Hanoi to raise $1 billion from auctioning land use rights at 446 projects

Hanoi plans this year to hold auction for land use rights for a combined area of 177 hectares in 446 projects, for which the city could obtain proceeds worth nearly VND24 trillion (US$1 billion) from the process.

Lands in Gia Lam district would subject for auction. Photo: Kinhtedothi

The information was revealed in the plan No.85/KH-UBND issued by the municipal People’s Committee on auctioning of land use rights in Hanoi for the 2021-2023 period.

Under the plan, there are 214 projects with a total area of 140.43 hectares, or an average of over 5,000 square meters each will go on auction. The city expects to obtain proceeds worth VND17.54 trillion (US$764 million) from auctioning.

Meanwhile, the remaining 232 projects with area of less than 5,000 square meters each would help raise VND6.13 trillion (US$267 million) for the city.

Dong Anh district is home to the largest number of projects to go on auction with 78, followed by Phu Xuyen (66), Gia Lam (45), Ba Vi (28), Me Linh (25), Thuong Tin (20), Ung Hoa (19), and others.

 For the 2021-2023 period, Hanoi would continue to   auction land use rights of nearly 1,085 hectares and raise over VND104 trillion (US$4.53 billion) for the local budget.

“The auctioning of land use rights in Hanoi is to ensure efficient utilization of land funds and meet the growing demand for lands of the people and enterprises,” said Vice Chairman of the Hanoi People’s Committee Nguyen Trong Dong.

“Proceeds from auctioning would be allocated for expanding social and technical infrastructure development,” Dong added.

Throughout the auctioning, Dong requested local authorities to enhance state supervision and speed up the site clearance task at each project, if any.

In 2020, due to the Covid-19 pandemic and complicated procedures related to the auction, only 52% of the target or 72 hectares had been successfully auctioned for VND12 trillion (US$522.78 million).