On November 4th, the Ho Chi Minh City Department of Agriculture and Rural Development announced that they had submitted the land price appraisal for the 30.1-hectare Nam Rach Chiec project (commercially known as Lakeview City) for approval. Subsequently, the Ho Chi Minh City Land Price Appraisal Council held a meeting and finalized the land price scheme.
Previously, according to Resolution No. 170/2024/QH15 of the National Assembly and Decree No. 76/2025/ND-CP of the Government, effective from April 1, 2025, the Lakeview City project had its land use fee issues resolved.
 Lakeview City project’s land use fee calculation timeframe clarified.
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Specifically, for the land swap area corresponding to the investor’s investment in the 30.2-hectare Binh Khanh ward (compensation, support, and construction costs audited and appraised), the land price determination time is when the land recovery and compensation for the 30.2-hectare Binh Khanh ward area were completed, i.e., in 2008.
For the land area where land use fees have not been paid, the land price determination time is when the competent state agency issued the decision to allocate the 30.1-hectare Nam Rach Chiec area, i.e., in 2017.
Accordingly, the total land rent and land use fees to be paid for the Lakeview City project, nearly VND 5,176 billion based on the tax authority’s notice dated January 8, 2021, will be recalculated. This also serves as the basis for Novaland to issue land use right certificates to the project’s residents as soon as possible.
Thus, the VND 4,369 billion provision for the Lakeview City project in Novaland’s 2024 reviewed financial report, according to the auditor’s independent opinion, will be adjusted and reversed when conditions are met.
A Novaland representative stated that this provides the corporation with a strong financial foundation to implement upcoming business plans and ensure obligations to related parties. Lakeview City is one of the first projects in Ho Chi Minh City to have its issues resolved through the special mechanism of Resolution 170/2024/QH15.
The Lakeview City project is located on the frontage of the parallel road in An Khanh ward, Ho Chi Minh City, with a scale of 960 villas and townhouses. The project land was swapped with the 30.2-hectare project (commercially known as The Water Bay) in Binh Khanh ward. This project faced issues in determining the land use fee calculation timeframe.
Ho Chi Minh City also recalculates land prices for the New City project.
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Specifically, in 2016, the Ho Chi Minh City People’s Committee approved the land price determination time for both projects as 2008. In December 2020, the Ho Chi Minh City People’s Committee issued a decision on the land price scheme for the Lakeview City project as of April 2017. Based on this, the Ho Chi Minh City Tax Department calculated the land rent and land use fees to be paid at nearly VND 5,176 billion.
However, Novaland Group disagreed because the company had completed land clearance compensation in 2008 according to the 2004 land allocation decision. Due to this issue, the Lakeview City project has been in use since 2018, but residents have not yet received their land use right certificates.
In addition to Lakeview City, for projects with issues resolved under Resolution 170, the Ho Chi Minh City Department of Agriculture and Rural Development announced that they had submitted the land price appraisal for the 1,330-apartment project in Binh Khanh ward (commercially known as New City). For the 39 – 39B Ben Van Don project (commercially known as The Tresor), the Ho Chi Minh City Department of Agriculture and Rural Development has advised and requested the Ho Chi Minh City People’s Court to bring the case to trial soon to create a legal basis for issuing land use right certificates to homebuyers.
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In the first 10 months of 2025, the Ho Chi Minh City Department of Agriculture and Rural Development submitted and determined specific land prices for 62 projects, with an expected total revenue of VND 64,200 billion. |
Duy Quang
– 06:08 05/11/2025
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