Following the plan, total number of projects subject to land-use rights auctioning in 2018 is 679 in an area of 193 hectares.
Hanoi to raise US$2.32 billion in land auctions.
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In 2019, 635 projects in 197 hectares are expected to go through auction, in which the city manages 152 projects and districts/wards level manage 483 projects. The auction is estimated to generate VND16 trillion (US$702.4 million).
Last but not least, in 2020, 453 projects in 287 hectares will be auctioned, in which 166 projects are under city's administration and 287 projects under districts/wards administration. The city is expected to have VND23.8 trillion (US$1.04 billion) in return.
Under the Hanoi People's Committee request, the auction is aimed to utilize land funds efficiently, meeting citizens and enterprises' demands for land use. Additionally, revenue from the auction will be allocated for state budget at city and district/ward level, generating sufficient investment capital for the implementation of public infrastructure development projects.
The city assigned districts and wards authorities to be responsible over the process of auctioning land-use rights, supporting the successful bidders in related administrative procedures. Local authorities will also be tasked with managing the investment and construction of investors at projects in subject.
Hanoi earned VND7.95 trillion (US$349 million) from auctioning land-use rights last year, pushing the total revenue it earned from land up to VND37 trillion ($1.62 billion).
Land-related revenue, including land leases, land fees and land auctions, accounted for 15% of the city's total budget last year.
Hanoi aims to reach GRDP target at 7.3-7.8% in 2018. The city expects to have over 50,000 newly established enterprises in 2018 (including business households which are transformed into enterprises). Along with this target, Hanoi expect the service's growth of 6.9-7.5%; while that of industry and construction at 8.2%-8.7%; export turnover at 7.5-8%.
In 2017, Hanoi reached GRDP at 8,5%, according to Hanoi's Statistics Bureau. The city's 2018 target is actually the same to its 2017 figures, but is revised under the new methodology, which is stated in its 2018 economic plan report.
