proposals.

Mr. Nghia added: Currently, the Saigon Trading Corporation and relevant departments are continuing to review and assess the legal status and conditions of the land. Upon completion, the Department of Agriculture and Environment will report to the Ho Chi Minh City People’s Committee for a final decision, which will be publicly announced to the media and the public.

“The Tax Trade Center land is a prime location with significant economic, cultural, and urban landscape value. The city has directed all units to handle the matter rigorously, in compliance with regulations, to ensure efficient land use and prevent prolonged vacancy or misuse,” Mr. Nghia emphasized.

Previously, the land at 135 Nguyen Hue – 39 Le Loi (former District 1) was a symbolic commercial site of Ho Chi Minh City, home to the Tax Trade Center – once the city’s most vibrant shopping hub. After the old building was demolished to make way for a new project, the land has remained undeveloped for years, becoming one of the city’s most prominent “golden land” plots left vacant.

The city’s directive to review and require SATRA to clarify its implementation capabilities or return the land is expected to end years of waste and soon bring this prime land into effective use, befitting its central location in Ho Chi Minh City.