Ho Chi Minh City Aims to Raise Trillions of Dong Through Auction of Nearly 3-Hectare Land Plot

The Ho Chi Minh City People’s Committee has officially announced the selection process for investors to propose projects for a 2.92-hectare plot of land, along with its associated assets, located in Vung Tau Ward.

This prime location is bordered by Nguyen Bieu Street to the northwest (planned road width of 21m), Son Thinh Building to the northeast, Su Van Hanh Street to the southeast (planned road width of 13m), and Xuan Huong Street to the southwest (planned road width of 14m).

The 2.92-hectare plot is designated for commercial and service use, currently managed by the Ba Ria – Vung Tau Regional Land Fund Development Center Branch. The land lease is structured as a one-time payment for the entire 50-year lease term, starting from the date of the land lease decision.

The approved rental price for the land and its associated assets is 1.064 trillion VND. This serves as the starting bid for the land use rights auction, as per Decision 3509/QD-UBND dated December 26, 2024, issued by the Ba Ria – Vung Tau Provincial People’s Committee.

Interested organizations can submit their applications at the Ho Chi Minh City People’s Committee (86 Le Thanh Ton Street, Sai Gon Ward) or the Ho Chi Minh City Department of Agriculture and Environment (1 Pham Van Dong Street, Ba Ria Ward).

Historically, this plot was the site of the former tourist market, strategically located in the heart of Bai Sau area, surrounded by hotels and entertainment venues.

In 2012, the land was leased to Busadco (Vietnam Science and Technology Joint Stock Company) by the Ba Ria – Vung Tau Provincial People’s Committee to develop the Vung Tau Tourist Market. Subsequently, the committee reorganized and addressed state-owned properties under Busadco’s management. By February 2020, the committee decided to reclaim the land, placing it under the management of the Provincial Land Fund Development Center.

In February of this year, the land was previously announced for auction with a starting price exceeding 1 trillion VND, including over 10 billion VND in on-site asset value. The auction format required a one-time payment for the 50-year lease, with a deposit of over 212 billion VND.

Under Decision 3587/2024, the Ba Ria – Vung Tau Provincial People’s Committee approved the investment plan for a high-end commercial and tourism service complex on the 29,297 m² plot. The investor selection process will follow the legal framework for land auctions.

The project aims to create a world-class commercial hub offering diverse, modern services and unique architectural designs, providing both domestic and international visitors with a premium shopping, leisure, and hospitality experience. The total investment for the project exceeds 6.821 trillion VND.